Good description giving the answer to "Why is their a Euro and US version of the E36 M3??"
How did the U.S.-spec version of the E36 M3 come about?
When the E36 M3 made its European debut in 1992 there were no plans to produce a North American version. Sales of the previous M3, the E30 of 1988-91, had amounted to just under 5,000 units and BMW’s only other North American-spec M car at the time, the E34 M5, was not selling in large enough quantities to justify the addition of another M model in the American market. However, a letter-writing campaign initiated by the BMW Car Club of America sparked such an overwhelming response by the enthusiast BMW community that BMW of North America decided to reconsider. The main issue was price: BMW NA was determined to keep the MSRP down to around $35,000, about the same as the last of the E30 M3s. The only way to meet this price point was to develop a specific version of the S50 engine without the costly individual throttle bodies and continuously variable VANOS valve timing system of the European-spec motor. Just such a car entered production in February, 1994 (as a 1995 model) and went on to be produced in almost equal numbers to the European version despite a production run of only half as many years. (Note: This model was not available in Canada see question below)
How did the U.S.-spec version of the E36 M3 come about?
When the E36 M3 made its European debut in 1992 there were no plans to produce a North American version. Sales of the previous M3, the E30 of 1988-91, had amounted to just under 5,000 units and BMW’s only other North American-spec M car at the time, the E34 M5, was not selling in large enough quantities to justify the addition of another M model in the American market. However, a letter-writing campaign initiated by the BMW Car Club of America sparked such an overwhelming response by the enthusiast BMW community that BMW of North America decided to reconsider. The main issue was price: BMW NA was determined to keep the MSRP down to around $35,000, about the same as the last of the E30 M3s. The only way to meet this price point was to develop a specific version of the S50 engine without the costly individual throttle bodies and continuously variable VANOS valve timing system of the European-spec motor. Just such a car entered production in February, 1994 (as a 1995 model) and went on to be produced in almost equal numbers to the European version despite a production run of only half as many years. (Note: This model was not available in Canada see question below)
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