2023 BMW XM price and specs: Super SUV to start from $297,900

The 2023 BMW XM is due to arrive in Australia in the first half of next year, with the German car maker confirming pricing for its first plug-in hybrid M SUV.

Revealed earlier today, the first dedicated BMW M model in more than 40 years will be priced from $297,900 plus on-road costs – undercutting performance SUV rivals such as the Lamborghini Urus ($395,888) and the Aston Martin DBX ($356,512).

The BMW XM will also be the fourth-most expensive model in the company's local line-up – behind the M8 Competition coupe and sedan, plus the upcoming M4 CSL – while it matches the price of the electric i7 xDrive60 luxury sedan.

BMW will initially offer the XM in a single variant to Australian buyers, with the SUV's twin-turbocharged 4.4-litre V8 petrol engine developing 360kW and 650Nm.

Coupled to a 145kW/280Nm electric motor and a 25.7kWh battery pack, BMW claims combined outputs of 480kW and 800Nm.

Power is sent to all four wheels through an eight-speed automatic transmission, with BMW claiming the XM can accelerate from zero to 100km/h in 4.3 seconds.

Drivers can choose to run on electric power only, limiting the XM's top speed to 140km/h while emitting an 'electric drive sound'. It claims a driving range of 82-88km when running solely on electric power, according to European testing.

Towards the end of next year, the BMW XM will be available with a Label Red variant, delivering 550kW and 1000Nm.

The BMW XM rides on 22-inch alloy wheels as standard in Australia, although 23-inch wheels are available as a no-cost option.

While BMW is yet to announce which colours will be available, metallic paint is standard on the XM, paired with 'Night Gold' exterior highlights.

Under the skin, the BMW XM benefits from adaptive suspension, an M Sport electronic limited-slip rear differential, rear-wheel steering and M Sport brakes – working in tandem with the electric motor's two-mode regenerative braking system.

The BMW XM's interior features the company's latest iDrive 8 operating system which integrates a 12.3-inch digital instrument cluster and a 14.9-inch infotainment touchscreen into a single curved panel. A head-up display is also fitted as standard.

The iDrive 8 system incorporates Apple CarPlay, Android Auto, digital radio, satellite navigation and Bluetooth connectivity.

XM owners with an Apple iPhone can also lock and unlock their car by using BMW's Digital Key Plus application.

The SUV's front seats are heated, ventilated and offer a massage function, while the rear seats are equipped with heated backrests.

Additional heated equipment includes the BMW XM's steering wheel, armrests and centre consoles.

A full list of features can be found at the bottom of this story.

The 2023 BMW XM is due in Australian showrooms in the first half of 2023.

Note: All prices above exclude on-road costs.