The GT-BNR34 (R34) Skyline GT-R and GT-R V-spec models were released in January 1999. The R34 GT-R was also made to be shorter (from front to rear), and the front overhang was reduced. The valve covers were also painted glossy red, rather than dull black.
A new feature on the R34 GT-R is a 5.8" LCD multifunction display on the center of the dashboard, which shows seven different live readings of engine and vehicle statistics such as turbocharger pressure (1.2 bar max), oil and water temperature, among others. The GT-R V-spec model added two extra features to the display: intake and exhaust gas temperatures. Nismo Multi-function Displays (MFD) can be bought at an extra cost, they include a lap timer, G-Force meter and an increase in boost pressure measurement to 2 bar. The R34 GT-R was made shorter in response to customer concerns who thought the R33 was too bulky.
Like the R33, the new R34 GT-R V-Spec (Victory Specification) models come equipped with the ATTESA E-TS Pro system and an Active LSD at the rear, while standard GT-R models come with the non-Pro system and a conventional mechanical differential. The V-spec model also had firmer suspension and lower ground clearance, thanks to front and side splitters, as well as a rear carbon fiber air diffuser, designed to keep air flowing smoothly under the car.
Another special model of the R34 GT-R is the M-spec. It was similar to the V-spec, but had special "Ripple control" dampers, revised suspension set up, stiffer rear sway bar and a leather interior with heated front seats. The 'M' on the M-Spec stood for Mizuno who is the chief engineer of Nissan.
At the time of the R34's release, like the R32 and R33, Nissan released an R34 N1 model. The R34 GT-R N1 was equipped similar to the R32 and R33 N1 models — a homologation special. It was sold without ABS, air conditioning, audio equipment, rear wiper, or trunk lining. The new R34 N1 was also given the new R34 N1 engine. Only 45 R34 N1 models were produced from the factory, 12 of which were used by Nismo for Super Taikyu racing. The rest were sold to various customers, mostly racing teams and tuning garages.