British tuner, Mulgari Automotive, set out a while back to create a bespoke BMW M240i that would be viewed as a tribute to one of the most adored platforms in the automotive world today, the BMW 2 Series. The guys have been working on the so-called BMW ICON03 for months and the car is now finally ready for its unveiling, for the moment just in the virtual realm.

Mulgari’s motorsport-inspired development process focused on the drivetrain, chassis technologies and weight-saving measures. “Our intention was to create a car full of purist driving dynamics, a homage to the great Bavarian driving machines, past and present,” said the company about their project. The result is a car that has plenty of claims behind it. However, nobody has driven it just yet to see just how different it is compared to the standard M240i it is based on.

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To achieve the desired tire widths and track, extended bodywork was required. Elements of past and current BMW M offerings all feature in the final design. The dimpled carbon roof was made in homage to the E46 M3 CSL. Wider fenders are a throwback to the E30 M3, with square, aggressive style cuts. The front wings cut outs feature mounting winglets, a structural requirement as well as a traditional 3.0 CSL feature. The front splitter was made to fit the full width of the bumper, adding the required downforce, to make sure the car performs as it should

Under the hood we have the BMW B58 turbocharged engine delivering over 400 ft-lb of torque. Outright performance of the engine hasn’t been of particular focus but the mill does have 500 HP now. Performance is nothing without sound, though and that’s where Akrapovic stepped in as this car is wearing one of their brilliant exhaust systems.

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Chassis and suspension have critical when developing the ICON03 though. Mulgari claims to have created a chassis and suspension system that allows compliant road holding characteristics, comfort and a sharp, responsive feel on track at the same time.  The company also claims it will be setting a lap time at the Nürburgring which will be shown in a documentary they are filming. The interior has also been modified, with Recaro seats being added to the mix. There’s a new, flat bottom steering wheel in there with extended carbon shift paddles along with flashes of accent color featured on the dash trims and interior stitching.