SEAT

SEAT, S.A. (English pronunciation: /ˈseɪ.æt/ "say-at"; Spanish: [ˈse.at]) is a Spanish automobile manufacturer founded in 1950 by the Instituto Nacional de Industria (INI), with initial Fiat assistance, and now a wholly owned subsidiary of the German Volkswagen Group. Its headquarters are at Martorell near Barcelona, Spain. Its production reached 408,318 cars in 2006.

SEAT is an acronym for Sociedad Española de Automóviles de Turismo, or in English Spanish Touring Car Company.

Initially, SEAT manufactured rebadged Fiat models which differed very little visually from the products of the Italian parent. The SEAT Panda (later restyled as SEAT Marbella) for example was based on the Fiat Panda. The SEAT 600, based on Fiat 600, was the first car for many Spanish families, and became a symbol of the Spanish Miracle.

By 1967 SEAT was Spain's largest auto-maker. In that year Fiat increased its holding in the company from 6% to 36%. At the same time the share held by the government holding agency was reduced from a controlling 51% to 32%. The remaining 32% was taken by six major banks. Although not a majority owner, Fiat now was seen to control the business: the deal also included various undertakings by Fiat to help in the growth of SEAT, and with the development of a new model (possibly the SEAT 133).[2]