The 330 P3 was the next development of the 330 P2. It was almost entirely the same car as the P2 except for minor details such as the Lucas fuel injection system and ZF, 5-Speed transmission.
The P3 featured a new tubular chassis with a fibreglass tub: the engine and gearbox were an integral part of the structure, enhancing its rigidity. The engine was over 60 pounds lighter than the P2 predecessor. A large part of the weight savings was thanks to redesigned cylinder heads, and a new Lucas injection system in place of the usual battery of Weber carburettors.
In direct competition with the 330 was the Ford GT40. The Ford steamroller had placed large pressure on Ferrari the year before, and for 1966 Ford beat Ferrari at their favorite game.
At both Le Mans and Sebring of 1966 Ford GT40 outpaced and were more reliable than the 330s. These and more victories allowed Ford to claim the Manufacturers title while Porsche took the prototype class.