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UPDATE 1: Full photo gallery has been added after the jump
UPDATE 2: US Press Release now added after the jump. US gets 328i and 335i. Six-speed auto with paddle shifting available as an option.

BMW has finally pulled the wraps off the new 3-series convertible. Sporting a new folding hardtop tha opens and closes in around 22 seconds - a first for a BMW -- the open-air 3 also boasts innovative new SunReflective leather. The optional hide contains special pigments that will keep the treated areas 20 degrees cooler when exposed to direct sunlight than regular untreated leather.

The hardtop itself, in addition to making the convertible a better year-round car, offers drivers 38% better outward visibility thanks to the larger windows it's able to accommodate. With the roof up, trunkspace comes in at a little over 12 cubic feet. It drops to 7.4 cubic feet when the roof is stowed, however. The car's rear seatbacks now flip down to expand available cargo space, and the stowed roof can be electronically moved to allow placement of long cargo like golf clubs (it's always golf clubs for these examples, isn't it) before it's lowered back into place.

At launch, two engines will be available for Europe. The 325i Convertible gets a 218-horsepower six underhood, while the 335i Convertible gets the 300 HP twin-turbocharged 3.0L six. Additional engines are in store for the Euro-model, including a diesel, which you can read about in the press release after the jump. In the US, buyers will be able to choose between the 230 horsepower 328i and the aforementioned 330i. A new six-speed automatic transmission with paddle shifting is also available.

If you want to see the car in person, head over to the Detroit Auto Show in January, as that's where it'll make its public debut. You'll be able to buy one in the Spring. We'll fill you in when we receive the specifics on the US model, and there are sure to be many, many more photos coming than the three we ran across on PaulTan.org where we first heard the news, so please stay tuned for updates.

(Press release, add'l photos after the jump)

[Source: BMW UK]