After the Ferrari 330 P4s finished their duties in 1967, they were returned to the factory and two were converted for the Canadian-American Challenge (Can-Am). Even with their striking new body and enlarged engine, these spyders were no match for the competition in Group 7 and fell behind cars like the McLaren M6A-Chevrolet.

In Maranello, the defunct P4s were converted into the 350 Can-Am. Ferrari fitted a smooth spyder body that had no front headlights and gave the car an exceptionally low frontal area. On the engine deck were two curved intake scoops that fed the intake trumpets.