Argentinean-born exoticar maker Alejandro DeTomaso established DeTomaso Automobili near Modena, Italian in 1959. His first production car, the 1965 Ghia-designed four-cylinder Vallelunga, boasted a lightweight central 'spine' chassis and mid-engine placement modeled after his open-wheel race cars.

Fifty production Vallelungas were built before the Giugiaro-styled Mangusta, with an interior designed by Tom Tjaarda, replaced it for 1967. A clue to this car's intended market mission is the fact that it's name is Italian for Mongoose, an animal known for its Cobra-killing skills. The Mangusta sat on a larger version of DeTomaso's backbone chassis with Can-Am racer-like suspension and was powered by mid-mounted Ford V8 engine of 289 cubic-inch (4.7-liters) for the European market or 302 cubic-inch (4.0-liters) for export to North America. Total production between 1967 and 1971 was 401, of which 250 were sold to US customers, at a list price of $10,000.

According to its current owner, this car was once owned by a General Motors clay model staff leader and was studied by Chevrolet and GM Engineers as well as GM Design during the time when they were seriously exploring the idea of building mid-engine Corvettes.