"In Portugal last week for the international launch of the Z4M Coupe, president of BMW’s M division, Professor Ulrich Bruhnke said no decision to build an M version of the X5 had yet been made but the project was under development.

Prof Bruhnke said that all M projects put to the BMW board for approval needed to go through a four-step process: from the original idea, development of that idea, a business case and, if approved, the building of a prototype.

In the case of an M version of the X5, “We are at step two,” Prof Bruhnke said."

Guess BMW has no objection to creating an M X5....