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Recently several new magnesium alloys for high temperature applications have been developed with the aim to obtain an optimal combination of die castability, creep resistance, mechanical properties, corrosion performance and affordable cost. Unfortunately, it is very difficult to achieve an adequate combination of properties and in fact, most of the new alloys can only partially meet the required performance and cost. This paper aims at evaluating the current status of the newly developed alloys for powertrain applications. The paper also addresses the complexity of magnesium alloy development and illustrates the effect of alloying elements on properties and cost. In addition, the paper presents an attempt to set the position of each alloy in the integrated space of combined properties and cost