The Falcon 515 was first introduced in 1963.

Three examples of the 515 were entered in the Le Mans 24 Hours in 1963 but their entry was turned down.

The 515 was fitted with a 1500cc straight-four OHV Ford engine. The engine was fitted with two SU carburettors that enabled it to produce 70bhp. The engine was mated to a manual four speed gearbox and power was transferred from the front-mounted engine to the rear wheels. The theoretical top speed of the 515 was 140 km/h (87 mph).

The body was made of fibreglass which was then mated to a custom chassis that was 2290 mm long. The body was designed by Brazilian Tom Rohonyi, it has a drag coefficient of 0.45.