FRANKFURT -- BMW plans to introduce an electric version of its popular 3 series in September, a move designed to fend off rival Tesla, Handelsblatt reported on Wednesday.

The German automaker will present the vehicle at the Frankfurt auto show in September, the paper said.

The electrified 3 series, which is a high volume sales model, will have a range of 248 miles (400 km) and is seen as a direct response to the early success of Tesla's Model 3, which goes on sale later this year, according to Handelsblatt.

Tesla has received hundreds of thousands of reservations, with a deposit of $1,000 each, for the Model 3. Tesla plans to start volume output of the Model 3 in July.

BMW declined to comment.