#BmwM1

After all, every time we see a Countach out in the wild, we drop what we are doing, watch, and listen to it go by, remembering those posters. But one thing we may have forgotten is how fast they actually went? Or, more importantly, how slow they are by today’s standards. Yes, it’s been 30 years and cars have come a long way. But we still think of a Countach as a fast car, right? Not when you consider the fact that a 2011 base, V6 Mustang will outperform it in most areas.

BMW reps will be hard pressed to deny the existence of a high-performance 1 Series thanks to some new spy photos (and video) that have been captured of the uncovered car lapping the Nürburgring.

What is obvious from the photos are some M3 design cues, some big wheels (reminiscent of the M3 Competition package wheels) and who could miss those massive flared fenders out back – indicating some larger rubber is probably in order to deal with the added power. As for what kind of power this car might make, it’s anyone’s guess. The M3 V8 is most certainly not an option, so expect to see a powerplant similar to the one in the 335is, making 320-hp and 332 ft-lbs of torque (370 ft-lbs for a limited time). Other items rumored to be included are a limited slip differential and an optional 7-speed dual-clutch transmission.

It’s not yet clear if BMW will name this car the 135is or perhaps the 1 Series M.

See the video after the jump or hit the link below for more photos:

[Source: Autoblog]

As of late there has been a great deal of discussion about the possibility of BMW adding an M-badged version of the 1 Series to its lineup and now we have confirmed reports that the model has been given the green light. The 1-Series M will get a twin-turbo 3.0-liter inline six engine, but with 350-hp.

BMW is reportedly developing a new exotic sports car, inspired by both the original M1 and the new Vision EfficientDynamics Concept. According to a high-up source inside BMW, cited by EVO magazine, “M Division should have its own supercar built in three years.”

An M version of the BMW 1 Series is in the German automaker’s product development plan and now we have more details about how the new model might just turn out. The top engineer at BMW’s M division has already said that a serious performance car below the M3 is a top priority and according to a report by EVO magazine this new M is likely to get a 400-hp version of the 135i’s twin-turbo 3.0-liter inline-six, making 370 ft-lbs of torque. The range-topping 1 Series would also get a version of the M3’s seven-speed dual-clutch gearbox.

BMW will resurrect the M1, basing the new exotic car on the Vision EfficientDynamics Concept, which debuted at the Frankfurt Auto Show. The car will hit the market in 2012 says the U.K.’s AutoExpress, keeping much of the concept car’s green technologies, while offering performance to rival the Audi R8.