MUNICH — What's next for BMW AG's M Cars division? After the dazzling new M3 and the still awesome M5, there is a possible encore. An MX5 based on the hugely successful X5, the U.S.-built sport/utility vehicle (SUV) is one probability. The Munich rumor mill, however, suggests it's likely to use a 350-hp 4.7L version of the M5's mighty 400-hp 4.9L V-8. And then there's the new BMW small car, dubbed the 2-series. An M2? “It's a question of priorities and capacity, but such a car is a ...

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