There will be a BMW M1 afterall, apparently the concept should appear at the FrankFurt autoshow around 2008 (11th - 23rd September). It will have the same engine, as that of the Z4 M Roadster / Coupe.
0-60 ~ 5.2 seconds { suppoasably 300 + hp }
0-60 ~ 5.2 seconds { suppoasably 300 + hp }