Let’s start with a flashback to the 1970s to understand why Ferrari introduced 1 2-liter version V8 in the first place. In those days, the world was faced with skyrocketing oil prices after OPEC’s decision to limit oil production. As a conservation measure, the Italian government decided to place a heavy tax on cars with an engine displacing more than two liters.
At the same time, Ferrari was going through its own shakeup. In 1969, reduced demand (only 619 cars were built) and inadequate financing had forced the company to sell a 50% stake to Fiat. It was a good move, as production tripled to 1,844 cars by 1972. but in ’73, the world was hit by recession and sales dropped again, down to 1,337 cars in 1975. 
           
Ferrari was desperately looking for customers, and saw a business opportunity in Italy’s engine-size tax. The Maranello-based company decided to downsize the 308 GT4’s 3-liter V8 to a tax-friendly 2-liters.

Called the tipo F106C, the new engine displaced just 1,991 cc. Ferrari kept the 3-liter mill’s stroke of 71 mm, but reduced the bore from 81 to 66.8 mm, creating what is believed to be the smallest production V8 in the world. (It’s not Ferrari’s smallest eight-cylinder, however: The 158 F1 Grand Prix car of 1964 had a V8 that displaced only 1,489 cc. And Enzo Ferrari’s very first car, the Auto Avio 815 from 1940, featured a 1,496 cc in-line-8.)

            Besides its smaller capacity, the new 2-liter V8 featured a few other changes from the 3-liter version. Compression was set at 9.1:1 instead of 8.8:1, and smaller Weber 34 DCNF carburettors, rather than 40 DCNFs, were fitted. Final output was 176 horsepower at 7,700 rpm and 137 lb-ft at 4,900 rpm; the European-specification 308 GT4 delivered 250 hp and 195 lb-ft of torque.

            Otherwise, the 2-liter GT4 followed the design of the 3-liter, its combined crankcase and cylinder black made of an aluminum casing carrying cast-iron wet cylinder liners. The motor was mounted transversely behind the passenger compartment, joined with the transaxle. Said transaxle contained lower gear ratios that favoured acceleration over top speed.

            There were non-drivetrain differences between the 208 and 308 GT4, as well. All 208s received the smaller front grille (but not the fog lights) of the Series I 308 GT4; the grille was widened for the Series II 308 GT4, but the 208 kept the narrower version. In addition, the air outlet in the front trunk  lid was painted silver, rather than matte black, and a single exhaust replaced the quad tips of the 308. (Our featured 208 GT4 received its four pipe exhaust after it left the factory). Other external clues are the smaller Michelin XDX 195/70-14 tires versus, 205s on the 308, and a 208 GT4 badge on the trunk. Inside, the gauge surround is black rather than brushed aluminum. 

            The 208 GT4 was introduced at the Geneva Motor Show in March 1975, about one and a half years after the 308 GT4 debuted in Paris in October 1973. For the new model, Ferrari used the separate chassis number range it developed for the Dino 206, which stared with s/n 00100; the first known 208 GT4 is s/n 08830.

            Production of the 208 GT4 was discontinued in December 1980; the last one built was s/n 15596. During its production run, a total of 840 2examples were built. Together with 2,826 3-liter versions, the GT4 became the second most successful Ferrari model (after the Dino 246) built to that date.

Shortly before the 208 GT4 disappeared, a new 2-liter model, the 208 GTB, was unveiled in Paris in October 1980. After the second oil crisis of 1979, Ferrari saw a continuing opportunity to sell 2-liter versions at home.

            The displacement and lay-out of the 208 GTB’s engine is the same as the GT4’s. However, the GTB’s tipo F106 CB produced only 155 hp at 6,800 rpm and 125 lb-ft of torque at 4,200 rpm. (The corresponding European-market 3-liter 308 GTB delivered 255 hp and 209 lb-ft). The reduced output was a result of differences in carburettor tuning, the exhaust system and ignition timing.

               Unlike the European 3-liter versions, the 2-liter GTB has a wet-sump engine, just like the GT4. But unlike the GT4, the GTB has only one distributor. Also unlike the 208 GT4, the 208 GTB wears the same 205/70 tires as the 308 GTB. However, like the 208 GT4, the 208 GTB received lower gear ratios to improve acceleration.

                As with the GT4s, only subtle differences distinguish the 2- and 3-liter GTBs. The most noticeable is the air outlets behind the pop-up headlights; the 208’s are black, while the 308’s are body coloured. The script on the 2-liter version’s tail reads 208, while the exhaust pipe has only one outlet. Inside the 208’s cockpit, the spokes and center of the steering wheel are black, rather than aluminium coloured. 

            Ferrari followed the regular chassis number system with the GTB. S/n 31219 is the first GTB, while s/n 31249 is the first GTS. While the 308 GTB was a smash hit, the 208 GTB was not: Production ended after two years, with just 160 GTBs (the last one was s/n 41329) and 140 GTSs (ending with s/n 41265) built.