The Ferrari in the title being a girl played by Vivian Chow not a car. Though she does get to drive one at the end of the film.
This is really half film half early 1990s cantopop music video, even down to a bizarre fight sequence where the heroes can only fight while listening to Grasshopper. And when the ghettoblaster is destroyed Vivian leaps onto some oil drums to hammer out the beat so they can fight on. No really.
Vivian plays a girl who dreams of being a singer, she is loved by two guys. They fight, balls get released onto the floor of a dancefloor and Vivian ends up going head first into some electric lights. She ends up blinded, her dreams of being a singer are shattered.
Her brother's club gets involved with some minor hoodlums and Vivian is kidnapped. Of course she gets electrocuted again and cured. If only the world of real medicine was as miraculous as in the movies...
Nonsense of course but very watchable and typically cross genre like many HK films. If you like early 1990s cantopop then the soundtrack is great. The film is worth watching just for the tunes and the zaniness of HK pop culture back then.