The Ghibli was first unveiled as a 2-seater concept car at the November 1966 Turin Motor Show. Its steel body, characterized by a low, shark-shaped nose, was designed by a young Giorgetto Giugiaro, then working at Ghia. The car featured pop-up headlamps, leather front sport seats and alloy wheels. Two rear seats consisting of nothing more than a cushion without a backrest were added to the production model, allowing the Ghibli to be marketed as a 2-door 2+2 fastback coupé. Deliveries started in March 1967.

The car was powered by a front placed quad-cam 4,719 cc (4.7 L; 288.0 cu in) dry sump V8 engine mated to a five-speed ZF manual transmission, with a three-speed automatic transmission being optional. The engine had a power output of 310 PS (228 kW; 306 hp). It had a 0-97 km/h (60 mph) time of 6.8 seconds and a top speed of 250 km/h (155 mph).