Mercedes-AMG GmbH, commonly known as AMG, is the high-performance subsidiary of Mercedes-Benz AG. AMG independently hires engineers and contracts with manufacturers to customize Mercedes-Benz AMG vehicles. The company has its headquarters in Affalterbach, Baden-Württemberg, Germany. AMG was originally an independent engineering firm specializing in performance improvements for Mercedes-Benz vehicles. DaimlerChrysler AG took a controlling interest in 1999, then became the sole owner of AMG in 2005. Mercedes-AMG GmbH is now a wholly owned subsidiary of Mercedes-Benz AG, which is in turn owned by the Mercedes-Benz Group. AMG models typically have more aggressive looks, better performance, better handling, better stability and more carbon fibre than their regular Mercedes-Benz counterparts. AMG models are typically the most expensive and highest-performing variant of each Mercedes-Benz class. AMG variants are usually badged with two numerals, as opposed to regular Mercedes-Benz vehicles, which have three (e.g. "E 63" as opposed to "E 350"). The numerals do not always indicate engine size, but are rather a tribute to earlier heritage cars, such as the 300 SEL 6.3 litre. For example, newer-model AMG V8s such as the E 63 actually have 4.0L V8s. The world's first stand-alone Mercedes-AMG dealership, AMG Sydney, was opened in Sydney, Australia in 2018. History AMG was founded as a racing engine forge in 1967 under the name AMG Motorenbau und Entwicklungsgesellschaft mbH (German for 'AMG Engine Production and Development Limited') by former Mercedes-Benz engineers Hans Werner Aufrecht and Erhard Melcher in Burgstall an der Murr, near Stuttgart. The initialism 'AMG' stands for Aufrecht, Melcher and Großaspach (Aufrecht's birth town). In 1976, most of AMG moved to Affalterbach, with the racing-engine development remaining at the old location in Burgstall. At this time, Erhard Melcher ceased to be a partner, but he continued to be an employee at the Burgstall location. In 1993, with AMG having become a high-profile purveyor of modified Mercedes-Benz cars, Daimler-Benz AG and AMG signed a contract of cooperation, allowing AMG to leverage Daimler-Benz's extensive dealer network and leading to commonly developed vehicles (the first one being the Mercedes-Benz C36 AMG, in 1993). On 1 January 1999, DaimlerChrysler AG (as it was called between 1998 and 2007) acquired 51 percent of AMG shares, and AMG was renamed to Mercedes-AMG GmbH. Racing engine development was divested and continues to exist in Burgstall under the name HWA (Aufrecht's initials). On 1 January 2005, Aufrecht sold his remaining shares to DaimlerChrysler, and since then,