The decision to build their own chassis was driven as much by ambition as necessity. Rumours throughout 1993 confirmed that Peugeot was planning a return to Formula One as an engine supplier for 1994, and Larrousse needed to demonstrate the credibility of a proprietary car to attract a factory deal. A ready-made customer chassis would no longer suffice.
In practice, the LH93 was heavily derived from the previous year's Venturi LC92. The monocoque was carried over essentially unchanged, but the wheelbase was shortened by 3.5 inches by moving the front axle rearward, freeing up space for a wider front wing with midplates. The sidepods were enlarged to improve cooling of the 3.5-litre Lamborghini 3512 V12 engine, which continued as the team's power unit. Braking moved from Brembo to French Carbone Industrie units, and Elf fuels replaced BP over the winter. Despite perpetual financial constraints, Larrousse completed a substantial pre-season testing programme at Paul Ricard. An active suspension system, briefly considered in the manner pioneered by Williams, was abandoned over cost and concerns that the technology would be banned before the season's end.
The LH93's campaign began encouragingly. After a double retirement in the South African season opener, both Alliot and Comas brought their cars to the finish in Brazil, with Alliot missing the points by one position in seventh. The European round at Donington Park proved disastrous in wet conditions — Alliot crashed independently while Comas finished four laps down.
The team's breakthrough came at Imola for the San Marino Grand Prix. Alliot capitalised on a wave of retirements to cross the line fifth and claim two valuable championship points, the first of the season. In Spain, the two Larrousses ran nose-to-tail before Alliot's gearbox failed after 26 laps, leaving Comas to finish ninth. That race began an eight-round run in which at least one Larrousse retired with a mechanical failure at every round. By mid-season, the funding had run out entirely; no component was updated after Hockenheim.
The team's second double finish of the year came at the Italian Grand Prix at Monza, where Comas survived a crash-heavy race to take sixth and score the team's third championship point. After Monza, things stabilised slightly — only one retirement in the final four races. However, the points tally remained stuck at three. With funds exhausted, Gérard Larrousse replaced Alliot for the final two rounds in Japan and Australia with the well-sponsored Toshio Suzuki.
The Lamborghini 3512 V12 powering the LH93 produced approximately 700 bhp during the season — around 80 bhp less than the dominant Renault V10 units and about 40 bhp shy of the Ferrari V12. Midway through the season, Chrysler (Lamborghini's parent company at the time) tested the engine with McLaren, with triple World Champion Ayrton Senna among the drivers who evaluated it. Engineers found approximately 50 additional bhp during those sessions, potentially lifting output beyond 750 bhp, though reliability became an acute concern at that power level. The uprated test engines were never made available to Larrousse. With Larrousse failing to secure a Peugeot supply agreement, and Lamborghini withdrawing from the sport, the LH93 closed an era — it was the last Formula One car to race a Lamborghini engine.
The LH93 represented Larrousse's solitary attempt at manufacturing independence. The team would not return to Formula One for the 1994 season, its decade-long existence ending with the failure to land the factory engine supply it had built the car to attract. Three championship points and a single top-five finish were the tangible legacy, along with the distinction of fielding the last Lamborghini-powered Formula One car in competition.