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Well, the Q5 is essentially a direct competitor to the X3, not the upcoming X4. So to the extent that Audi does decide to do a Q5 RS (and I'm not sure they plan to at all - no Q7 RS has come or is know to be in the works for example), an X3 M would make sense. Remember, Audi is also doing a Q4/Q6 and which would essentially be their answer to the X4 and any derivatives it might spawn.
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I think Audi still try to do a Q5 S/RS I know they did try to do a Q7 RS but like the Audi R4 Sports car - Porsche killed it. It is true that Audi are in the midst of their interpretations of the highly successful BMW X6 Concept, in fact behind the scenes at Geneva they are showing something behind closed doors which if the rumours pan out it means that we will see this as a Concept Car in Beijing at the end of April. Appropriate , given that the BMW X6's key market is China.
Because the X6M is in some markets the best selling "M" model. BMW would not overlook the potential of a more compact X4M especially for customers who cannot stretch to the all-singing and all-dancing X6M.
But back in the early days of the X6 development , it was only the X6 was being conceived for M. But because of the issue that the X6 is based on the X5 the economies of scale proved too much to overlook.
X4 again is based upon the X3 and do not be surprised if the same thing happens again. Because in the Automotive industry -
all of the above applies
today , it may be different tomorrow.