BMW has released full technical details of the forthcoming M5, which is set to become the most powerful series production car the company has made when it goes on sale later this year – yet will be able to deliver up to 28.5mpg.

Power will come from a 552bhp version of the company’s existing ‘S63’ 4.4-litre twin turbocharged V8 engine, as already seen in the X5M and X6M. The headline power figure is backed up by a massive 501lb ft of torque – available from just 1500rpm - more than 30 percent more than the previous-generation M5’s naturally aspirated 5.0-litre V10 engine could muster.

The performance figures are as headline-grabbing as you would expect given what’s under the bonnet. BMW says the new M5 will take just 4.4 seconds to blast its way from 0-62mph and just 13.0 seconds to go from rest to 124mph. Top speed will be limited by BMW’s customary 155mph limiter, without it the car would almost certainly be able to get close to 200mph.

As we’ve previously reported, the transmission will be a seven-speed twin-clutch system that can operate in either manual or automatic modes. Although not confirmed, company insiders have indicated that – as with the previous generation M5 – a manual transmission will be offered in the US, but not in Europe. 

Eco figures are almost as impressive as the performance ones. The M5 scores a ‘combined’ 28.5mpg on the official European cycle – 30 percent better than the previous car could muster. CO2 emissions of 232g/km will also earn it valuable tax breaks in various countries.

BMW says that the transmission system will offer three different shift programmes – ‘sporty’, ‘relaxed’ and ‘efficient’ – allowing drivers to choose a style to suit. Company insiders have previously assured us that the transmission will be far more civilised than the lurch-prone single-clutch ‘SMG’ system fitted to the last generation car.

We’ve also been given some more details about the way the car will drive. BMW describes its new chassis set-up as ‘Hallmark M’, with the emphasis on enjoyable, safe fun. The M5 gets an evolution of BMW’s M-differential, called ‘Active M’, an electronically controlled multi-plate limited slip differential that can intervene to control wheelspin. As before, it will be possible to put the DSC system into a more permissive M Dynamic mode before deactivating it completely. Three mode electronically controlled dampers come as standard, with ‘Comfort’, ‘Sport’ and ‘Sport Plus’ settings. There’s even more dynamic customisation with three different settings for the Servotronic power steering offering varying levels of weight. As before an ‘M Drive’ button calls up pre-configured dynamic preferences, with the driver able to alter (deep breath) engine management, steering weight, gearshift speed, DSC mode, damper control and the information relayed by the standard head-up display.

Visually the M5 is distinguished from lesser versions of the 5-series with black slats in the radiator grille and extra air intakes under the bumper, plus a unique bonnet. Bi-xenon lights are standard, as are LED running lights. The wheelarches are fatter than those of the 5-series to cover a widened track – BMW hasn’t given the numbers yet – and the car rides on unique 20-inch alloys. At the back a new diffuser element is incorporated into the lower section of the rear apron along with four tailpipes – a familiar M5 trademark. The cabin gets plenty of M-bling including Merino leather upholstery, aluminium details and red instrument needles.

Standard equipment in the UK includes DAB digital radio, front and rear park distance control, four-zone climate control, adaptive headlights and heated front seats. Options include a rear-view camera, automatic dipping headlights, speed limit recognition, lane change and lane departure warning systems, surround view and BMW night vision. A ‘Mobile App’ preparation allows iPhone owners to receive web radio stations and to display Facebook and Twitter posts on the central display.

The new M5 goes on sale in the UK in November, priced at £73,040. In the meantime you can check watch the official footage below or out Chris Harris’s video of driving the prototype version on a frozen lake.