We've already seen the all-new X5 last month when BMW finally unveiled it for the world to see. Like the latest iX3, the fifth-generation X5 features the brand's Neue Klasse design and technologies. More importantly, the all-new X5 is available with multiple powertrains, including mild-hybrid gas & diesel engines, a plug-in hybrid, a full EV, and even fuel cell hydrogen (FCEV).

But since the all-new X5 is already out, this means BMW is already busy testing the high-performance version, the next-generation X5 M. Luckily for us, our spies were able to take pictures of the upcoming vehicle, and boy, were we surprised by what our spies were able to capture.

Since BMW sometimes launches the EV versions of its Neue Klasse vehicles, it's not surprising they immediately gave attention to the all-new electric X5 M. According to what our spies were able to gather, it's internally known as the G95 and will reportedly share its EV architecture & powertrain with the upcoming electric i3 M ZA0.

Starting with its design, the G95 X5 M will largely resemble the all-new X5 that was just recently revealed. However, it will get a leaner and sportier exterior with more aggressive bumpers, larger alloy wheels, larger M-style dual kidney grilles, and what appears to be a tailgate-mounted spoiler.

Like the electric i3 M, the X5 M will likely get four electric motors, one on each wheel. This means power output will likely be in the ballpark of 800 PS with 900 Nm of torque. More powerful versions may also be revealed, which could generate more than 1,300 PS. Last but not least is its 800V architecture that supports ultra-fast charging of up to 400 kW and a battery pack that could at least be rated at 108 kWh.

The all-new BMW X5 M is expected to hit the market in 2028, which means it's still quite a long way off. That means we could see the i3 M be revealed first, which may happen before the year ends or perhaps in early 2027.