BMW is set to launch three new Z cars with one for each year starting from 2009. The first model to be released will be the redesigned Z4 coupe that will be positioned more upmarket. Differences to the current car will be the roomier and more luxurious cabin combined with a less controversial body design. A report from Automobile Magazine goes even further with news of a Z8 replacement debuting in 2010. Read our previous report on the Z8 for more details.

The final Z car will be a new Z2 scheduled for release in 2011. After seeing a sales decline for its Z4, BMW is desperate for a low priced roadster similar in spirit to the original Z3, which enjoyed consistent sales throughout its life. The new Z2 will be smaller and a lot more sporty than the Z3, sharing much in common with the Z4 and will be positioned against the likes of Mazda’s MX-5. The picture above is a rendering of what the Z2 might look like by German magazine Autobild.

For the estimated starting price of $29,000, the new Z2 will receive a unique interior and drivetrain. The only body style will be a canvas soft-top but there will be four engine options ranging from a 150hp 1.8i to a top of the line M-car with 300hp on tap. All cars will use a 2.0L four-cylinder. Other BMW goodies will be active steering, a new paddle-shift dual-clutch transmission and sports suspension sitting on 17 or 18in wheels. Curb weight is estimated to be 2139lbs, undercutting the already lithe MX-5. Though a decision on the car is expected to be finalized next year, we hope interest may spur on light-weight cars from other makers such as Audi and its KTM concept.