The passenger, Basil Max Price III, 23, of Pomona, died at the scene, Coroner's Investigator Dana Bee told City News Service.
Paramedics took the driver, 24-year-old Vladimir Skvortsov, of Upland, to UCLA Medical Center in critical condition.
The collision was reported at about 1:25 a.m.
Pacific Coast Highway reopened Sunday morning near Sunset Boulevard, after portions had been closed due to a severed power pole caused by the crash.
Part of the Ferrari, which was split in half as a result of the collision, fell to the beach below, Los Angeles Fire Department spokesman Matt Spence told Patch.
City News Service contributed to this report.