Daewoo brand history
March 1967: Daewoo was set up by Kim Woo Choong, Daewoo's development was inseparable from South Korea's accelerated transformation from an agrarian nation, the business was instrumental in leading South Korea outside of the slump which followed the division of Korea into North and South.
Daewoo Motors have been popular in South Korea through the entire firm's background and were consistently the second best-selling auto behind Hyundai but ahead of Kia.
Daewoo means "Great Universe," and even though first share capital of the firm was a small $18,000, Kim and his colleagues held great expectations for their company. During its peak, Daewoo was South Korea's fourth biggest conglomerate, or chaebol, with main operations in trading, cars, shipbuilding, heavy industry, aerospace, electronic devices, telecom, and financial services.
In the early 90's the business began to grow greatly throughout the planet.
Following the ending of the GM deal Daewoo regained control of itself in 1992 and had become prosperous by 1995.
Until 1996 all automobiles were based on models from General Motors. After the Asian financial crisis started in 1997, it took over the distressed jeep specialist SsangYong in 1998 but ran into financial difficulty.
In an attempt to downsize itself, the business sold its automotive section to General Motors in 1999. In this age of transition, Daewoo began creating the popular Leganza, a midsize sedan that sold well in the US in 1997 to 2002. The Lanos was another Daewoo model which was briefly popular, stateside. Even though the Daewoo brand discontinued to introduce new cars to the U.S. market in 2002, the business continues to create cars such as the Aveo that enter the United States market through its partnership with GM.
Kim Woo Choong embarked on an aggressive strategy of expansion called Vision 2000 throughout the 1990s which resulted in the capture of the lot of car manufacturers in India and Eastern Europe. The plan envisioned Daewoo as truly one of the best ten car manufacturers of the twenty-first century.
The South Korean authorities introduced stricter controls on big businesses for example Daewoo within the late 1990s which resulted within the breakup of Daewoo's many businesses beginning on August 16, 1999. Kim Woo Choong was afterwards charged with deceptive business practices
In 2001 General Motors decided to purchase most of Daewoo Motor's assets to form GM Daewoo. The new business commenced operations on October 17, 2002, with General Motors and its associates Suzuki and SAIC holding a position of 66.7% with investments of US$400 million.
Daewoo Motors entered the U.S. market by offering affordable vehicles which were generally dependable and fuel efficient.
Daewoo created several different models geared toward various sections of the markets through recent years. The Leganza was well-known in the US as to a lesser extent was the Lanos.
Daewoo continues to be engaged in automobiles created in partnership with General Motors through General Motors Korea. Actually, the firm now makes variants of the popular Chevrolet models, the Malibu, and Orlando. However, Daewoo's bankruptcy and buy out by General Motors in 2002 essentially finished the creation of Daewoo vehicles in america. Nonetheless, many used Leganzas, Kalos, and Lanos stay on the street now. Motorists continue to value the many Daewoo models now because they did then, for being a certain style that was offered by fuel-efficient compacts, while maybe not consistently being the most trusted of vehicles.
The somewhat bigger Oldsmobile Royale and demand for the LeMans shortly faltered, however, and there have been rumours of clash between the direction of the two organizations. The endeavor wasn't as successful as Hyundai's foray in to the international car marketplace, also it seemed that Daewoo underestimated the sophistication and technical standards needed by the U.S. car buyer.