Yes, you will need the navigation "Board Monitor" radio. A retrofit consists of four main parts (in-dash display, radio module, nav or TV module, and the video wiring harness), and a collection of small brackets and screws.

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2000 E38 750iL Highline Edition, Upgraded with the lastest 2006 X5 Electronics
MKIV Navigation, 16:9 Display, Bluetooth, TV/Video with Backup Camera, Sirius, and Aux Input