The 2022 Goodwood Festival of Speed will celebrate 50 years of the BMW Motorsport division, and the festivities will include the debut of a new M model. There will also be a sculpture paying homage to the vehicles in the brand's past. This year's Festival of Speed will run from Thursday, June 23, through Sunday, 26 June.

"For our 50th anniversary, we couldn't imagine a better place to celebrate our products with fans of the brand. I am particularly looking forward to unveiling a certain vehicle to the world’s public for the first time – a vehicle we have been waiting a long time for," BMW M division CEO Frank van Meel said.

Gallery: BMW M At Goodwood Festival of Speed

There are a few possibilities for the M model BMW plans to unveil at the Goodwood Festival of Speed. It could be the new M2. According to an earlier teaser, it begins production at the automaker's San Luis Potosí in Mexico at the end of 2022

The M2 reportedly uses a variant of the S58 3.0-litre inline-six twin-turbocharged engine from the M4. There's a possibility of it being available with a six-speed manual. Spy shots show the vehicle testing with quad centre-exit exhaust outlets.

The BMW M3 Touring is another possibility for the new M model debut. A recent rumour even suggests that it might debut in June, which is the same month as this year's Festival of Speed.

The M3 Touring takes the existing sedan and adds an extended roof for folks to carry more gear. This more family-friendly M3 reportedly shares the four-door's 3.0-litre twin-turbocharged inline-six that makes 503 bhp (375 kW) and 479 lb-ft (650 Nm) of torque. The drivetrain is allegedly an eight-speed automatic with all-wheel drive. Rear-wheel drive and a manual gearbox are not expected.

A longshot option is that the unveiling could be a dedicated M car. A rumour from late 2021 suggested BMW was preparing something special for the M division's 50th anniversary. The vehicle was allegedly going to be available in very limited numbers. There haven't been any other details about this model since the initial rumour, though.