The vehicle was powered through a Continental LV-1790-1 V12 gasoline-fueled engine installation outputting at 700 horsepower. This provided a top water-going speed of seven miles per hour and a maximum road speed of up to 30 miles per hour on land (assuming ideal conditions).
Several specialist variants of the base LVT-5 troop transport eventually existed. The LVTC-5 was a command vehicle variant with increased communications equipment while the LVTH-6 became a fire support platform mounting a serviceable 105mm howitzer. Some 210 of the latter were produced. Sixty-five of the LVTR-1 armored recovery vehicles were introduced as were 41 of the LVTE-1 engineering type vehicles. A proposed, though ultimately abandoned, anti-aircraft platform was considered as the experimental "LVTAA-X1". This version was to mount the complete 2 x 40mm cannon turret of the M42 "Duster" anti-aircraft gun tank. None were produced.
Total production of LVTP-5 vehicles, including all variants, totaled 1,124 vehicles.
Adoption of the LVT-5 went beyond the United States for the type was also taken into service with the forces of Chile, the Philippines and Taiwan. The LVTP-5 managed a healthy life cycle in frontline service until formally replaced in the U.S. inventory by the LVTP-7 beginning in 1972 (now the AAV-7). While mobility and protection were improved, the new vehicle took on a reduced passenger-hauling capability numbering 21 occupants (though retaining a three-man crew). The loading ramp was also relocated the rear of the vehicle and firepower considerably broadened.
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