BMW (German: [ˈbeːˈʔɛmˈveː], originally an initialism for Bayerische Motoren Werke in German, or Bavarian Motor Works in English) is a German multinational company which currently produces luxury automobiles and motorcycles, and also produced aircraft engines until 1945. The company was founded in 1916 and has its headquarters in Munich, Bavaria. BMW produces motor vehicles in Germany, Brazil, China, India, South Africa, the United Kingdom, and the United States. In 2015, BMW was the world's twelfth largest producer of motor vehicles, with 2,279,503 vehicles produced. The Quandt family are long-term shareholders of the company, with the remaining stocks owned by public float. Automobiles are marketed under the brands BMW (with sub-brands BMW M for performance models and BMW i for plug-in electric cars), Mini and Rolls-Royce. Motorcycles are marketed under the brand BMW Motorrad. The company has significant motorsport history, especially in touring cars, Formula 1, sports cars and the Isle of Man TT.