Recent spy shots have shown that BMW is preparing to give the 5 Series a refresh as part of the sedan's mid-cycle facelift. It isn't expected to arrive until later next year or possibly in early 2021, but when it does, it will likely feature slimmer headlights and taillights, a revised grille, and new bumpers. A new 545e xDrive hybrid model with around 375 hp is also slated to join the lineup.

But that's hardly the end of the road because the new next-generation 5 Series will also pack more significant updates, which according to BMW Blog, include a fully electric variant.

Citing inside sources, the publication claims the next-generation 5 Series will arrive in 2023 with at least two fully-electric drivetrains. Like the i4 and iNext, the new electric 5 Series is also expected to use the company's fifth-generation eDrive technology, which means it will deliver impressive performance.

Battery capacity still hasn't been finalized, but BMW Blog expects the electric 5 Series to offer at least 60-80 kWh battery packs that offer an electric range of at least 300 miles, while higher trims could be capable of 435 miles based on BMW's predictions for the i4 and iNext. The electric 5 Series will likely also be offered in two flavors, in rear-wheel drive or equipped with BMW's xDrive system.

The 5 Series will be a crucial part of BMW's ambitious electrification strategy. Originally, the plan was to offer 25 electrified models by 2025. But as competition in the EV segment is increasing significantly with new models from VW, Audi, and Mercedes, BMW CEO Harald Kruger changed this target to 2023.

Last month, BMW gave us a potential preview of the future electric 5 Series with the Power BEV, which featured three electric motors producing a combined output of over 720 horsepower and 848 lb-ft of torque. To give you an idea of how a fully electric version of the M3 could perform, this setup enabled the BEV to hit 0-62 mph in under three seconds.