What you are looking at here is a “homage to all of the great M cars”. Developed by British firm Mulgari, the Icon03 is a BMW M240i-based sportscar, featuring elements of the Bavarian automaker’s best performance models, past and present. 

This modified M240i now feature a dimpled carbon-fibre roof (similar to the item found on the E46-generarion BMW M3 CSL), replete with an added aero channel; and the extended front wings, which were adopted from the E30 M3. This lends the Icon03 a more imposing stance, while the mounting winglets are a nod to the 3.0 CSL “Batmobile”. A revised front splitter, which extends across the bumper, provides increased downforce.

During the development of the Icon03, the mechanical aspects on which the firm concentrated most were the drivetrain and chassis technologies, while also making sure to shed unnecessary weight. Indeed, the firm said it did not focus on the "outright performance of the engine".

According to Mulgari, “500 hp (373 kW) is where the true drivers car lies”, with the most important aspect not the amount of power but rather the amount that can be used. For the record, the standard 3,0-litre twin-turbo straight-six produces 240 kW. The B58 engine has been tuned to deliver 590 N.m of torque (up from the standard 500 N.m).

The Icon03 is a purist’s car, the company says, providing drivers with a “raw driving experience” and “oneness with the machine”.

The interior has been equipped with Recaro seats, an in-house designed flat-bottomed steering wheel and extended carbon-fibre paddle-shifters.