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> Also, is it possible to buy a european M3 with 321HP in the 
> states ? 

No.
Well, you could hunt for one of the 45 386hp 3.0 liter Canadian cars, but
those are very hard to come by. There were no 3.2L (evo) euro-M3 officially
imported into the US.

> And what's the reason for the US M3 to be different from the european?

The price.
BMW NA sold all of 45 euro-E36M3's in Canada in '94. 
The numbers went up into hundreds in Canada and thousands for the US, when
the price dropped from $50+K to $40K for the US M3.
Now that BMW has figured out how to automate Motorsport engine production
the E46 M3 will be virtually the same world wide. Still, it is set to be
priced noticeably lower in the US compared to German.
The major difference between the two e36s is the engine: North America cars
got an enlarged regular 3-series engine while the euro M3s got the one
throttle body/cylinder partially hand assembled engine. 

> Thanks, and best regards (from rainy Denmark)
> Thomas Petersen
> '92 318isCoupe - Supercharged to 205HP (Paying the same as 
> you guys are for an M3 :-( )

alex
'95 3.0 liter M3 240hp/225 ft/lbs torque. 7000 rpm red line.
Can be raised to about 270/250 hp/torque with roughly $1K in parts, but
that's the ceiling for non-blown US engine.

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