The high-performance drop-top follows in the footsteps of the new M3 Coupe and M3 Sedan. Like its solid-roof counterparts, the Convertible is powered by a 4.0 liter V8 producing 420 horsepower and 295 pound-feet of torque. The drop-top's main competitors are the Audi RS4 Convertible and the Mercedes CLK 63 AMG.

BMW is also using the convertible to debut its seven-speed M DCT dual-clutch transmission. The seven-speed system promises shifting as smooth as a conventional automatic and faster than a manual gearbox or SMG transmission. Of course, customers can still opt for a regular six-speed manual.

Apart from the body structure, only the doors, the retractable hardtop, the luggage compartment lid, the windows and the rear lights come from the standard open-air version of the BMW 3-Series. The range of brand-new body components, therefore, is virtually the same as in the M3 Coupe.