Several modifications were made for the 1972 model year Panteras. A new 4 Bolt Main Cleveland Engine, also 351 in3, was used with lower compression ratio (from 11:1 to 8.6:1, chiefly to meet US emissions standards and run on lower octane standard fuel) but with more aggressive camshaft timing (in an effort to reclaim some of the power lost through the reduction in compression). Many other engine changes were made, including the use of a factory exhaust header. The "Lusso" (luxury) Pantera L was also introduced in 1972. It featured large black bumpers for the US market as well as a 248 hp (185 kW) Cleveland engine.

De Tomaso Pantera, engine: Ford 5763 cm³ (Jean-Marie Jacquemin / Yves Deprez) by Claude Dubois at 24h Le Mans.

De Tomaso Pantera, engine: Ford 5763 cm³ (Guy Chasseuil / Jean Vinatier) by Société Franco-Brittanic at 24h Le Mans.