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This Z29 car is a pure prototype car designed & built by BMW Technik GmbH - a part of BMW AG R6D department. It was built for research purposes only. Mind that "Zxx" labeled cars are prototypes from Technik GmbH.
The body frame of Z29 is built from aluminium & carbon fibre - that saved about 1,000kg compared to alu-steel frame. The whole Z29 weights only 1,160kg - including S54 engine.
BMW AG are determined to develop and use revolutionary lightweight technologies in car constructions. And carbon fibre is a lightweight material of the future. BMW are using carbon fibre construction know-how from its F1 & sailing teams (BMW Oracle).
Right now the usage of CF body frame is not yet production ready - since the behaviour of the structure in the crash impacts is not fully researched as yet. Also the structure deformations are hard to find, and of course very expensive to repair. But BMW engineers are working hard to resolve these problems.
We can expect the alu-CF body frame in production car in a few years. And Z8 successor is a perfect contender for this kind of lightweight solution.