BMW
After the end of World War I in 1918, BMW was forced to cease aircraft engine production by the terms of the Versailles Armistice Treaty. To remain in business, BMW produced farm equipment, household items and railway brakes. In 1922, former major shareholder Camillo Castiglioni purchased the rights to the name BMW, which led to the company descended from Rapp Motorenwerke being renamed Süddeutsche Bremse AG (known today as Knorr-Bremse). Castiglioni was also an investor in another aircraft company, called "Bayerische Flugzeugwerke", which he renamed BMW.The disused factory of Bayerische Flugzeugwerke was re-opened to produce engines for buses, trucks, farm equipment and pumps, under the brand name BMW. BMW's corporate history considers the founding date of Bayerische Flugzeugwerke (7 March 1916) to be the birth of the company.
History of BMW
In 1954, the 501 was given an improved, more powerful version of its six-cylinder engine and split into two models, the 501A at basically the same trim level and a price reduction of DM1,000, and a decontented 501B at a further price reduction of DM1,000 below the 501A's price. In addition, the 502, basically a 501 with an even higher trim level and a 2.6 L aluminium V8 engine designed by Bőning and Fiedler, was introduced to lead BMW's luxury sedan range. The expanded line for 1954 doubled the sales of BMW's luxury cars.
Influenced by the public response to the introduction of Mercedes-Benz's 300SL and 190SL show cars at the International Motor Sports Auto Show in New York in February 1954, the management of BMW approved Grewenig's proposal to build a sports car based on the 502. Preliminary design sketches were seen by U.S. importer Max Hoffman, who suggested to industrial designer Albrecht von Goertz that he should submit design proposals to BMW's management as an alternative. Based on these proposals, BMW contracted the design of the sports car and a four-seat grand tourer to von Goertz in November 1954. The 507 roadster was introduced at the Waldorf-Astoria Hotel in New York in the summer of 1955, while the 503 four-seater was introduced in September of that year at the Frankfurt Motor Show.