After the 502, the basic updates were next applied to a larger size category when the 700 was replaced by the 702 at the end of 1972. The cab was equivalent to that of the 502, although following earlier practice, Valmet manufactured the 702’s cab itself, while the cab for the 502 was made by Maaseudun Kone. Unlike the 502, the 702’s cab had suspended pedals. The heater lacked an air filter, which was added to other tractors during the 1970s.

Compared to the 502, improvements were also made to the engine, transmission, and steering. The hydraulics were slightly more powerful than before, the draft control more sensitive, and the power take-off (PTO) was standard equipment. The initial DIN power rating of the 702 was 71 hp.

A year later, the 1100 was replaced by the 1102, whose turbo engine produced 102 hp, slightly less than its predecessor. Compared to the 702, the 1102 had greater hydraulic output and lifting capacity. The wheelbase was longer, the tires larger, and the fuel tank capacity was 90 liters, instead of the small 68-liter tank of the 702. Additionally, a 1000 rpm power take-off was standard.

For 1975, the power of the 702 was raised to 76 horsepower and the turbocharged 702S was introduced alongside it, with 91 hp. In Sweden, the 702S was already known at this stage as the 903. Similarly, in Sweden there was a parallel model of the 702 with a powershift transmission, called the 703.

Four-wheel drive models were introduced only in 1978. They featured unusually large front tires, which clearly became the tractor’s foremost point. The drive shaft was located in the middle of the tractor, but despite this, the turning angle of the wheels was only 40 degrees, resulting in a wide turning circle. The front axle on the 702 was made by Carraro, while on the 1102 it was made by NAF.

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