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Nope - the sky and propeller was an attempt by internal PR in the 1920s to add meaning to a logo that came out of the Bavarian flag and a bit of re-use from the Rapp Motor Works logo (one of the companies that became BMW). BMW GmbH was incorporated on July 20, 1917, BTW. (Source, "The BMW Story: A Company in Its Time", Horst Monnich)
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