BMW, in an effort to combat Tesla’s affordable Model 3 electric car, will introduce an electric version of its flagship 3-Series sedan at the Frankfurt Auto Show this September, according to German business news site Handelsblatt.

Handelsblatt reports the 3-Series EV will have 248 miles of range, and compete directly with the Model 3 in terms of price.

If this is really true, and BMW is finally getting into the mainstream electric market, it has a lot of catching up to do. Tesla has already accumulated several hundred thousand reservations for the Model 3, which is set to go on sale later this year.