Since the next-generation BMW 2 Series broke cover back in the summer, we've been eagerly waiting for the new M2 to arrive. Considering that the BMW M2 is one of the most beloved rear-wheel-drive sports cars currently on sale, the new model has some big shoes to fill. Spy shots have already shown that the development of the new M2 is well underway.

As BMW continues to refine the sports sedan before production begins, our spies have spotted another M2 prototype lapping the Nurburgring, but this time it's the performance-focused Competition variant.

There are several unique styling cues that reveal this is no ordinary M2. Compared to the regular model, the M2 Competition has slightly bigger quad exhaust tips and rides on larger wheels. We don't get a clear look at the interior, but we can see the prototype is also fitted with carbon bucket seats that are only available in the Competition version.

The prototype is still heavily camouflaged, but leaked photos have shown the new M2 will feature a redesigned bumper to set it apart from the regular 2 Series. Mercifully, it won't borrow its M3 sibling's massive grille.

Like the current car, the new M2 will be powered by a detuned version of the M3 and M4's 3.0-liter six-cylinder twin-turbo. With 405 horsepower and 406 lb-ft being sent to the rear wheels, the current M2 is no slouch, but the new M2 Competition is rumored to get a massive power boost up to around 490 hp. A six-speed manual or a seven-speed dual-clutch automatic transmission will be available.

While the 2021 M2 is only available in Competition spec, the regular M2 will return for a new generation, but it's going to be a long wait. According to reports, the new M2 will enter production in December 2022 and go on sale in 2023.