A much improved P300 was introduced in 1974, this new 3-Liter model would make a difference, the engine was enlarged and featured dual overhead camshafts with a much more reliable chain drive, the heads now incorporated the combustion chambers which placed this brand new V8 ahead of its V12 cousin in terms of specifications, we could state the P300 was the best Urraco of the series in fact.
Not only the engine was updated ... both the transmission and the suspension were modified which resulted in a more balanced ride, also the bodywork was slightly altered, the headlights were moved further forward and the front hood now used six fins instead of the earlier two seen on the P250, on the inside you would note a better finished interior made entirely in-house at Sant’Agata and no longer by Bertone.
All these modifications created a very good Urraco, and it was regarded as the Urraco Ferruccio intended to build from the start, a high performance Grand Touring car that was finished to the same level as the flagship V12 models, but the P300 ran into one major issue ... it was never officially imported into the United States, still the most important market for this type of super car for a company like Automobili Lamborghini.
The US still received the P250 Typo III model, and with the required emission-control system and additional modifications to comply with legislation only 180 Bhp would be available from the V8 engine … this didn’t rank the Typo III as a true Lamborghini unfortunately and the Urraco adventure came to an early demise after only 190 P300 models were built.
Do note some Urraco P300 did get imported into the United States, official or not … one of the P300 Urraco even had a Silhouette type engine cover installed, I was told this was done due to French laws at that time … still the P300 remained in production for 5 years and with less than 200 made we can’t really call it a massive success … but the very impressive open top version of this Urraco P300, called the Silhouette, didn’t even reach this number … only 52 of the latter one ever left the factory at Sant’Agata.