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A lightened, hard-edged racing variant of the standard Diablo, the Diablo SE was sold in limited numbers during 1994-1995 to celebrate Lamborghini's 30th anniversary. The 'SE' stands for Special Edition.
In total only about 150 cars were made. In 1995 Lamborghini introduced the Diablo SE Jota; the SE Jota was produced from the Lamborghini factory but SE owners also had the option of having Lamborghini upgrade their SE to SE Jota specifications. The SE Jota upgrade consisted of two roof mounted air scoops, a re-tuned L.I.E. chip and a six-speed all-synchromesh gearbox. With these upgrades in place the Diablo SE Jota could produce a claimed 595 bhp (444 kW; 603 PS) , about 7 more than the normal SE's. In total only about 28 Jota upgrade kits were made.
The car went without most of the Diablo's standard equipment to save weight, it featured lots of carbon fiber parts, helping to make it 125 kilograms (276 lb) lighter than the standard Diablo. Lamborghini chose to do without the VT's advanced electronic suspension or all-wheel-drive systems, but the car did get an advanced adjustment system controlled with an interior dial that could instantaneously adjust the stiffness of the car's front and rear anti-roll bars. They also enlarged the brake discs of all four wheels.

The SV or "Sport Veloce" variant of the Diablo was an optional add-on package to the base car launched in 1995. It lacked the VT's all-wheel-drive system and electronic suspension, but it featured the VT's revised dashboard and larger brakes, a new 3-piece adjustable spoiler and was powered by a modified version of the 5.7-litre V12 producing 510 hp (380 kW; 517 PS). The car's air intakes were slightly differently shaped, and from 1999 onwards the vehicle had exposed headlamps as opposed to the pop-up units previous versions used.
German tuning company Koenig-Specials produced a tuned variant of the SV featuring further suspension modifications, massive brakes and a twin-turbocharger system, boosting the car's output to over 800 hp (597 kW; 811 PS).