BMW has unveiled its latest concept car, the BMW M1 Hommage Concept at the 2008 Concorso d’Eleganza at Villa d’Este, in honour of the BMW M1‘s 30th anniversary.

The M1 Hommage Concept carries many of the styling cues of the old BMW M1 in the form of a modern interpretation, such as the rear windscreen louvers, the double BMW badges on the rear of the car, and even a wheel design that is a variation of the one used on the original BMW M1. The very slim headlamps still manage to feature some form of the BMW angel eyes.

This design study could hint at a possible revival of BMW’s only mid-engined car, perhaps powered by a variation of their venerable V10 engine, light pressure turbocharged to boost power output over the 600 horsepower regions.

Continue reading for more photos and a video of the BMW M1 Hommage concept.

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VIDEO: BMW M1 Hommage Concept