in Malaysia. Inokom's shareholders include Sime Darby Motors (51%), Sime Darby Hyundai (5%), Hyundai Motor Company (15%) and Berjaya Auto (29%). Inokom was established in 1992 as one of two national commercial vehicle companies. In its early years of business, Inokom produced rebadged Renault and Hyundai commercial vehicles exclusively. The company's first product, the Inokom Permas debuted in 1998. The Permas is based on the first generation Renault Traffic and was produced in various configurations at Inokom's new plant in Kulim, Kedah. In 2000, Inokom launched its second product, the Lorimas, a license-built Hyundai Porter. In 2002, Inokom ventured into non-commercial vehicle production with the launch of the Hyundai-based Inokom Atos. In 2004, Sime Darby acquired a 51% stake in Inokom, and by the 2010s, all Hyundai assembly operations in Malaysia were centralised at the Inokom plant. Prior to the consolidation, Hyundai models were assembled at two separate plants, namely the Inokom plant in Kulim and the Oriental Assemblers plant in Tampoi. Inokom's acquisition by Sime Darby also led to the assembly of BMW and Land Rover models at the Inokom plant in 2008. BMW and Land Rover vehicles were previously assembled at the Associated Motor Industries plant in Shah Alam. In 2018, local assembly of BMW engines commenced at a new engine assembly plant, while exports of Inokom-built BMWs commenced in 2019. Mazda assembly at Inokom commenced in 2011 under a separate initiative by the Berjaya Group. Inokom has also carried out contract assembly for Dongfeng, Jinbei and Ford commercial vehicles. Volvo Car Manufacturing Malaysia Volvo Car Manufacturing Malaysia (VCMM) operates an assembly plant in Shah Alam with an annual capacity of 10,000 units. VCMM assembles Volvo passenger cars for both domestic and export markets. Volvo Car Manufacturing Malaysia is a wholly owned subsidiary of Sweden-based Volvo Car Corporation. The 50-year-old VCMM plant is the oldest automobile assembly plant in Malaysia, and is widely credited as one of the pioneers of the Malaysian automotive industry. The VCMM plant was established as Swedish Motor Assemblies (SMA) in September 1966 through a joint venture between AB Volvo and the Federal Auto Company Sdn. Bhd. Swedish Motor Assemblies was established in response to a government-proposed initiative to the set up an automotive industry in Malaysia. Construction of the SMA plant commenced in March 1967, and was completed in October 1967. The first Volvo 144 units rolled-off the assembly line in November 1967.