Yes, you are not confusing anything – this is a bicycle that looks like Ferrari. The Fahrradi Farfall FFX happens to be the world's most expensive bicycle with a price tag of a stunning £1 million. The supercars-style bicycle looks like a sport car but does not let you driving long distances due to the treadling.   
The Fahrradi Farfall FFX seats two and comes with an 11 gear operating mechanism that powers the slim, tandem wheels via pedals, etc. Thanks to a steel chassis and a plastic tubed body, the lightweight vehicle still weighs around 100kg. 
The vehicle’s name is composed of "farfalla", the Italian phrase for butterfly and "fahrrad" the German word for bicycle.  The designer is Richard Hammond.