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The next generation of the BMW M5 is under development wearing "Hybrid Test Vehicle" decals giving us a hint about the powertrain for the latest iteration of the speedy sedan. We don't expect the new model to debut until the 2024 model year, meaning there's a lot of time left for more of the camouflage to come off.

Compared to spy shots of the next generation of the standard BMW 5 Series, this M5 has a much more aggressive front fascia. Even with mesh over the openings, the size of them is larger than what we are seeing on the regular model. In other spy shots, the charging port is visible on the driver-side front fender. At the back, there a dual-outlet exhaust pipes coming out of each side.

Gallery: Next-Gen BMW M5 Spy Shots

This M5 rides on black, five-spoke wheels. Behind them, there are large-diameter, drilled brake discs. The ride height appears lower than the regular 5 Series, too.

We don't yet know for sure what powertrain the next M5 uses. A rumor from Autocar claims that it has BMW’s S63 twin-turbo V8 with electrical assistance to make a total output of 750 horsepower (559 kilowatts). This is likely a closely related setup to what's in the production version XM Concept crossover.

These photos don't get close enough to let us see inside the new M5. Previous spy shots offer a look into the standard model, but that car is far from production-ready. The driver's display looks particularly wide, and another display is right next to it on the dashboard.

There's a rumor that BMW plans to offer a wagon version of the fully electric i5. So far, there are no hints that the company intends to build an M5 variant of the long-roof model like the company is doing with the upcoming M3 Touring.

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