Porsche is a German automotive manufacturer of luxury high performance automobiles, which is majority-owned by the Piëch and Porsche families. Dr. Ing. h.c. F. Porsche AG (which stands for Doktor Ingenieur honoris causa Ferdinand Porsche Aktiengesellschaft), often shortened to Porsche AG, is responsible and manufacturer of the Porsche automobile line.[clarification needed] The company is headquartered in Zuffenhausen, a city district of Stuttgart, Baden-Württemberg.It was founded in 1931 by Ferdinand Porsche, an Austro-Hungarian engineer born in Maffersdorf, Austria-Hungary (today Vratislavice, Czech Republic). Porsche is also known for designing the first Volkswagen, but Béla Barényi is credited with having conceived the basic design five years earlier.[2] The company currently produces 911 (997), Boxster and Cayman sports cars and Cayenne sport utility vehicles. The latest model line, the four-door Panamera saloon (sedan), was launched on Monday, 20 April 2009.