The ultimate Thema, the '8.32' ("8" standing for the number of cylinders and "32" for the number of valves) was assembled at Lancia's S. Paolo plant in Turin.[3] It used a 2927 cc Ferrari V8. This engine was based on the unit used in the Ferrari 308 qv and some of the componentry was assembled by Ducati[4] from castings made at Maranello. The engine differed from other Ferrari V8s of the time in that it was equipped with a 90 degree crankpin type crankshaft rather than the usual 180 degree type, smaller valves and different firing order. All this to make the engine characteristics more suitable in a 4-door luxury saloon. Both Series 1 and 2 cars in non catalysed form produced 215 bhp (158 kW) and were capable of 0-100 km/h in 6.8 sec and 149 mph (240 km/h) whilst catalysed versions were slightly detuned to 205 bhp (151 kW) which gave 0-100 km/h in 7.2 sec and 145 mph (235 km/h).
The car offered good performance (though the Turbo version was quicker than the catalytic version from 0 to 100 km/h) and excellent refinement, including a luxurious hand made wood-and-leather interior by Poltrona Frau complete with the same luxury equipment as LX versions of the Thema. Unfortunately, a price tag of £40,000 (or more) in Britain, and the fact that only left hand drive versions were produced, limited its appeal, with only 9 being officially sold there. It was even a rare sight on Italian roads, with just 2370 Series 1 built between 1986 and 1988 and 1601 Series 2 built between 1989 and 1992. Even 64 numbered editions where made,32 series 1 and 32 series 2. These where only delivered in Ferrari-red and should be sought after examples in the future.
Five non catalyst Thema 8.32s were exported to Taiwan and 2 of them still survive today.