In parallel to the new 502 flagship model launched with a V8 engine and luxurious interior in 1954, BMW offered a more simply equipped version generating 95 hp from spring 1955 - the type BMW 501 eight-cylinder. The new lightweight alloy V8 engine powered the heavy sedan to deliver respectable performances. Customers made a saving of around DM 4,500 with this model. This price advantage was achieved with a significantly reduced level of standard equipment and the omission of highly prestigious chrome elements.