When the sales of the Capri 73 started to decline a facelift was more than necessary. The development took place under the name "Diana" and one of the big changes was the introduction of a boot lid. Another major change was the increase of glass areas, which was done in order to silence the critics which had reviewed the bad sight as one of the problems of the Capri 69.

In order to save development costs, the platform and technique was mainly taken over from the Capri 73. That is the reason why many parts are the same, such as the bumpers, a-pillars or the windscreen. The wheelbase and front track width were identical the rear track width was increased by 56mm. Due to that increase and the larger rear windows the overall weight increased as well. The exterior plates were flattened and the suspension was softened, in order to offer this car to the comfortable driving target group.

Up to the b-pillar the interior was the same as the Capri 73. The rear seats were stowable and with the larger trunk compartment the loading capacity for a sports car was enormous. The engines used were similar to the Capri 73, except for the 1.3 litre engine. Here a technological step back was made, since the Kent bumper bar engine was used instead of the OHC one. The sale of the Capri II started in February of 1974 during the oil crisis. As a result only 188 Capri 74 with the 3.0 litre engine were sold that year.