By Jennifer Lilonsky (staff@latinospost.com) | First Posted: Apr 30, 2013 08:37 PM EDT

The 2014 BMW M5 and M6 are both slated for some extra horsepower thanks to a competition package that will be offered on both models, as reported by Car & Driver.

The German automaker is currently testing the all-new M5 that is scheduled for release this summer.

And while the new M5 will still maintain its 4.4-liter, 560-horsepower, eight-cylinder engine, the new performance package will spice things up a bit---well, more than just a bit.

The new trim is being called the 'Competition' package by BMW blogs m5board.com and bmwblog.com, and is expected to lift the horsepower up from 560 to 575---a number high enough to inch closer to luxury competitor Mercedes-Benz and their E63 AMG S and its CLS counterpart.

The E63 AMG S offers 577 horsepower, but the Competition package will mean that the M5 and M6 will surpass the 560-horsepower Audi RS7.

And that's not all the new trim will offer.

Special edition wheels, black exhaust tips, a sportier and revamped suspension and steering ratio will also come along with the Competition package.

Both the 2014 models are expected to have zero to 60-mph times decrease by 0.1 second---bringing it to 3.6 seconds, Car & Driver says. Top speed will leave the party at 190 mph.

In terms of pricing, the Competition package is expected to cost a decent amount more than the base price.

The base price for the M5 is set at $92,395, while the M6 starts at $110,545.

More details about the new models are expected to emerge from the automaker within the next few months.