The BMW M5 Touring is deep into development, and these new spy shots catch one wearing a bit less camouflage than earlier examples. We expect the debut could be before the end of the year or in early 2024. Sales of the wagon begin in 2024.

In front, this M5 Touring appears to have a production-spec nose. There's an aggressive front fascia with large, trapezoidal openings and air curtains on the outer edges. The headlights feature vertical running lights.

Gallery: BMW M5 Touring Spy Photos

Behind the B-pillar, there's an extended roof to create the wagon body. There's a slight curve to it to keep the profile looking somewhat sleek. The wheels feature an array of dual spokes that weave together towards the hub.

Because this is a wagon, the rear end obviously has a hatchback. The design would give improved cargo space in comparison to the sedan variant. The lower fascia has a boxy design around the quad exhaust pipes – two on each side.

The M5 sedan and wagon reportedly use a twin-turbo 4.4-liter V8 with an electric motor. This powertrain makes 738 horsepower and 738 pound-feet of torque in the BMW XM Label Red. Although, the output might be different for this model.

BMW has only made a few M5 Tourings in the past for customers. The first of them arrived in 1992, and there was a V10-powered version in 2007.

The new BMW M5 Touring will hit the market at around the same time as two German competitors. Audi is working on the updated RS6 Avant, and Mercedes has a new E63 wagon on the horizon. If you're in the market for a speedy long-roof model, it seems like things are looking great in the near future.

Gallery: Next-Gen BMW 5 Series Touring

Recent design trademark filings from Europe (above) give us a very good idea about how the standard 5 Series Touring looks on the outside. This one lacks the aggressive exterior elements, but the general shape is the same as the M5 in these spy shots.

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