That flagship status won't apply to Australia, however, with the M550i xDrive confirmed as yet another all-wheel-drive BMW sedan that won't be offered in right-hook form. We'll have to wait for the next M5.
Until the new M car debuts, Europe will enjoy the presence of this new M Performance model, which teams a twin-turbo V8 with BMW's xDrive all-wheel drive system to better the performance figures of the current M5.
Under the bonnet is a 4.4-litre twin-turbo V8 developing 340kW of power at 5500rpm and 650Nm of torque at 1800rpm mated to an eight-speed automatic transmission.
The 0-100km/h sprint takes just 4.0 seconds, on its way to an electronically-limited top speed of 250km/h.
Meanwhile, the current F10 M5 produces 423kW of power and 680Nm of torque from its 4.4-litre twin-turbo V8, sending drive to the rear wheels via a seven-speed dual-clutch transmission.
It sprints from 0-100km/h in 4.2 seconds on its way to an electronically-limited top speed of 250km/h.
The xDrive all-wheel drive system in the M550i is rear-biased, and is able to split power between all four wheels as needed - otherwise known as torque vectoring.
It also rides on 10mm lower M Sport suspension, rolling on standard 19-inch M light-alloy wheels or optional 20-inch light-alloy wheels.
Other additions include M Sport brakes with blue metallic-painted calipers and 'M' badging.
BMW Australia has confirmed the M550i xDrive will not be offered locally, at least for the time being, as it is only being produced in left-hand drive.
We'll just have to wait for the new M5 then.