Volkswagen Group (pronounced[ˈfɔlksˌvaːgən gʁuːp]), or Volkswagen Aktiengesellschaft (pronounced[ˈfɔlksˌvaːgən ˈʔakt͡si̯əngəˌzɛlʃaft]), shortly VW AG, and its subsidiaries, 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 2012, it produced the second-largest number of motor vehicles of any company in the world, behind Toyota and ahead of General Motors. It has maintained the largest market share in Europe for over two decades. As of 2013, it ranked ninth in the Fortune Global 500 list of the world's largest companies. In 2014, it reached production output of 10.14 million vehicles.