My money, Vision Efficient Dynamics Concept - production concept.
Why:
The original one was a show car, not really a runner...
Several aspects of the cars design were based in fantasy and would never see production, such as the door's - with all that glass, and the back end of the car being so... disjointed, the front however, was much closer to something that could see production.
This mule, evidently sports a drivetrain the likes of which the VED had (supposedly), the mule has an exhaust, and seems to (silent and battery/motor cells visible underneath)... so that matches the VED.
I get why they would use an existing body shell (the 6er) for the mule but why go to the effort of fabricating the VED nose just for a drivetrain mule, unless they were going to use that nose later (like some of the old X1 mules)
BMW are publicising a mule.
So, add this together... running gear and chassis of production VED, with VED nose, existing car body (E63) to hide (or temporarily substitute) bodywork they would like to keep secret or haven't yet signed off (which might look like SCOTTs avy
)..
... This tells me this is the VED in mule form... to be presented as a "Concept" car, for introduction thereafter in virtually unchanged form 2 years later.
(otherwise they wouldn't hype it up now, and it wouldn't have a VED nose)
SCOTT... on a scale of Hot to Cold, where am I ?