What It Is: Caught here by our spy photographers is the latest preproduction iteration of the hottest version of BMW's 2-series coupe, called the M2 and engineered with heavy input from BMW's M GmbH performance division. It's effectively the replacement for the 1-series M Coupe, which quickly became iconic during its short, one-year production run. With a lowered suspension, a wider body, and a power rating of close to 400 horsepower, the M2 will be the ultimate compact BMW. Flares, "air breathers" (a.k.a. fender vents), and quad tailpipes announce its superiority.

While the 1-series M Coupe was engineered and rushed to market in a short time, BMW is taking its time to fine-tune the M2. And because the "regular" M235i, an M Performance model (and a 10Best winner), already approaches the performance capabilities of the old 1-series M Coupe, the M2 needs a generous extra helping of power and technology. We expect the M2 to be considerably lighter than the M235i.

View Photos BRIAN WILLIAMS , MICHAEL SIMARI

Why It Matters: While we like the BMW M3 and its two-door sibling, the M4, they have become awfully big. Their lineage can be traced back to the 2002—but a vehicle of the M4's size would have passed for a 6-series not too long ago. The true successor to the 2002 is the 2-series, and the M2 is the 2-series in its purest and most extreme form.

The M2 was conceived under outgoing M GmbH chief Friedrich Nitschke, and we doubt that his successor, Frank van Meel, will change the purist approach of the new model, which is moving close to market launch.

Platform: The 2-series stands on a rear-wheel-drive platform that also underpins almost all of BMW’s larger model lines. We expect many chassis components of the M2—code-named F87—to be shared with the M3 and M4, instead of the regular 2-series. Keeping the sticker price below that of the M3/M4 is an issue, and the level of sophistication will be somewhat lower.

View Photos BRIAN WILLIAMS , MICHAEL SIMARI

Powertrain: The M2 will be powered by a turbocharged 3.0-liter straight-six, with a power rating around the 400-hp mark—less than what we previously predicted. We believe it will stay a bit below that figure, if only to give the M3 and M4 an edge. The rear-wheel-drive-only M2 will come with a standard six-speed manual; an M-specific seven-speed dual-clutch automatic will be optional—and will be a point of differentiation from the M235i, with its eight-speed torque-converter automatic.

Competition: Audi RS3 sedan, Audi TT RS, Cadillac ATS-V coupe, Mercedes-Benz CLA45 AMG, Porsche Cayman.

Estimated Arrival and Price: We expect the M2 to be unveiled in late 2015 and come to market in 2016, perhaps as a '16 or '17 model-year car. Prices will begin around $55,000. A convertible version is possible but unlikely.

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