The Panhard VCR (Véhicule de Combat à Roues or 'wheeled combat vehicle') was designed as a private venture for a light 6x6 armored personnel carrier based on the company's earlier M3. The VCR features an all-welded steel hull with the driver seated at the front center, the commander behind to the left in a slightly raised station, and the engine to the right. The hull front is somewhat similar to that of the M3, and is notable for the polyhedron-like shape of the glacis, as well as the a slightly V-shaped floor for additional mine protection. For more efficient travel, the center wheels are typically raised when operating on roads and lowered when operating cross country. The troop compartment can carry up to nine fully equipped infantry and is accessed through either single or twin rear doors, depending on variant. A single firing port is also included although the troops can also fire from any of the six side hatches. The VCR can be configured with numerous types of armament, these typically consisting of either 7.62-mm or 12.7-mm machine guns on ring mounts, 20-mm cannon, or 60-mm mortars. Additionally, it can be configured as a ATGM carrier equipped with HOT missiles in addition to other non-combat configurations including command vehicles, repair vehicles, and armored ambulances. The VCR is fully amphibious and is propelled with its wheels but other equipment such as NBC protection, air conditioning, and night vision systems are optional. A special 4x4 version also exists, where the center wheels are replaced with waterjets for faster water propulsion. Despite its versatility, the VCR did not have the same export success as the M3 with orders coming only from Argentina, Iraq, Mexico, and the UAE. Most Iraqi versions were HOT carriers and these saw action during the Iran-Iraq War and the 1991 Gulf War where many were destroyed. Most others remain in service to this day.

Development of the VCR began in 1975 as a private venture and was first shown to the public in 1977, with the first vehicles readed two years later. The basic APC version is known as the VCR/TT (Transport de Troupes), which was slightly modified from June 1983 onwards with a slightly longer wheelbase and hull. The only other combat variant is the VCR/TH (Tourelle HOT) HOT missile carrier which additionally carries a 7.62-mm machine gun in a GIAT Mascot remote-controlled station. Other non-combat variants that were produced include the VCR/PC command vehicle, VCR/AT repair vehicle, and VCR/IS armored ambulance. A special VCR/TT (4x4) version was also built for Argentina, featuring waterjet propulsion. UAE versions notably feature large bulletproof windows for the driver and also replace the side hatches.