Only one example of the Piaggio P.23 R was constructed. In its initial form the P23R was powered by three Isotta Fraschini XI r 850 hp liquid cooled engines and the aircraft had open cockpits. After flight testing, new Piaggio P XI RC 40 radial engines developing 1,000hp were fitted. Two bladed airscrews were exchanged for three bladed airscrews and the open cockpits were enclosed by 2 side by side cockpits.
On 30 December 1938 2 pilots and 2 flying engineers established international records for speed with loads of 5000 kgs at 404 km/h
The record breaking plane was referred to as the "P.123"
