The B5 will come in two versions, a four-door coupe and a convertible. The coupe is expected to be a more affordable option, with the base price starting from €42,000 (£32,400; $51,800) in Europe.
Other highlights of the B5 include a four-seat interior, six-speaker sound system and LED daytime running lights.
The B5 is expected to be produced in limited quantities.
The new B5 will be on sale in Germany for around €69,000 with all options included, but prices are expected to rise considerably in the United States and other markets.