As a follow-up to the single-shot, bolt-action Gepard M1 of 1990, Hungarian engineers returned to the project to produce a semi-automatic, magazine-fed form as the "Gepard M2". Retaining all of the hard-hitting power of the original, the M2 evolved the line some by featuring a shorter barrel and lighter overall weight for a handier design. The M2 was also designed around a long-recoil system in which the barrel slid into the barrel jacket and receiver during firing. The bolt - managed manually in the M1 - was now acted upon by the recoil action to produce a semi-automatic system of firing.
With this development, the single-shot M1 now became a 5- or 10-round, magazine-fed weapon in the M2. The magazine was fitted to the feed found (rather awkwardly) along the left side of the weapon near the pistol grip favoring solely right-handed shooters. As with the M1, the M2 featured a folding bipod assembly which was attached to the barrel jacket. As no iron sights were fitted, optics were a must for ranged fire. Many of the design lines of the M2 were reminiscent of the earlier M1 complete with its tubular, workmanlike appearance. The M2 was primarily chambered for the 12.7x107mm Soviet cartridge and could be converted to accept the American 12.7x99mm cartridge as well.
The similar Gepard M2A2 was a variant shortened even more so than the M2 and aimed at arming paratrooper forces with a compact, heavy-class rifle system. The line continued with the M3 (chambered for 14.5x114mm), M4 (semi-automatic, 5-round box), M5 (bolt-action), and concluding M6 model additions.