It was founded in 1931 by Ferdinand Porsche, an Austro-Hungarian engineer born in Maffersdorf, Austria-Hungary.Porsche is also known for designing the first Volkswagen, but Béla Barényi is credited with having conceived the basic design five years earlier.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.In August 2009, Porsche SE and Volkswagen Group (Volkswagen AG) reached an agreement that Volkswagen AG and Porsche AG would merge in 2011, to form an “Integrated Automotive Group.In a May 2006 survey, Porsche was awarded the title of the most prestigious automobile brand by Luxury Institute, New York; it questioned more than 500 households with a gross annual income of at least US $200,000 and a net worth of at least US $720,000.The current Porsche model range includes sports cars from the Boxster roadster to their most famous product, the 911. The Cayman is a hard top car similar to the Boxster in a slightly higher price range. The Cayenne is Porsche’s mid-size luxury sport utility vehicle (SUV). The limited run Carrera GT ceased production in May 2006. A high performance luxury saloon/sedan, the Panamera, was launched on Monday, 20 April 2009, but is due to be released worldwide in September and October. Recently, a spider version of the Boxster was announced, and will be available after it is unveiled at the 2009 Los Angeles Auto Show.