W221 S500 and S550

The German version of 5,5-litre V8 motor is called S500, SL500, and GL500 whilst the American version is S550, SL550, and GL550.
What is the reason for retaining 500 designation for new motor? Does
that have to do with Ferrari 550 Maranello (superseded by 575 Maranello)?
Oliver
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