The E39-based M5 Touring, which for various reasons never made it pass the prototype phase, was powered by the same naturally-aspirated 4.9-liter V8 engine with 400 ponnies as its sedan doppelganger.
The only other M5 Touring to be series produced by BMW other than today's V10-powered model (E60 sedan / E61 Touring), was the E34 M5 that was fitted with an inline-six cylinder engine.
Source: Bimmertoday , Via: BMWBlog
BMW M5 Touring E39 Prototype
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BMW M5 E39 Saloon