BMW is almost ready to show us an updated version of the current F90 M5, but the first details on the next-generation M5 have already surfaced.

CAR reported last week that BMW's next M5 will arrive in 2024 and, for the first time in the nameplate's history, offer two powertrain types.

One will reportedly be plug-in hybrid and the other battery-electric, with the latter to be positioned as the range-topper.

BMW electrification roadmap

BMW electrification roadmap

Making this possible is the ability of BMW Group's CLAR modular platform to support conventional powertrains in addition to hybrid and battery-electric setups.

According to CAR, the plug-in hybrid M5 will come with a V-8 and one or more electric motors for a combined output of 750 horsepower. The same setup is also tipped to power a forthcoming X8 M flagship SUV. BMW previewed a similar setup in 2014, albeit with a 4-cylinder engine used as the internal-combustion component.

The battery-electric M5 will reportedly feature three electric motors (two at the rear and one at the front) for a combined 1,006 hp. It's also said to be capable of 0-60 mph acceleration in under 3.0 seconds and a range of over 400 miles. Once again, BMW has already previewed a similar setup. Last year it rolled out an electric 5-Series test mule fitted with a tri-motor system said to be delivering over 720 hp.

2021 BMW M5 CS spy shots - Photo credit: S. Baldauf/SB-Medien

2021 BMW M5 CS spy shots - Photo credit: S. Baldauf/SB-Medien

Right now, the M5 tops out at 617 hp and but is likely to see a power boost later this year with the arrival of a new M5 CS variant.

Developing the new powertrains will prove costly in a post-coronavirus world, and unfortunately this has reportedly come at the cost of a new BMW M plug-in hybrid sports car based on last year's Vision M Next concept car.

The move makes sense as the sports car's powertrain would have needed to fit the bespoke, mid-engine platform originally developed for the i8 and thus likely difficult to transfer to other BMW models. With the powertrains designed for the CLAR platform, BMW could potentially use them in all CLAR-based models.