The M2 was unveiled in Need for Speed in November 2015, before later premiering at the North American International Auto Show in January 2016.

[5] The M2 features forged connecting rods & cast aluminum pistons with reinforced wrist (gudgeon pins), and has lighter aluminium front and rear suspension components resulting in a 5 kg (11 lb) weight reduction.

Additional equipment includes xenon headlights, LED door projectors, a rear spoiler lip, and black-finished kidney grilles, side gills, and mirror caps.

Factory 19-inch Style 437M wheels wear staggered-width Michelin Pilot Super Sport tires.

Manually-adjustable front sport seats are equipped as part of weight savings, along with single-zone automatic climate control, and removal of the smoker's package and Comfort Access proximity key.

The BMW M2 Competition was introduced at the 2018 Beijing Auto Show and replaced the standard M2 Coupé as a more powerful variant.

The decision to use the S55 engine was a result of Europe adopting the Worldwide Harmonised Light Vehicles Test Procedure as the official procedure to measure vehicle pollutants, which meant that the standard M2's N55 engine was no longer conformed to European emission standards.

[20] The M2 Competition has the standard carbon-fibre reinforced plastic strut bar found in all S55 engine equipped models, to lighten and stiffen the car, enlarged kidney grilles, and optional larger brake discs of 400 mm (15.7 in) in the front axle with 6-piston calipers and 380 mm (15.0 in) in the rear axle with 4-piston calipers.

The wheel hubs and control arms are made from forged aluminium, with a carbon-fibre transmission tunnel as an additional weight-saving measure.

The active exhaust system is new as well, and unique wheel designs in high-gloss jet black or matte gold finishes differentiate it from other M2 models; Michelin Cup 2 tires are also available.

The central armrest and rear air vents, which are standard on the M2 and M2 Competition, have been removed for weight reduction.

Minor interior updates include a flat-bottomed leather-wrapped steering wheel with a red center stripe along with an alcantara-wrapped option.

[40] The M235i Racing is a track version of the 2 Series developed by the BMW Motorsport division and was produced from 2014 to 2018.

[49] The front and rear spoilers, diffuser, and wing mirrors are from the BMW M Performance Parts catalog.

[50] The car was used in the BMW M235i Racing Cup which was part of the VLN Endurance Championship at the Nürburgring.

The BMW M240i Racing features revised spoiler end plates, updated engine software, and an optional newly-designed driver's seat.

The M240i Racing has an increased power output of 340 hp (254 kW), and produces an additional 10 N⋅m (7 lb⋅ft) at 460 N⋅m (339 lb⋅ft), from the same 3-liter twin-turbo inline-6 from its predecessor.

[55] The BMW 2002 Hommage Turbomeister Concept was introduced in August 2016 at Pebble Beach Concours d'Elegance.