Sources speaking to German newspaper Handelsblatt claim the automaker is planning to announce the electric BMW 3 Series at an event in September. The as-of-yet-announced vehicle will reportedly get around 200 miles on a single charge, which hovers around the threshold where consumers experience range anxiety.

Apparently, BMW is releasing the vehicle due to mounting pressure from Tesla, particularly the Model 3, which has reportedly impacted BMW 3 Series demand.

BMW has already confirmed it has new electric vehicles in the works, including MINI, BMW X3, and BMW iNEXT. Currently, BMW offers the all-electric i3, which began production back in 2013. Although a September announcement is being planned, it's unclear when BMW plans to release the electric 3 Series.

The automaker will allegedly use the IAA auto show in Frankfurt as its platform to announce the news. As Electrek points out, Honda, Jaguar, Mercedes-Benz, and Volvo are also expected to unveil new EVs at the event.

As for the Model 3, Tesla first unveiled the vehicle in March of last year, with limited production set to begin later this summer. Tesla has said the Model 3 will get an electric range of over 200 miles, with base model pricing to start at $35,000.

You can read more about the Model 3 here.