Both coupé and convertible body types were produced for the E46 3 Series M3 model. With either the manual or SMG-II gearbox, the S54 straight-six engine in the E46 M3 accelerates the coupé from zero to one hundred kilometers per hour (62 mph) in 5.1 seconds. The coupé and convertible both achieved 0.81 g on the skidpad when cornering. Electronic limits set the top speed at 250 km/h (155 mph). The kerb weight is 3,461 lbs, or 1,570 kg.

Both the Getrag 420G 6-speed manual transmission and the SMG-II 6-speed automated manual transmission were choices for the available transmissions. An electrohydraulically actuated clutch was employed by the SMG-II.

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