The BMW 501 was a luxury saloon car manufactured by BMW from 1952 to 1958. Introduced at the first Frankfurt Motor Show in 1951, the 501 was the first motor car to be manufactured and sold by BMW after the Second World War. The 501 and its derivatives, including the V8 powered BMW 502, were nicknamed “Baroque Angels” by the German public. The BMW 502 was the first postwar German car to be manufactured with a V8 engine.
While the 501 and 502 model numbers were discontinued in 1958, variations of the model, with the same platform and body, were continued until 1963.
Source: Wikipedia, 2011