The M75 was the first US-designed fully tracked APC, designed immediately after World War II on the basis of the T43 cargo tractor. The M75 introduced the box-like hull that became standard in its successors, the M59 and M113, and was able to carry as many as 10 fully equipped troops in a rear compartment that was accessible through a pair of rear hull doors. The engine and transmission were installed on the front in order to facilitate removal. Drawbacks of the M75 centered on its lack of amphibious capability as well as NBC protection; it was also heavy and relatively expensive, notwithstanding the fact that it shared many automotive components (engine, transmission, and track) with the M41 light tank. These drawbacks that prompted the development of the cheaper M59, which replaced it in the 1950s. No export orders were received.

The prototypes were developed in September 1945 from the T43 cargo tractor and designated T43E1 and T43E2 before it was re-christened T18 and T18E1. The latter was eventually produced as the M75. Variants included the T64 mortar carrier and the T73 infantry vehicle.