The BMW M5—one of the most recognizable sport-sedan nameplates, could become an electric car as part of an upcoming redesign, reports Car magazine.

The M5 is a high-performance version of the BMW 5-Series, and the next generation of that model—codenamed G60—is due in 2023, according to the report. The electric M5 will reportedly follow a year later.

Under the alleged plan, the M5 would use the next generation of BMW's pouch-type battery cells, possibly with an 800-volt electrical system similar to the Porsche Taycan. The Taycan would be a logical rival for an electric M5, along with the upcoming Tesla Model S Plaid.

BMW is reportedly targeting a range of 435 miles on the European WLTP testing cycle (which is more optimistic than U.S. EPA testing cycle) with zero to 62 mph acceleration in 2.9 seconds. That's 0.4 second quicker than the current gasoline M5 Competition model.

The electric M5 will have three 250-kilowatt (335-horsepower) electric motors, with two powering the rear axle and one powering the front axle, according to the report. That means 750 kw (1,006 hp) in total.

Note that BMW recently announced that an electric version of its next-generation 7-Series might be its most powerful sedan ever. The automaker hasn't said when the electric 7-Series will arrive, however.

BMW last month renewed its commitment to electric cars, saying its rollout schedule for them is unchanged. The automaker decided not to bring the iX3 electric SUV to the U.S., though.

BMW plans 12 all-electric models by 2025—globally. That includes the recently-launched Mini Cooper SE, and there are also plans for electric versions of the Rolls-Royce Phantom sedan and Cullinan SUV, according to Car.