Developed by Nissan Performance Technology Inc. (NPTI), which had formerly raced under the name Electramotive in the United States, the cars were intended to be completed by the middle of 1992, with competition starting in 1993.

However economic troubles for Nissan led to the cancellation of the project soon after testing of the first cars had begun, meaning that the P35s never raced.

During the development of the P35, Nissan's own motorsports division, Nismo, began work on a modified P35 design that would be adapted to the All Japan Sports Prototype Championship.

Regulation changes in the World Sportscar Championship would have required Nissan to abandon their turbocharged engines in place of newer, advanced naturally aspirated units, as well as design all new cars to handle them.

Nismo produced an engine at 3499 cc named the VRT35, with claims of 630 horsepower (470 kW) and capable of reaching nearly 12000 rpm.

This lasted only briefly (though Indy Car concepts were beginning to be developed in the wind tunnel) and the realities of the widening recession hit home.

Using one of the former P35 test cars, chassis #1, the team removed the roof and added roll hoops and a new cockpit surround for driver protection.

Tests included runs at Mid-Ohio Sports Car Course and on the road course at Daytona International Speedway.

Competing in their class against the Toyota TS010 and Mazda MXR-01, the NP35 would be the slowest car in qualifying, five seconds behind the pole winning Nissan R92CP.

The car is used as a training vehicle for students on the university's renowned BEng Motorsports Engineering Degree.