After months of teases and grainy photos, we now have our first official look at the 2014 BMW X5. The third generation of BMW’s highly successful SUV drops a few pounds (actually 200), gets a little sportier look (but not less family friendly), and adds a rear-wheel drive option.

The new 2014 X5 will be offered with a 3.0-liter, single-turbocharged inline-six with 300 horsepower and 300 lb-ft of torque, as well as more robust 4.4-liter twin-turbocharged V-8 with 445 horsepower and 480 lb-ft of torque. A 3.0-liter diesel six will be introduced in 2014. It will offer 255 horsepower, 413 lb-ft of torque. BMW claims the V-8 will go from 0-60 in an impressive 6.2 seconds.

BMW will launch a rear-wheel-drive version of the X5.

On the design side, the X5 inherits the shape of the grille, bumper and headlamp from the current 3-Series and 5-Series.

Inside, the X5 gets lots of tech toys, includings Traffic Jam Assistant, which helps steer drivers along at starting and stopping at speeds of up to 25 mph, a suite of new BMW Apps, active blind spot detection, and the latest version of the iDrive interface with a 10.2-inch display. For sound, you get to pick between Harman Kardon or Bang & Olufsen.

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