Tata Engineering changed its name tata Motors Limited in 2003 and in that year the company produced its three millionth vehicle. The next year,Tata Motors and South Korea's Daewoo Commercial Vehicle Co. Ltd. entered into a joint venture that produced and marketed heavy-duty commercial trucks in South Korea. Tata Motors acquired 21 percent interest in Spanish bus manufacturer Hipo Carrocera SA in 2005 and began production of several new vehicles, including small trucks and SUVs.