Although the SM.91 heavy fighter had previously shown good flight characteristics, it turned out to be too heavy to effectively be used in its intended role of bomber interception. Apart from that, its top speed and climb rate was below of what had initially been demanded by the Regia Aeronautica.

Thus, the decision was made to further modify the design to address these issues. Italian engineers soon realized that the only way these issues could be solved is by decreasing the weight of the aircraft. As a result, engineers at Savoia-Marchetti redesigned the aircraft substantially.

The cockpit was moved to the left fuselage, eliminating the crew nacelle from the center wing in the process, a remote controlled turret had been integrated into the aircraft’s horizontal stabilizer as well as several other changes being applied to the new design. The airframe redesign and reduced weight improved the aircraft’s flight characteristics.

Eventually, the design was considered completed and a single prototype of the SM.92 was manufactured in 1943. By this point however, the war for Italy had already been over and the SM.92 was test flown into 1944 under German insignia exclusively. During a test flight however, the prototype was mistakenly attacked by a friendly C.205 fighter, leaving the machine heavily damaged. In the end, the only prototype of the SM.92 was later on fully destroyed during an allied air raid.