1969 was a good year for Innocenti, not only was the new range of DL/GP scooters introduced, but also the new 550M, V, and ML range of Lambros which went straight to the top of the sales charts for its type of vehicle. New styling by the famous Italian design house Bertone saw the little Lambros advanced in looks as well as technically. For the first time the Lambro was available with a car type steering wheel on the 550V, or the more traditional handlebars on the 550M.

The basic concept of the new model was to offer customers comfort and modern looks in keeping with the automobiles of the day. The drivers cab was spacious and well equipped, the seat now featured springs for extra comfort, and now measured some 97cm wide allowing for a passenger to be carried more easily. A Cabin heater was also provided, the cylinder hard cowl had a built in duct to channel engine heat through piping into the cabin.

The braking system was completely new, the single floor pedal now stopped all three wheels, doing away with the need of the level on the handlebars. The glove box was now made of plastic and was removable to make cleaning easier, windows now had opening quarter light type windows, again taking features form cars of the day.