The G29 Z4 was introduced at the Pebble Beach Concours d’Elegance on August 23, 2018.

Designed by Australian born Calvin Luk, the car is based on the Z4 Concept unveiled a year earlier, and was developed alongside the fifth-generation Toyota Supra due to BMW’s partnership with Toyota. The design was inspired by the Z8. The G29 Z4 is based on the Toyota-BMW joint sports car architecture which also underpins the fifth-generation Supra and has a 50:50 weight distribution with weight savings of up to 50 kg (110 lb) as compared to its predecessor.
The soft-top convertible roof returned on the Z4 (G29) instead of a retractable hardtop of its predecessor. The roof can be raised or lowered in 10 seconds at speeds of up to 50 km/h (31 mph). The boot is 50% larger than that of its predecessor and has a capacity of 281 litres (9.9 cu ft). It uses a multi-link rear suspension.

The official launch of the G29 Z4 took place at the 2018 Paris Motor Show in October. The car was available for sale in March 2019.