The July issue of CAR magazine features an exclusive interview with BMW board member Herbert Diess in which the exec reveals that the M1 Hommage concept is destined for production. Diess says, “We have the know-how, we have the right engine, we even have the infrastructure to build such a car,” but CAR doesn’t divulge too many secrets online (they are, after all, in the business of selling dead trees). The Brit pub gives up a few teasers about the mid-engine supercar, namely that it won’t be called the M1, BMW’s plan to fit “heron-wing” doors and a powertrain line-up that will include three engine choices. On that last bit, we’d suspect that the twin-turbo’d 3.0-liter engine would be a suitable entry-level mill, followed by the M3’s V8 and the M5/M6’s V10, with the latter benefiting from a duo of turbochargers. It’s all speculation at this point, so we’ll have to wait for the July issue to hit UK newsstands tomorrow, with sales in the U.S. beginning later this week.

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According to FreshTarmac.com, this photo was taken in a hangar in Spain. It shows a sleek two-door, probably mid-engined coupe with attributes of the new M3 incorporated into its design, especially the front fenders and hood. With BMW introducing the M1 Hommage Concept at the Concorso d’Eleganza at Villa d’Este last week, we hope this means that is already considering a production version.

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Rumours of a new BMW supercar have been reignited after the German car maker revealed a concept car to mark the 30th anniversary of its first and only mid-engined car, the M1.

BMW used last weekend’s Concorso d’Eleganza Villa d’Este exhibition in Italy to unveil the M1 Homage, a modern interpretation of the supercar it launched in 1978 for racing homologation purposes.

The company describes the M1 Homage as a design study only that pays tribute to its first ever M car, although it also adds to speculation that BMW is planning a V10-powered rival for the likes of the Audi R8.

“For BMW, heritage is always also a living heritage,” says the BMW Group’s board member, development, Dr Klaus Draeger. “Drawing inspiration from your own past and thereby reinventing yourself – that is exactly what the BMW M1 Homage demonstrates in impressive style.”

BMW’s current (and controversial) ‘flame surfacing’ design language dominates the concept car’s sheetmetal, though the M1 Homage features obvious styling cues from the original supercar that was designed by Giugiaro’s Ital Design and based heavily on the 1972 ‘gullwinged’ BMW Turbo concept.

The squinting front end, louvred rear windscreen, salad-spinner wheels, and twin BMW roundels on the rear flanks are all classic M1 cues.

BMW says the M1 Homage also mimics the original’s pop-up headlights with recessed lamps that are visible only when they are switched on.

The concept’s Liquid Orange metallic paintwork is also a nod to the classic M1 colour.

The M1 Homage’s dimensions are similar to the 4.3m-long original, although BMW says a longer wheelbase creates more cabin space.

BMW hasn’t revealed the concept’s engine details, but says cooling is provided by a number of small flaps and openings integrated into the bodywork – including the signature twin kidney grille at the front.

The M1 was powered by a 207kW 3.5-litre inline six-cylinder that propelled the 1300kg supercar to a top speed approaching 260km/h.

Only 450 M1s were ever built, for the purpose of homologating the supercar for BMW’s racing ambitions.

Rules for the Group 5 Silhouette formula in which the M1 intended to race stipulated that 400 production versions had to be built over two years.

When BMW launched the M1 in 1978, however, the rules had changed to 400 having to be sold to the public before a car could be sanctioned for racing. As a result, the M1’s homologation wasn’t completed until 1981 – the last year it was officially sold.

Lamborghini was initially involved in developing and building the M1 before the Italian supercar maker ran into financial difficulties and BMW regained full control of the project.

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