The prototype never raced and, by January the next year, was converted into the 376 S model by increasing its capacity and stretching the wheelbase.

[3] Prior to 1955, the Ferrari 750 Monza race car could produce a maximum of 260 PS (191 kW; 256 hp).

This figure was not enough to match the 280–310 PS (206–228 kW; 276–306 hp) power output of the new Mercedes-Benz 300 SLR, with its engine based on the straight-8, W196 Formula One champion.

One of the cars was later further rebodied by the same coachbuilder and received a distinctive, more round front grille and pontoon-fenders.

[5][6] The enlarged engine was identified as the tipo 118, hence the common "118 LM" name of the car, even though this version did not participate in the Le Mans race.

The internal measurements of one cylinder at 94 by 90 mm (3.7 by 3.5 in) of bore and stroke, were the same as the Ferrari 625 engine on which they were based.

Suspension at the rear used de Dion axle with twin arms and transverse leaf spring helped by hydraulic shock absorbers.

[14] Eugenio Castellotti received the new 4.4 L-engined 735 LM but did not finish the race due to engine problems.

[5][15] The last achievement of the 376 S was with Giuseppe Farina scoring sixth place in the Eifelrennen Nürburgring race in May 1955.