I didn't really feel qualified to comment on 50's logos being a child of the 70's...
But (there's always a but!)
I kinda like the idea that although it is a BMW it is/will be difficult for people to guess. The badge with the prominent BMW logo takes away some of the mystery.
So I'd have looked at something like this (apologies for the poor quality) where the focus is on the tribute to Italy and a nod to BMW.
Capture by
couerdelion2013, on Flickr