At the time, the 365 P2 was the ultimate version of the Ferrari 250LM³. It shared the car’s basic spaceframe chassis and overall shape. From year to year, the body design was upgraded. Regulations in 1965 meant that the front windscreen had to be unnecessarily tall and gave the P2 Ferraris a distinct appearance.

Raced alongside the 330 P2, the 365 P2 featured a 4.4-liter version of Ferrari’s V12. The car was basically intended for the 1965 24 Hours of Le Mans where two cars were entered by Maranello Concessionaires and the North American Racing Team (NART).

During the race, the #18 NART of car placed 7th overall while the Maranello Concessionaires car failed with ignition problems. They were both beaten by the much inferior Ferrari 250 LM.