For better or worse, the BMW X1 "concept" and MINI Crossover are destined for production. BMW CEO Norbert Reithofer maintains that both models will do well in these economic and fuel-conscious times, but the X7 - originally slated for production in 2013 - has been killed due to the CUV's inability to "generate sufficient growth," according to Automotive News.

BMW's chief executive officer Norbert Reithofer has revealed that the company has axed plans to build a larger sport-ute to top the range currently inhabited by the X3, X5 and X6 crossovers. Reithofer cited economic problems in the United States and Europe as the main reason for the cancellation of the program, i.e. sales of SUVs are dropping like a rock.

Meanwhile, other reports suggest that the green light in Munich has been given instead to a smaller crossover to be based on the 1-Series platform, which would enable BMW to expand its X range with an X1 instead of an X7. Smaller, lighter and more fuel efficient is probably a smarter direction to head in these times than bigger, heavier and greater guzzler.

If you're in the market for a Bimmer, now is the time to buy. BMW is raising prices this year and next to help ease the burden of unfavorable exchange rates between European currencies and the weak U.S. dollar. CEO Norbert Reithofer told reporters that the company would also produce 20,000 to 25,000 fewer vehicles overall in 2009 and sell 40,000 fewer units in the U.S. Disastrous exchange rates aren't team Bimmer's only problem, either. The German automaker leases 60% of its vehicles in the U.S. during a time when sinking residuals are losing automakers billions.