A heavily revised Espace was launched in 1991, adopting the Renault family look to replace the Talbot-themed styling of the original. This was essentially a re-skin of the original car, with a new dashboard and other interior improvements. The chassis was unchanged.
In 1995, Renault displayed a show car called the Espace F1, which was created by Matra to celebrate both the 10th anniversary of the Espace and Renault's involvement in Formula One racing. Though it resembled an Espace with substantial bodywork changes, the vehicle had more in common with a Formula One car. The vehicle used a lightweight carbon fibre F1-style chassis in combination with a carbon fibre-reinforced Espace J63-series body (as opposed to fibreglass on the standard model). Powering the Espace F1 was an 800 hp (upgraded from its original rating of 700 hp) 3.5-litre, 40-valve Renault RS5 V10 engine, as used in the 1993 Williams-Renault FW15C. As with an F1 car, the V10 engine was mid-engined (as opposed to the conventional front-engined layout) and the power was transmitted to the rear wheels via a 6-speed semi-automatic gearbox, also used in the Williams FW15C. The engine and transmission allowed the Espace F1 to accelerate from 0–100 km/h (0–62 mph) in 2.8 seconds, 0–200 km/h (0–124 mph) in 6.9 seconds and carry on accelerating to a top speed of 312 km/h (194 mph). With the use of carbon-ceramic brakes, the Espace F1's deceleration was no less impressive that its acceleration, and could accelerate from 0–270 km/h (0–168 mph) and brake to a complete halt in under 600 metres (1,969 ft). This version of the Espace was featured in driving simulator game Gran Turismo 2. Frank Williams was a noted passenger of the Espace F1, chauffeured by Williams driver David Coulthard. The Espace F1 currently resides in the Matra Museum in France.