In case you haven't heard, speculation has been building steadily over time about a BMW X5 M. Despite BMW refusing to comment until last summer, there's no refusing these photos. The X5 M was caught almost completely undisguised on the streets of Munich. Seen nearly finished, BMW has no doubt been working on this vehicle for quite some time.

We believe the BMW X5 M will get the benefits of over 500 hp. If it does get the benefit of M5 technology, this SUV could be fitted with a 507 hp, 5.0-liter V10 engine. Other rumors have the X5 M getting a new, 4.4-liter twin-turbo V8 that is even more powerful than the V10. Either way, BMW's offering should have no problem competing with either the Mercedes-Benz ML63 AMG or the Porsche Cayenne Turbo.

With the release of the X5 M spy video at the end of 2008, we were pretty sure this SUV would show up at the NAIAS. With the economic climate being what it is, perhaps BMW stalled the release of this, and the BMW X6 M. Now that these photos have surfaced, the temptation is there to say this thing will appear at Geneva in March.

Gallery: BMW X5 M Spied in the Streets of Munich

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