The new BMW M1 or 1M, or who knows what it would be called, has been spotted again during some hot laps at the famous Nurburgring. Sporting almost no camo and a widebody, the BMW M1 also features CSL wheels, a disguised roof panel and a big rear axle.

Our excitement about this trully enthusiastic M car grows within us with every new photos we see. BMW will send off the current design of the 1 Series Coupe with a BMW M version which will run in a very short production cycle, one year based on information we received.

The BMW M1, or whichever name will carry, is powered by an updated/upgraded N55 engine by the M Divison. The 1,500 kg M1 also features a high performance intercooler and the output is said to be measured at 345 horsepower.

At the front-end, the front bumper will be larger and more massive than any M-Package we have seen so far, and the usual fog lights are gone. The massive front bumper will allow air to flow for the High Performance Intercooler.

Brake air ducts will provide cooling for the six piston ceramic brake discs and the M1 showcases two ducts on the bonnet, one for air flow and the other purely for cosmetic reasons.

As seen on all the other M models, the BMW M1 will also sport wider fenders and wheels, plenty of carbon fiber elements and a visual appealing bootlid.

Two air intakes on the front wings gives the typical M-look, with the bar that incorporates the side indicator light, placed now on top instead of striking through.

According to BMW insiders, the reason behind the M1 is not to completely focus on power, but rather build a car more entertaining and thrilling to drive than any other cars that will cost twice as much. M1 will be purely about driver focus and torque.

The BMW M1 / 1M will sport the much-craved LSD (limited slip differentials).

The car will go on sale in mid 2011 and is rumored to cost about 10,000 euros more than the current 135i Coupe.

BMW M135i? from MrBTG on Vimeo.

[Source: Bridgetogantry via AxisOfOversteer]