Škoda is one of the oldest car manufacturers in the world, founded in 1895 in Mladá Boleslav, Bohemia — now the Czech Republic — by Václav Laurin and Václav Klement. Starting as a bicycle and then motorcycle manufacturer, the company produced its first car in 1905. Volkswagen Group acquired Škoda in 1991 after the fall of Communism, transforming it from a socialist-era budget brand into a credible mainstream alternative to VW. Škoda's arrow logo symbolises forward motion and the brand's relentless improvement over 130 years.