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The Carro Armato M15/42 was the last Italian medium tank produced during World War II. It was based on the earlier M13/40 and M14/41 medium tanks, and was built with the lessons from the North African Campaign in mind. The tank was meant to be a stopgap until the heavier P26/40 tank could be produced in numbers. It did not serve in North Africa, the theatre in which it was intended to operate, but served in Italy and in Yugoslavia with the German Wehrmacht.

Italy began producing the M15/42 on 1 January 1943, and by mid-1943 had produced about 90. After the armistice of Cassibile on 8 September 1943, Italian formations from the 135th Armoured Division Ariete II fought with German troops moving to disarm them in Rome. The M15/42s were among the tanks they used in this battle.

After the armistice, Germany confiscated all remaining M15/42s. Under the Germans, an additional 28 incomplete M15/42s were produced. In German service, the M15/42 fought mostly in Yugoslavia, with 85 tanks being stationed there by December 1944.