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Founded in 1931 in Germany, Porsche is owned by Volkswagen AG. The company is known for its high-performance vehicle line, primarily its sports cars. Porsche was created by Ferdinand Porsche initially as a way to offer consulting and development work for the motor vehicle industry. Porsche's team did not begin by building vehicles on its own, though it did assist in designing the prototype that would become the Volkswagen Beetle.
Porsche's first car under its own name was the 1948 Porsche 356. The vehicle was lightweight, featuring a rear-engine, rear-wheel drive, and two doors. Porsche manufactured a total of 76,000 356s, half at its factory in Austria and half once the general production moved to Germany in 1950. The original price for the 356 was $3,750, the equivalent of $42,163 in current value. Today, Porsche makes a variety of luxury vehicles, with its current model lineup including the Cayman GT4, Spyder, GT4 RS, 911 Carrera, 911 Targa, 911 Turbo, 911, GT3, GT3 RS, Taycan, and Panamera. Porsche sold 301,915 vehicles in the US in 2021, making that the highest sales year for them in recent years.
Porsche plans to be carbon neutral across its entire value chain by 2030 and hopes to have its manufacturing output converted to more than 80 percent pure electric vehicles by the same year. The company plans to continue its internal combustion engine vehicles like the 911 but will also focus on hybrid cars like its Panamera and Cayenne.