The 500L replaced the Lambro 450, the smaller engined version of all Lambros with a capicity of 175cc. The new 500L was almost identical to the larger 200 engined 550 series, apart for a smaller rear compartment, and of course engine. As with the 550, the engine of the new 500L was now moved outside the drivers cab, infact placed just behind it. A second exhaust silencer was added to quiten down noise, and twin heab lamps improved visibilty in night time or poor light conditions

Adjustments to the gear ratios improved top speed a touch, but more importantly the performance capabilities with a full load. Sales figures we never good for the 500L this was due to having only a slightly lower selling price then the more powerful 550 range, and in it's two year production length, Innocenti only managed to sell just over 8,000 examples