AUDI Aktiengesellschaft and its subsidiaries design, engineer, manufacture and distribute automobiles and motorcycles under the Audi, Ducati and Lamborghini brands. Audi oversees worldwide operations from its headquarters in Ingolstadt, Bavaria, Germany. Audi-branded vehicles are produced in seven production facilities worldwide; Ducati and Lamborghini each have one production facility located in Italy. AUDI AG has been a majority owned (99.55%) subsidiary of Volkswagen AG since 1966, following a phased purchase of AUDI AG's predecessor, Auto Union, from Daimler-Benz. Volkswagen relaunched the Audi brand with the 1965 introduction of the Audi F103 series. The company name is based on the surname of the founder, August Horch. 'Horch', meaning 'listen', becomes 'Audi' when translated into Latin. The four rings of the Audi logo each represent one of four car companies that banded together to create the company.