The first teaser image of the upcoming BMW M1 has surfaced on 1addicts! The small image shows a beefy front bumper sculpted in latest M-style, with huge air inlets for engine and brake cooling. According to insiders, the M1 will be unveiled in a unique matte finish, after being tested with many different matte finishes (sepang bronze, white, etc.). Colors options will be plentiful, ranging from the current M colors to updates of past M colors, and even an Inka Orange color (from the 2002).

The M1 prototype test car has now been filmed on video. Scroll down to the link after the jump for the directly embedded video on CAR Magazine’s site.

Car Magazine has published pictures of the M1 undergoing cold weather testing in Scandinavia. While the guys at Car Magazine are assuming that this is a mule for the next gen 1-series coupe (F2x), its safe to say this actually is an M1 prototype. Why? The very same car was spotted around the BMW M headquarter in Garching (near Munich) before: http://www.1addicts.com/forums/showthread.php?t=311113

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Would naming the upcoming 1-series “M” model as an M1 be sacrilege or natural and appropriate? Cast your vote now.

Now that the BMW M1 has been confirmed, the natural next question would be: What’s on everyone’s M1 wishlist (performance, features, options)? Come share your list.

Autocar reports that the BMW M1 has been green lighted! Sales will begin mid-2011 and it will be powered by a turbocharged straight six motor estimated to produce around 350hp.

EVO Mag further confirms a high performance 1-series is coming, and a BMW supercar. The question is which will be called the new BMW M1.