Like the 166 Inter series, the 195 variant featured independent front suspension via a transverse leaf spring, with a rigid axle and semi-elliptic leaf springs at the rear, and Houdaille lever shock absorbers all round. There was a concurrent 195 Sport model, which was built in the even chassis number competition car range. An example of the 195 Sport in berlinetta form, driven by Marzotto/Crosara won the 1950 Mille Miglia, ahead of the 195 engine Touring barchetta of Serafini/Salani. The range of body design houses altered to include Motto and the Swiss Ghia Aigle concerns; each produced a single example of their craft on a 195 chassis, whilst Stabilimenti Farina dropped off the list. With this model, the Ghia and Vignale body styles seemed to find greatest favour with clients, considerably outnumbering the other contenders.

The V12 engine was again based on the original Giacomo Colombo design for the 125 model in 1947, but was enlarged in capacity by almost 25% from that in the 166 model to 2431 cc. This was done by increasing the bore diameter to 65 mm, whilst retaining the 58.8 mm stroke of the 166 engine. As with the 166 Inter, the standard induction wear on the 195 Inter engine was a single twin choke carburettor, but some examples received a triple twin choke carburettor set-up, as with the earlier model. Some 166 MM competition models were upgraded to 195 engine size specification, as the increased capacity provided more power, and helped them to remain competitive on the race track. Once again the engine featured a twin distributor and coil ignition system, with a single spark plug per cylinder, and wet sump lubrication. The 195 Inter models were produced during 1950-51, in the odd number road car chassis number sequence in the range of 081S to 0195S, with a total production of twenty five examples. As with the 166 Inter series of road cars, the 195s also saw frequent competition activity at both amateur and professional level.