The 2002 Turbo was introduced at the 1973 Frankfurt Auto Show. Production stopped in July 1975. Between July 1973 and July 1975, only 1,672 models were built. Only 18 were sold  in Holland and only 1 in the USA.

The distinguishing feature of the Turbo was the Kuhnle, Kopp & Kausch turbocharger. It was mounted low on the right front of the engine and air was fed to it through a tube. The holes in the front spoiler are for cooling. The large center opening is for the oil cooler, while the smaller one to the right is used for the tube that feeds cool air directly onto the turbo itself.

The 2002 Turbo can do 0-60 in 6.9 seconds with a top speed of 130 mph. The turbocharger kicks in at about 3500-4000 rpm. The 2002 Turbo produced 170 hp at 5800 rpm.

The Turbo had heavy-duty clutch, a 40% limited slip differential, and 10" vented rotors for the front brakes. A Getrag close ratio 5-speed gearbox was optional. Heavy-duty shocks were fitted, along with standard 13-inch two-tone steel wheels, the same as 320i wheels. 6" wide "turbo style" alloys were optional. 

A red plastic panel highlights the instrument cluster, which contains a clock and a boost gauge. There is no oil pressure or oil temperature gauge. The boost gauge has a white zone (no boost), a green zone (the boost is On), and a red zone (too much boost). Black sport seats and a sport steering wheel were standard. Most 2002 options were either standard or available, including cloth seats and a sunroof. Air-conditioning was not an option because there was no room for the condenser.

The exhaust pipe from the turbo to the center muffler is 2 l/2" in diameter, and the center muffler and rear muffler are fed by 2" pipes. At VIN 4291212 the outlet for the rear muffler was changed to exit at the center. As one might expect, the exhaust system parts are expensive.

Most of the 2002 Turbos were made in two colours, 1049 cars are made in Chamonix white and 615 cars are made in Polaris silver.

Production figures for the 2002 turbo: