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After assembling a strong team to built the GTV prototype, Ferruccio Lamborghini launched the production version of his grand tourer. The 350 benefited from wealth of talent including Giotto Bizzarrini, Gian Paolo Dallara and Franco Scaglione who worked both on the production and concept versions of the first Lamborghini.

Like the concept 350 GTV, the production version had four-wheel independent suspension, a quad-cam V12 with a Scaglione-designed, aluminum body.

Refinements were made with development racing development shop, Neri & Bonacini with test driver Bob Wallace.

For production, the body underwent a number of revisions. Fixed headlights replaced the pop-up counterparts and manufacture of the bodies was entrusted to Touring of Milan. They used their patented Supperleggra method of construction which fixed aluminum-alloy panels directly to a tubular structure.

The engine in the 350 was the intended Bizzarrini-designed V12. It was a very capable power plant that could reach 350 in top from. Unlike the GTV prototype, which experienced clearance problems, the 350 featured side-mounted carburetors to reduce the height of the engine.

Overall, the Lamborghini 350 was a success. Solid orders for the car ensured the companies' survival and paved the way for future models. From Ferrari's perspective, a new competitor had risen. One that used a wealth of talent within two years to produce a product that mirrored Ferrari performance.

After producing 143 350 GTs, Lamborghini replaced it with the larger-engined 400 GT in 1966.