BMW CEO Harald Krueger confirmed for German magazine Die Zeit that BMW is working on a new electric car which will sit above the i3. Rumors around a future BMW i5 – Krueger has not confirmed the name – have been going around for a while now, but BMW has always refrained from officially acknowledging those plans.

“The new BMW i model will be larger than the BMW i3, that’s all I will say for now,” Krueger said. “We want to expand our e-mobility offering to accelerate the transition towards electric vehicles. Today, many buyers still decide against buying an electric car; demand is still low overall.”

BMW is under pressure as rivals roll out new vehicles in attempt to beat the carmaker in annual sales. Tesla is also preparing two new exciting electric cars: an SUV, Model X, and a 3 Series competitor, Model 3 in 2017.

Krueger won’t comment on the drivetrain either; past rumors place a hydrogen fuel cell in the i5 while others mention an electric drivetrain with an optional range extender. Our sources say the new i electric car won’t arrive for another three years. BMW’s CEO also says the i3 sales are strong, especially in Netherlands, California and Norway – one in five BMWs is an i3 in the Nordic country.