Bayerische Motoren Werke AG (German pronunciation: [baˈjʁɪʃə mɔˈtɔʁen̩ ˈvɛɐ̯kə] ( listen); German for Bavarian Motor Works), usually known under its abbreviation BMW (German pronunciation: [ˈbeˈemˈve] ( listen)), is a German luxury vehicles, motorcycle, and engine manufacturing company founded in 1916. Headquartered in Munich, Bavaria, Germany, it also owns and produces Mini cars and serves as the parent company of Rolls-Royce Motor Cars. BMW produces motorcycles under BMW Motorrad, and plug-in electric cars under the BMW i sub-brand. It is one of the best-selling luxury automakers in the world.[3] The company is a component of the Euro Stoxx 50 stock market index.[