Start with what the Ferrari 340 is: a car with 4.1 L (4101.66 cc) Lampredi V12, built from 1953, at the height of the post-war boom. What it meant takes a little longer.
Where it came from
The Ferrari 340 MM is a sports racing car, being an evolution of the Ferrari 340 Mexico with a shorter, 2,500 mm (98.4 in), wheelbase. The 340 MM used the same 4.1 L Lampredi V12 as the 340 Mexico with similar three Weber 40DCF carburettors that helped the 340 achieve 280 PS (206 kW) at 6600 rpm and a maximum speed of 282 km/h. 10 examples were made in 1953, 4 Pinin Farina Berlinettas, 2 Touring Spyders and 4 Vignale Spyders (designed by Giovanni Michelotti).
A total of four were converted to 375 MM spec. Giannino Marzotto won the 1953 Mille Miglia in a Vignale Spyder (chassis 0280AM), setting a new average speed record for the race; with other 340 MM finishing fourth. Two more 340 MMs were entered that year in Touring barchetta guise but did not finish.
Under the skin
The engine is 4.1 L (4101.66 cc) Lampredi V12. Drive goes through a 5-speed. These are manufacturer figures carried by Wikipedia and Wikidata, not road-test measurements.
In context
In the Ferrari line-up the Ferrari 340 has a clear place: it replaced the Ferrari 340 Mexico; it handed the line to the Ferrari 375 MM. The cars a buyer would have weighed it against include the Chevrolet Corvette, the Mercedes-Benz 300 SL, the Mercedes-Benz S-Class. Nearby in the Ferrari catalogue sit the 250 GTE and the 328 GTS.
Owning one today
MotorJury scores cars on the United States complaint and recall record, and the Ferrari 340 has none: too old, too rare, or never sold there. Its value today is a collector's question, decided by provenance and condition rather than by a class average.