Like it or not, BMW M’s best-selling vehicle is an EV, the i4 M50, which was recently upgraded to become the i4 M60. And there’s plenty more where that came from, including a fully electric M3 and the musclebound electric SUV you see here.

The big drilled brake discs and huge wheels make it clear we’re looking at a performance variant of the upcoming iX5, BMW’s first ever electric X5. And based on what we know of the brand’s current naming strategy, we think it’s likely an iX5 M70.

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The 23-inch, five-spoke forged rims are wrapped in Michelin tires rated to over 150 mph (240 km/h), and we’ve no doubt the M70 will be capable of sailing past that speed – and then some in case BMW doesn’t restrict it. Odds-on it’s powered by the same dual-motor powertrain setup that’s already seeing action in the i7 M70, where it makes 650 hp (659 PS / 485 kW) and can send the sedan to 62 mph (100 kmh) in 3.7 seconds. Let’s hope BMW can use its latest battery technology to improve on the i7’s M70’s range, which the EPA says is just 268-285 miles (431-459 km).

Like the i7, the new iX5, which will also be available in combustion form, relies on an updated version of the existing CLAR architecture. That’s a major difference between the X5/iX5 and the X3/iX3; on the smaller SUV the combustion car is CLAR-based but the iX3 moves to BMW’s Neue Klasse platform.

But even if it’s not Neue Klasse under the skin, the X5 will still look the part, borrowing design cues from the iX3, which was previewed by last year’s Vision Neue Klasse X concept, including a visor-like front-end. These pictures show the project is still at a relatively early stage, so the lights aren’t representative and there are some riveted panels on the bodywork and heavy camouflage on the bumpers.

The iX5 and this M70 variant should arrive next year in time to battle Porsche’s first ever Cayenne Electric and give existing electric SUVs like the Lotus Eletre a hard time. But the good news for combustion fans is that both the BMW and Porsche will also be available in ICE forms, and even Lotus is working on a hybrid version of the Eletre in response to a slowdown in luxury EV uptake and steep tariffs.

Photos SHProshots

While a number of automakers overestimated demand for EVs, BMW seems to have gotten things mostly right as they offer a mix of gasoline, diesel, plug-in hybrid, and electric vehicles. Chairman Oliver Zipse recently acknowledged this as he said the company has “the right products on the market at the right time.”

This has worked out for the luxury brand as nearly one in five vehicles sold by the company is fully electric. However, they also have countless other options for customers who don’t want an EV.

More: Ford’s CEO Talks Tariffs And New Range-Extended Vehicles

Even more options are coming as BMW has confirmed plans to offer a production model with a hydrogen fuel cell in 2028. However, that might not be the only powertrain on the horizon.

Quite the opposite as a new report suggests a range-extended EV could arrive as early as 2026. German outlet Automobilwoche reports that the powertrain will be offered on a version of the iX5, known as the iX5 REx, and could have a combined range of around 621 miles (1,000 km).

SHProshots

Little else is known about the powertrain at this point, but it’s said to be under consideration for multiple markets including China, Europe, and North America. BMW was tight-lipped when asked about the report by Auto News, but the company didn’t deny it as a spokesperson said “We continuously analyze usage patterns, customer needs, and market developments and review the market potential of various technologies.”

While range-extended powertrains fell out of favor with many automakers in the push to go fully electric, they’ve been experiencing a bit of a resurgence. Ram introduced the 1500 Ramcharger in 2023 and CEO Tim Kuniskis recently said he expects other brands to “chase it.”

That already seems to be playing out as Scout will offer a range-extended powertrain and Ford CEO Jim Farley recently came out praising range-extended models. Jeep is also said to be cooking up a range-extended version of the Wagoneer, although we haven’t heard much about it in the wake of Ramcharger delays.