Euro-market 1992-1995 M5s received the 3.8L S38B38 with coil-on-plug ignition producing 340-347 hp, while North American cars remained on the 3.6L 310 hp engine through 1993; Euro 3.8 cars are rare grey-market imports in the US.
Euro 3.8L S38B38 versus US 3.6L specification
BMW E34 M5 · factory-spec