No your wrong. (Unless you allready heard).
http://www.topgear.com/content/news/stories/1518/
Modern Gentleman
how un-pc :p
heard this news this morning, my opinion of nanjing has dropped significantly. Although MG hasnt really stood for Morris garages, since well, they stopped modding morris
edit: just spoke to some people and apparently this is just for china. and is because they dont have an alphabet so words with similar phonetic sounds are used. BMW is known as Precious House in china apparently.
It stands for Mostly Gone doesnt it?