The Bosch fuel injected engine of the DBS V8 and early AMV8 was proving difficult to be made to comply with the US emission control regulations, so the decision was made to convert the V8 to carburettors.  This may appear odd as now-a-days, it is accepted that fuel injection is the solution to clean emissions. But the reality was that AML probably never got the hang of the Bosch system and carburettors were an easier short term option. Externally the Weber carb V8 featured a noticeably larger air intake and bulge extending to back of the bonnet to cover the four twin choke 42mm Webers and airbox . Another change to the body for easy identification of series 3 cars and beyond is the panel below the rear screen which lost the louvers and gained a small lip just above the boot lid. There were many other detailed improvements to the car with revised front seats, revised switches, improved cooling to engine and transmission plus a new fuel tank which gave more luggage space.

Initially performance was still very impressive from the 310bhp 5.3 litre engine. The automatic car could top 146 mph and hit 0 to 60 mph in 6.2 seconds (Autocar, Sept 1973). The manual was even quicker at 155 mph and 5.7 seconds (Motor, Sept 1973). Although as emission regulations became tighter, peak power. output fell to around 280bhp and performance thus suffered. Thus in January 1977, the engine was modified to 'Stage 1' tune with new camshafts, and an exhaust system developed for the V8 Vantage. Just occasionally, these cars are referred to as V8 'S'. This went someway to restoring the power output to a more respectable 304bhp.

Production of the V8 was interrupted for over a year between December 1974 and Spring 1976, when the company hit financial difficulties. In total, 967 examples were produced until the much improved Oscar India was introduced in October 1978.