Dr.-Ing. h.c. F. Porsche AG, usually shortened to Porsche AG (German pronunciation: [ˈpɔʁʃə] (About this sound listen)), is a German automobile manufacturer specializing in high-performance sports cars, SUVs and sedans. Porsche AG is headquartered in Stuttgart and is owned by Volkswagen AG, which is itself majority-owned by Porsche Automobil Holding SE. Porsche's current lineup includes the 718 Boxster/Cayman, 911, Panamera, Macan, and Cayenne. Ferdinand Porsche founded the company called "Dr. Ing. h. c. F. Porsche GmbH" in 1931, with main offices at Kronenstraße 24 in the centre of Stuttgart. Initially, the company offered motor vehicle development work and consulting, but did not build any cars under its own name. One of the first assignments the new company received was from the German government to design a car for the people, that is a "Volkswagen".This resulted in the Volkswagen Beetle, one of the most successful car designs of all time. The Porsche 64 was developed in 1939 using many components from the Beetle.