http://www.bmwblog.com/2011/01/21/rendering-bmw-z2-comes-back-to-focus/
The BMW Z2 Roadster will launch in the second half of 2012 and a Coupe variant will follow as well. BMW Z2 is based on next generation 1 Series platform and it is build under the Project i umbrella and the BMW's Efficient Dynamics program.
It uses a high strength steel body, while the door skins and aluminum front bonnet, front wings and boot lid are made of composite materials. Propshaft and engine block are manufactured from magnesium. Target weight for both Coupe and Roadster is 2,200 lbs (1000 kg). The Z2 will feature front movable front spoiler to provide extra down force, opening and closing intakes and grille slats provide cooling for the engine or battery. The roof of the BMW Z2 will retain the conventional easy folding soft-top.
The latest rumors around these new models mention that the cars are being design by BMW Designworks studio in California.
The latest rendering from Carmagazine UK shows a stylish Z2 Roadster with the upside-down kidney grille rumored to appear on future BMWs. As we advanced well into the year, we expect to learn more about the production details of the new Z2.