The Lotus Europa Twin Cam. An extensive revision to the Type 46 Europa, replacing the Renault engine with the Lotus Twin cam engine with 105bhp. There were modifications to the rear fins, brought down to the same level as the rear engine deck, to improve rear vision and a front splitter to improve aero dynamics. The interior had a lower floor plan and was more luxurious. The car also had lighter "Spider" alloy wheels. The Type 74 designation was also shared with the later and Europa Special. The car had 5 gears and more powerful 126bhp Twin Cam engine

The Type 74 designation was shared with a Formula 2 single seater racing car. The car has sheet Aluminium monocoque, GRP body and the 1973cc Lotus 906 Novamotor engine, producing 275bhp. The Type 74 had "Texaco Star" livery and was raced by Fittipaldi and Peterson for the 1973 F3 season. The car suffered various engine failures and technical problems during the season and Lotus pulled out of Formula 2 racing at the end of the year.