Ferrari, the red-blooded icon of speed, has teamed up with—wait for it—Hot Wheels. Yes, that Hot Wheels. The one responsible for most childhood traffic jams between the toaster and the dog bowl.

In the quiet, petrol-perfumed lanes of Maranello, where Enzo Ferrari once walked and modern-day horsepower is sculpted like Michelangelo’s David, something astonishing just ...