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Spatial and temporal characteristics of the propagation channel have a significant influence on multiantenna method applicability for fifth‐generation‐ (5G‐) enabled Internet of Things (IoT). In this paper, the statistical characteristics of a novel three‐dimensional (3D) geometric‐based stochastic model for next‐generation vehicle‐to‐vehicle (V2V) multiple‐input multiple‐output (MIMO) communications under the nonisotropic scattering environment are investigated. In both line‐of‐sight (LoS) and non‐line‐of‐sight (NLoS) conditions, the proposed model investigates the spatial, frequency, and temporal domain statistical distribution of multipath received signals by using the time‐variant transfer function for indoor environments. The probability density function (PDF) of separation distance between the transceiver antennas, angle‐of‐arrival (AoA), and angle‐of‐departure (AoD) in the azimuth and elevation planes is …