Bayerische Motoren Werke (German for Bavarian Motor Works), usually known under its abbreviation BMW is a German luxury vehicle, motorcycle, and engine manufacturing company headquartered in Munich, Bavaria, Germany founded in 1916. It is one of the best-selling luxury automakers in the world. The company is a component of the Euro Stoxx 50 stock market index. Headquartered in Munich, Bavaria, BMW owns Mini cars and is the parent company of Rolls-Royce Motor Cars. BMW produces motorcars under the BMW Motorsport division and motorcycles under BMW Motorrad.