Early in 1954 the Ford Taunus finally received the 1500 cc engine that had been planned for successive Taunus models ever since 1939. Hitherto the Ford Taunus 12M had competed as a large (if rather underpowered) car in the sector increasingly led by the Volkswagen Beetle. Its size had always invited comparison with larger cars such as the Opel Olympia Rekord, the Borgward Isabella, the Fiat 1400 and the Peugeot 403. What these cars had in common, however, was an engine of approximately 1500 cc, which was something that till now the Taunus had conspicuously lacked.

Ford in Germany did not have the investment cash available to develop a new model of their own in the rapidly growing market segment of middle-sized (by the standards of the time and place) family cars, but by installing a 1498 cc engine in the Taunus 12M they were able to announce almost as a new car the Ford Taunus 15M which could be profitably produced and sold alongside the car with which it shared virtually every component apart from the engine block and cosmetic touches, including a strongly differentiated front grill, intended to emphasize the differences between the cars to potential customers.

The new engine was based on the unit that had originally been developed with a side-mounted camshaft for launch in the 1939 “Buckeltaunus”. Now, however, the originally planned side-valve configuration was replaced, for the first time on a German Ford, with an overhead camshaft. This reflected developments also underway in England where a new ohv-engined Ford Consul had appeared in 1951. The crankshaft on the new German Ford engine was formed from tube rather than from a solid casting, which was seen as a way to save weight.

The Taunus 15M was offered with exactly the same choice of bodies as the 12M. It was also offered with the option of a "Saxomat" automatic clutch, married to the three-speed gearbox (though not with the four-speed box).