Yup you got it. The glass is delaminating from the backing causing a void between the glass and silver oxide. You will need to replace it. Eventually watter will get between the glass and backing and discolor the mirror. Mine had that a few years ago. Best place to go unfortunately is the dealer. I bought a few from e-bay and returned them all because the fitment sucked on all of them. I think I paid $98 for the glass? It pops right out. Getting it back in can be a little fussy, but doable.

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2011 E70 50i M Sport