BMW was founded on March 7, 1916. BMW's predecessor was an aircraft factory. It was originally known as a streamlined two-wing reconnaissance aircraft. The name of the predecessor company was BFW. The founder of the company was Gustan Otto. . On July 20, 1917, BFW began restructuring, officially known as BMW. In 1923, BMW developed the first motorcycle engine. At the end of 1923, they produced motorcycles in Munich, and the BMW R32 motorcycle was first sold in the market. BMW made a full-page advertisement in the morning newspaper on July 9, 1929, announcing its entry into the automobile manufacturing industry. The legend of BMW's first series of production cars was born.