Calls for more power were answered with the 2.4 L (2418 cc) Dino 246. The motor was a 65-degree, dual-overhead-camshaft, 9.0:1 compression ratio, iron block with alloy heads. The European motor produced 195 bhp (at 7,600 rpm), and was available as a fixed-top GT coupe or, after 1971, an open Spyder GTS. The American version had an exhaust air-pump, and timing changes which created 175 hp (130 kW). The GT had 3 Weber 40 DCNF/6 or 40 DCNF/7 carburetors. For the 246 a new version of the Dinoplex ignition was deployed, the more compact Magneti Marelli AEC103A system.

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