Is the new 2 series 'm-lite' and M2 based on the hideous thing, that basically looks like a 1 series from the front, but with the ugliest rear end on any car on sale today?
No. It's a different platform that needs to support I6 engines and be rear wheel drive/biased. The new 2 series coupe will be out in 2022.
The M235i gran coupe which you might have seen isnt the replacement for the previous m235i/m240i.