The success of Miura was discovered by Ferruccio Lamborghini and he decided to design the new model for nor the wealthiest customers. At the time the car “Grand Touring” class became popular. The new four-seater model was called Espada that meant “blade of the matador” in Russian. The presentation of the new model took place at the Geneva auto show in 1967. The first prototype of this car had doors “gull wing” but the doors were changed for the mass production and in 1968 the production of this new model started.

The car design was created by Giorgetto Giugiaro. The wheelbase was augmented up 10 cm and the movement of the engine allowed increasing the length of the car cabin up 20 cm. As a result Espada 400 GT became the most spacious model of Lamborghini in the late 60's and 70's.

Lamborghini Espada was introduced at the auto show in Brussels in early January, 1970 and it was slightly modified and was presented as Espada 400 GTE but it was better known as Espada Second Edition. The car design and engine were changed. The dashboard was completely redesigned. There was a lock in a place for small luggage, the steering wheel was also redesigned, car passengers got additional ventilation and a small flashlight.
Important changes were made under the hood. The engine producing of the output to 350 PS with 7500 rotations per minute of Miura and Islero S was installed. New aerated disc brakes and more power allowed getting the sensitive driving. For the production of the second edition the model was not changed too much however, the Miura wheels were replaced by the new five-bolted wheels.
The second edition of Espada as the first one was produced for two years and during that period almost 575 cars were sold.

The model Lamborghini Espada III was introduced at the Turin auto show in 1972. It differed from its predecessor by design and some details of exterior. The radiator enclosure and taillights were changed. The dashboard was turned to the driver. The center console became more vertical. Time dictated to equip the cars with air conditioning, boosters of steering and sometimes even the hatches in the roofs. The rear suspensions were modified according to the body constructor. Disc brakes were also modernized and two alternators were placed under the hood. Since 1974 people could order an automatic transmission of Chrysler. And since 1976 Lamborghini began to place the black bumpers into the cars going by the USA markets.

The car became the most popular in the history of the company its production lasted until 1978. The record number of cars (more than 1200 ones) was produced for 10 years.