The factory was founded in 1967 by the former Van Doorne's Automobiel Fabriek (DAF), and continued after the takeover of its parent by Volvo in 1972–75. When financial difficulties threatened to close it down in the early 1990s the government stepped in to ensure its survival. A joint venture between the Dutch State, Volvo and Mitsubishi Motors began in August 1991, although it was 1996 before the name was officially changed from Volvo Car B.V. to Netherlands Car B.V. On February 15, 1999 the Dutch government sold its shares to its two partners, which then owned 50 percent each. Later, on March 30, 2001, Volvo sold its shares to Mitsubishi, which now owns 100 percent. The last Volvo automobiles were built in 2004.