Rumors about a standalone BMW M car have been circulating ever since the company unveiled the stunning M1 Hommage concept over a decade ago. However, the automaker has finally confirmed something is in the works.

Speaking with Top Gear, BMW M CEO Markus Flasch said “We have some very concrete plans for something new.”

The executive was tight-lipped on specifics, but noted this wouldn’t be their first standalone model as the M1 was built between 1978 and 1981. However, Flasch suggested a modern day M1 isn’t necessarily a given as it’s simply an option and “not the only option.”

Also Read: BMW Vision M Next Is A Glimpse Into The Ultimate Driving Machine’s Future

While the Vision M Next concept had a hybridized powertrain, the standalone model could be a petrol-powered affair. As Flasch explained, BMW is working on electric and electrified powertrains, but BMW M will only use them when they “offer an advantage in terms of character, [and] in terms of performance.”

He went on to say “We won’t do it just to be first on the market with a particular type of powertrain. That’s not what our customers are after.” Despite that, Flasch suggested an electric powertrain could be an ideal fit for the standalone model.

It remains unclear what form the model will take, but Flasch seemed to dismiss the chances of it being a hardcore hypercar to battle the Mercedes-AMG One. While he called the idea “thrilling” and “fascinating,” Flasch said BMW M is strong enough that it doesn’t need a halo car. He also suggested such a vehicle doesn’t make much sense from a business or image perspective.