Looking very much like the Me 163, the third design of the Li P.01-116 (dated July 16, 1941) was for a rocket-powered interceptor. A HWK rocket engine with 1500 kg (3307 lbs) thrust was located in the rear fuselgae along with the fuel tanks. The wing was mounted mid-fuselage and was swept back at 27 degrees and a single fin and rudder was fitted. As in the June 1941 design of the Li P.01.116, the pilot sat in the forward fuselage under a one piece canopy. No landing gear arrangement was mentioned, but the three-view drawing seems to show both wheels and a skid present. Two MG 151 15mm cannon were mounted in the lower fuselage sides benetah the cockpit. Since the Me 163 and it's later variants were chosen for series production, Lippisch decided not to pursue the P.01-116 development.