Last week M itself confirmed that a 1 Series product was coming over the next several years. It ‘s been assumed by much of the media that this will involve the F20 next generation 1 series and will debut around 2013. However as we ‘ve reported previously, M intends to come to market with a 1 Series derived product much sooner based on the current 135i 1 Series Coupe (E82).

The idea is to create a track day car similar to the E46 M3 CSL. Sources suggest the 1M will feature 19 ” wheels, huge fender flares, carbon fiber roof, trunk and hood and a stripped out interior will dramatically reduce weight. Power will be upped over the stock 300 hp as well. However if the output rises over 320 hp then look for an entirely new transmission to handle the extra power and torque. It will put the power to the ground through the current ///M3s rear differential and axles. The look will be unique and more inline with the current M cars rather than the current “M Sport ” aero kit on the 135i or even the BMW Performance aero kit.

Pricing? We ‘re guessing this will slot in around the $50,000 mark however there is one big caveat; the car may not come to the US at all. With the recent decision to not bring the M3 GTS over and the previous unavailability of the M3 CLS, it would seem that the writing is on the wall that BMW ‘s largest market will not get this fastest 1 Series.

However all is not lost for our US readers. M intends to follow-up this 1M with another based on the F20 and using a lightweight turbo-charged four cylinder with similar (if not slightly lower) output.