BMW enthusiasts woke up to some bad news when it was reported that the German automaker might be making some significant cuts to its lineup due to financial woes. Among the unprofitable models that could face the ax are the recently-launched Z4 and the 8 Series coupe and convertible. Conversely, however, the publication also claims the long-rumored X8 flagship SUV has been given the green light for production.

Nothing official has been announced by BMW yet, but the publication claims the X8 won't simply be a coupe version of the massive X7 SUV. Instead, it will reportedly be a sporty crossover tailored for enthusiasts and will only be offered in M Performance and full-fat M guises. This is surprising considering that a high-performance X7 M still hasn't been given the green light due to the lack of demand.

One of these models is expected to sport an M Power plug-in-hybrid powertrain that incorporates an electric motor producing a 168-hp and 184-lb-ft of torque, and a 60-kWh battery pack delivering a zero-emissions driving range of up to 60 miles. BMW was expected to make a final decision by the end of the year, but if Automobile Magazine's report is accurate, that decision has already been made.

According to BMWBlog, X8 is expected to ride on the same platform as the X7 and offer seating for four occupants with individual seats in the back, but it remains to be seen if it will offer a third-row option. Powering the range-topping X7 XDrive50i is a 4.4-liter twin-turbo V8 that produces 456 hp and 479 lb-ft of torque, enabling the luxury SUV to accelerate from 0-62 mph in 5.2 seconds. Expect the X8 M to offer even better power and performance.

No word yet when the X8 will be unveiled, but we're not expecting to see it for a few years. Naturally, the X8 M will also cost significantly more than the X7, which starts at $73,900. Chances are it will be the most expensive and most luxurious model BMW has ever made.