No, but it's not a limited run like the 1M was. It's being manufactured alongside other models in the Leipzig plant. Demand though has been strong and I think you'll be extremely lucky to get an M2 in 2016 if you haven't had a deposit down for a while.
The problem I see is that I can't see why you choose an M2 over an M3/M4 right now since there's zero chance of getting any discount on an M2 and fairly hefty discounts available on the M3/M4, making them almost the same price.
The only "pull" I can think of is exclusivity or those who desperately want a smaller M-car.