The T700 was offered as a 4-door saloon with a 3.5-litre 90° air-cooled V8 petrol engine. Later Tatra 700-2 version had a 4.4-litre engine, reaching 231 hp (172 kW), but not many examples of this variation exist anymore.
The model was not successful, nor produced in large numbers, and production was halted in July 1999. Only 75 of these cars were ever built. The Tatra 700 was the last passenger car made by Tatra, although it continued to build commercial vehicles.