Official
Audi is going to offer three different four-cylinder engines for the Q3, one TDI and two TFSI units, with horsepower numbers ranging from 140-hp to 211-hp. The two most powerful engines will be mated to a seven-speed automatic and Audi's quattro all-wheel-drive system. We have to wait to see which engines make it to our side of the world.
The Audi Q3 will be built in Martorell, Spain near Barcelona and will go on sale in June. The basic price in Germany for the basic version will be 29,900 euros.
No 408HP engine option

I guess they don't want it to be faster than the S4
On the up side:
The basic version, the Q3 2.0 TDI, is scheduled to appear a little later and - with 103 kW (140 hp) and front-wheel drive - will average less than 5.2 liters of fuel per 100 kilometers (45.23 US mpg).