Oliver Zipse, BMW's CEO, officially announced plans to produce a fully electric version of the 7 Series at the company's Annual Accounts Press Conference today. The EV will be joined by diesel and gas variants in the car's next generation.

"All [7 Series] drivetrains will be based on a single architecture," said Zipse in a statement. "And the top, most powerful 7 Series will be fully electric."

That means that the 7 Series EV won't be cheap. With the current 7 Series topping out at more than $150,000, the EV will likely have to compete with some very luxurious competition.

The i4, when it comes out, will likely give us some hints as to what we can expect from BMW's EV department. The first of an upcoming range of new electrified models, the car's range and performance could be outdone by the 7 Series thanks to its size.

With refresh having come last year, though, we will likely have to wait another few years before we find out what BMW has in store.