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I cannot speak on behalf of the yet to be released z4 but I can about my current x5. When the vehicle is in gear and the parking brake is applied the brake computer will apply the disc brakes and activate the brake lights. When in park a physical cam will engage parking brake shoes within the rear disc. In regards to the x5 when pulled while in motion it is a very quick stop, anyone tailgating behind you not paying attention will quickly be in your back seat. With a manual transmission I am not familiar with how the parking brake shoes would function, likely based on speed sensor input.
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