The 384.8 in³ (6.3 L) engine was a derivative of the earlier L-series 60° V8, but a dual venturi downdraft Stromberg carburetor, higher compression, and altered timing raised the power to 120 hp (89 kW).

It competed with the recently introduced Chrysler Imperial, Renault Reinastella, Rolls-Royce Phantom II, Mercedes-Benz 770, Duesenberg Model J, Packard Eight, and the Cadillac Series 355.

Providers who were retained from the previous Model L were Wolfington, Judkins, Willoughby, Brunn, LeBaron, Dietrich, Locke, Derham, Rollston, Waterhouse, and Murphy.

[4] Both series featured a new grille with less of a surround, vent doors rather than vertical louvers on the sides of the hood, a parking light on top of each front fender, and 18 inch wire wheels.

The Lincoln V-12 competed directly with cross town rival Cadillac V-12 introduced earlier in 1930, and it joined a select group of 1930s cars with multicylinder engines, namely those manufactured by Franklin, Hispano-Suiza, Horch, Lagonda, Maybach, Packard, Rolls-Royce, Tatra, Voisin, Walter, and Marmon.

The removal of the bar linking the headlights and return of hood louvers was most noticeable, but the revised chassis, thermostatic shock absorbers, and transmission made the greatest difference.

The Lincoln line was greatly trimmed for 1935, with all cars simply called Model K. The marque attempted to improve profitability by focusing on the lofty over-US$4,000 ($88,893 in 2023 dollars [7]) segment, limiting sales in the depression-wracked United States.