The flat-12 powered Ferrari 512, sometimes known as the Ferrari 1512, used the same chassis as the 1.5 V8-powered Ferrari 158.  The flat-12 engine was designed by Mauro Forghieri and displaced 1,489.63 cc with a bore and stroke of 56.0 mm × 50.4 mm (2.20 in × 1.98 in). This engine developed 217hp @ 12,000 rpm compared to the 207hp) @ 11,000 rpm of the 158's V8 engine.  This power output made it one of the most powerful 1.5-litre Formula One engines, second to Honda's RA271 V12. A total of three 1512 chassis were produced, numbered 0007, 0008 and 0009.

The Ferrari 512, with its larger, more powerful engine, was designed to be competitive on the longest, fastest circuits of the Formula One season, such as Reims, Spa, and Monza. In this role it complemented the lighter, nimbler V8-powered 158 which was more competitive on small, twisty circuits. The 512 made its racing debut at the 1964 US Grand Prix at Watkins Glen, and raced alongside the 158 during the remainder of 1964 and into 1965.