This BMW 1602 was built by Oskar Kronlid in Sweden to race. Under the fiberglass hood sits a turbocharged M20B25 inline-six making 593 hp and 564 lb-ft of torque on 1.5 bar (21.7 psi) of boost. The motor features JE pistons, Z45 turbo camshaft, 1 mm larger valves and upgraded springs, HD rocker arms, PPF manifold, Bosch 1200 cc injectors, and Precision 6262 turbocharger. A BMW 525TDS transmission with a Sachs pressure plate and 4-puck clutch sends power through a Svea driveshaft to a BMW M535 differential. The car rides on adjustable coilovers, Ireland front and rear anti-roll bars, Wilwood four-piston front brakes, BMW M535 rear brakes, and Dotz Roadster 17-inch wheels. You can view more photos and details in the build thread.
Source: BMW 2002 FAQ (build thread) and Blocket.se via Calle