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The real news in electric vehicles last week was the official unveiling of the hybrid version of the Ferrari 599 GTB Fiorano (FIATY.PK) (as reported by All Cars Electric). The 599 in the model name refers to the 620 horsepower 5.99 liter V-12 engine, now augmented by an electric motor, a lithium-ion battery pack and a flywheel-powered Kinetic Energy Recovery System (KERS).

The hybrid development was spurred by the cry of cash-strapped Ferrari owners trying to get a few more miles per gallon. And this Ferrari delivers -- with 11.75 miles per gallon, up from the usual 8.7 miles per gallon. The masters of Maranello strike again.

While the Tesla's Lotus Elise-inspired body might raise your heartbeat a bit, nothing induces tumescence like the Ferrari.

The unveiling will take place at the March 2010 Geneva Auto Show.

Source: Ferrari to Show Its Hybrid