In 1955, Ferrari made significant updates to the 553 F1 car. The front suspension was revised to use helical springs instead of the previous transverse leaf-springs, and the rear suspension saw a shift from a lower to an upper leaf-spring. Additionally, the car was upgraded from a four-speed to a five-speed gearbox. The engine capacity and power output remained unchanged. These modifications led to its extended, rounded bodywork being nicknamed "Supersqualo" (Super shark). The updated car made its debut at the Bordeaux Grand Prix on April 24, 1955. In 1956, while most of the Scuderia Ferrari team had moved to the Lancia-Ferrari D50, driver Peter Collins continued racing with the 555 F1.