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AJ alloy is used with a new Aluminum-Magnesium Composite Design, which is an innovative approach to lightweight crankcase technology. The component is manufactured using high pressure die cast process. A wide range of chemical compositions was used to develop a good understanding of the behavior of this alloy system (castability, thermophysical, mechanical, microstructure). The basic mechanical properties were determined from separately die cast samples and also from samples machined out from high pressure die cast components. Tensile, creep, bolt load retention/relaxation and high cycle fatigue properties were established and analyzed using multivariate analysis and statistical approach. This methodology was used to select the optimal chemical composition to match the requirements. The sensitivity of the alloy to heat exposure was investigated for both mechanical properties and microstructure.