The basis of the design came from MTI, and was largely a copy of FMC's XR311 prototype developed for the military in 1970.

This resulted in legal action from FMC against MTI and Lamborghini in 1977 when the Cheetah was presented at the Geneva Motor Show.

After initial construction, the prototype was sent to Sant'Agata so Lamborghini could put on the finishing touches.

They decided to go with a large, waterproofed 5.9-litre, 180 hp (134 kW) Chrysler V8 engine, rear mounted, with a 3-speed automatic transmission.

The failure of the Cheetah project, along with Lamborghini financial problems, led to the cancellation of a contract from BMW to develop their M1 sports car.