When Canon released the EOS M, they stated that it was just to get into the game. Their sales numbers (and in retrospect they were right) stated that most people still purchase a DSLR–and that still holds true as mirrorless cameras are really just for the more savvy amongst us. And for this reason, it has also taken lots of time for them to release another camera in the series. But according to Canon Rumors, there may be two new cameras on the horizon.
Rumors are stating that we may see an incremental upgrade to the current EOS M and a higher end model that will be able to take more accessories such as an EVF. While the higher end model will be the show stealer, the upgrade to the current M will be priced significantly lower than the original when it launched. As we know, the M was also subject to lots of rebates–and some places even now sell it for a really low price.
Slashgear states that we may see it in Q4 of this year, and that it may incorporate the Dual Pixel AF technology present in the Canon 70D–which would really only just make sense.