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The German carmaker will present the vehicle at the IAA auto show in Frankfurt in September, the paper said.
The 3 series, which is a high volume sales model, will have a range of 400 km (248 miles) and is seen as a direct response to the success of Tesla's Model 3, according to Handelsblatt.
BMW declined to comment.
Reporting by Edward Taylor; Writing by Tom Sims; editing by Susan Thomas