The Kwaishinsha Motorcar Company was set up in 1914, but by 1925 it had been renamed the DAT Motorcar Company. In 1932 the company launched a new small car, very much like the Austin Seven but with a smaller engine. It was also in this year that the company was renamed Datson (son of DAT and later adjusted to DATsun), then in 1934 the company became known as the Nissan Motor Company. Despite this, the name Datsun would continue to be used until 1984 in some markets. Nissan signed an agreement with Austin in 1952, to build cars under licence, and in 1960 Nissan sold its first car in Europe, the year after the company had opened its first overseas factory. This was in Taiwan, while a Mexican factory opened in 1961. By 1976 Nissan was manufacturing in Australia and ten years later a UK plant was opened, in Sunderland. In 1999, Renault bought a 37 per cent stake in Nissan, which it increased to a 44.4 per cent stake in 2002.