Volkswagen Group (pronounced [ˈfɔlksˌvaːgən gʁuːp]), or Volkswagen Aktiengesellschaft (pronounced [ˈfɔlksˌvaːgən ˈʔakt͡si̯əngəˌzɛlʃaft]), shortly VW AG, is a German multinational automotive manufacturing company headquartered in Wolfsburg, Lower Saxony, Germany. It designs, manufactures and distributes passenger and commercial vehicles, motorcycles, engines, and turbomachinery and offers related services including financing, leasing and fleet management. In 2016, it was the largest automaker in the world with sales 10.3 million units. It has maintained the largest market share in Europe for over two decades. It ranked seventh in the 2016 Fortune Global 500 list of the world's largest companies.