The famous team's bosses Stefano Domenicali and Luca di Montezemolo used descriptions including "not pretty" and "lousy" when describing the physical appearance of the unlaunched new machine, codenamed 663.
"It's not that pretty, because the shape defined by the technical regulations does not leave much scope", admitted Domenicali.
It is believed he is referring to regulation tweaks for 2012 that will reduce the height of the noses, to improve driver safety in the event of crashes.
But the maximum height of the dash bulkhead remains the same, meaning that Ferrari's low nose tapers sharply where it meets the front of the monocoque.
Some sources claim to have seen drawings or images of Ferrari's unnamed 2012 car, but Fernando Alonso on Thursday insisted the car "is quite similar" in physical appearance to last year's contender.
"The rules have been clarified a bit in the last two years with the result that all the cars look more and more alike," Spanish reporters quote him as saying.