There's a number of rumours floating around as to what the car is all about and if production is likely, but according to one report, and probably the best bet, the BMW ute is a one-off car created by BMW for the BMW ZTechnik motorcycle department.
The car will be used as a general company runaround and will not go into mainstream production. It still features the same running gear as the normal BMW M3, with its 4.0-litre V8 outputting 309kW of power.
As for the camouflaging, according to the latest source, it's just a part of company routines to add camouflaging to any BMW-produced test car.
It looks kind of cool and funny at the same time. Must be a ball of fun on the track with no weight over the rear wheels.