In 1938, further development of the L3 design designated into the L3/38. The L3/38 had torsion bar suspension and two versions of a single mounted 13.2 mm machine gun. Brazil bought 24 L3/38s in 1937. The L3/38s arrived in Brazil in 1938. The L3/38 exported version to Brazil was "CV33/II". The "II" represents the second version of the original L3/33 version. The L3/35 version exported to Brazil would be "CV33/I" (the CV33 or L3/33 and the CV33/I or L3/35 export versions to Brazil had no torsion bar suspension). The CV33/II Brazilian export had a single 13.2 mm Madsen machine gun.
Furthermore, Italy retrofitted 12 known L3/35s to meet the specifications of the L3/38. The converted L3/35s to the L3/38's torsion bar suspension saw limited service in September 1943 until June 1944. These L3/38s versions of the L3/35s had a single mounted 13.2 mm Breda M31 machine gun.