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I don't think there will be a 1 Series M Coupe although I could be wrong.
The 135 or whatever they call it is supposed to be the highest trim 1 series. I doubt an M badge would show up on it, if anything it'll get an M-sport type badge. Where it's mostly an aero-package. M1 would allude to the supercar and you don't want the supercar M1 to be related to the lowest priced BMW. My opinion of course. Although I think I read somewhere that BMW was not planning an M version of the 1 series.