It's quite simple: The Z4 went through the normal changeover/facelift many models go through cyclically every 4-6 years. Is is NOT a new design concept model and vehicle targeting another sector of the market. It is an update of the current model which has not gone through any major changes since it's debut . The Z4 was designed to be a completely new model from the Z3 so hence the difference in name though the Z3 was undoubtedly it's predecessor. Rumors of a Z2 abounds and of course the lesser designation clearly hints at a lesser NEW vehicle (less $$) targeting another market (less $$).
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