The company said in a press release that it will begin production at the company's plant in Spartanburg, South Carolina beginning in late 2022, though it did not mention the cost of the vehicle.
The BMW XM concept has a V 8 engine and an electric motor that provides 750 horsepower and 737 foot-pounds of torque.
According to an email to The Verge, BMW spokesman Jay Hanson said horsepower and torque figures should be considered preliminary at this time, noting that the production version of the XM will have a V 8 engine and a plug-in hybrid system.
BMW said the unusual front-end design, with two large nostril-shaped openings, is a new direction for its future luxury vehicles and includes an illuminated version of its black kidney grille.
Hanson said that the interior has vintage-looking leather with a curved display that combines the instrument panel and infotainment display.
In a statement, BMW CEO Franciscus van Meel said the concept XM is a complete re-imagining of the high-performance vehicle segment. BMW said earlier this year that the XM is not an all-electric vehicle, but it expects to have 50 percent of its new vehicles fully electric by 2030.
It is also developing all-electric versions of its 5 Series and 7 Series cars and X 1 SUV. The iX 3 will not be available in the US, selling only in Europe and China.