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Hi there,
It’s definitely the rear axle undertray for aero only, I believe it’s plastic or that fuzzy material. The diffuser attaches to it with the torx screws (3 from memory)
I’d say unless your on a massive decline e.g. multi story car park ramp, it’s completely impossible to see. The diffuser is all you can see.
As for fitment to 550i I cannot comment, sorry.
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