The 2023 BMW XM is the first standalone model produced by the M division since the iconic M1 and shoppers in Australia will need to cough up a lot of money to afford one.

The XM will initially be sold in one specification in Australia and will launch locally in the first half of 2023, priced from AU$297,900 ($190,535), excluding on-road costs, meaning it will cost in excess of AU$300,000 ($191,878) by the time it lands in the garages of customers. Joining the XM range will be the flagship Label Red in late 2023 but local pricing for it hasn’t been announced.

Powering the regular BMW XM is a 4.4-liter twin-turbocharged V8 that is good for 483 hp and 479 lb-ft (650 Nm) of torque. Found within the eight-speed automatic transmission is an electric motor with 194 hp, meaning the XM packs quite the punch with a combined 644 hp at 5,400 rpm and 590 lb-ft (800 Nm) of torque between 1,600 and 5,000 rpm.

Read More: The 2023 BMW XM Is A Potent Hybrid SUV Like We’ve Never Seen Before

Power is sent to all four wheels and the XM can hit 60 mph (96 km/h) in 4.1 seconds. That time may not be particularly mind-blowing but is impressive when you consider than the XM weighs 6,062 lbs (2,750 kg). Unlike other M-branded SUVs, it can travel up to 30 miles (50 km) on electric power. The top speed is electronically limited to 155 mph (250 km/h) and while customers in the U.S. can have this lifted to 168 mph (270 km/h), it is unclear if Aussie shoppers can also option this upgrade.

Local shoppers will have plenty of standard features to enjoy on their AU$300,000 super SUV. These include Adaptive M Suspension Professional, 22-inch M Light alloy wheels (23-inch rims are a no cost option), tire pressure monitoring system, M Multifunction front seats, ventilated and massage seats, Driving Assistant Professional, Parking Assistant Pro, Live Cockpit Professional with a head-up display, and a Bowers & Wilkins sound system.

BMW will commence production of the XM at its Spartanburg plant in the U.S. in December.