Last year, BMW announced the i8 was going out of production. Now, new details are starting to emerge about its successor.

According to Car & Driver, the model is currently under development and was previewed by last year’s Vision M Next concept.

While the report is light on specifics, the magazine says the M1-inspired model will follow in the footsteps of the i8 and use an eco-friendly powertrain. However, the new car will be more focused on performance.

Also Read: BMW Vision M Next Is A Glimpse Into The Ultimate Driving Machine’s Future

BMW Vision M Concept pictured

As part of this effort, the i8’s three-cylinder petrol engine will be replaced by a turbocharged four-cylinder. The model is also said to have an “electrified front axle” and a rear electric motor. This setup is rumored to give the car an output of approximately 600 hp (447 kW / 608 PS).

The powertrain upgrades don’t end with the engine as the model is expected to have a significantly improved battery. Details are limited, but the magazine says we can expect an electric-only range of at least 60 miles (96 km). That would be a massive improvement over the i8’s range of 18 miles (29 km).

Little else is known about the car, but it’s rumored to use an updated version of the i8’s carbon fiber monocoque chassis. However, that remains unconfirmed as BMW has been moving away from dedicated platforms.

If everything pans out, the hybridized sports car will arrive in 2023 and compete with the Acura NSX and Porsche 911 Turbo. That’s some pretty serious competition and it sounds like we can expect a serious price increase as well.  While nothing is official, the i8 successor is rumored to cost around $160,000 which would be a sizable step up from the i8’s base price of $147,500.