BMW developing new V-series of cars?

Wheels24 is reporting that BMW may be developing an entirely new line of cars to go head to head with Mercedes' new R-Class. According to insiders the V-series of cars is being developed under the title of Space Functional Concept (SFC) and will most likely debut with a V5 or V6 model. Since the R-Class offers three rows of seats we might as well assume the first V-series model would too, along with the requisite bunch of gizmos and gadgets. The picture above is an artist's impression of what a BMW V5 could like, although it appears less like a tall crossover wagon, a la the R-Class, and more like a normal wagon with bulging fenders and a third row suitable only for elves and leprechauns.