Daewoo New and Used Parts and Accessories Quotation
Daewoo New and Used Parts and Accessories
THE RISE AND THE FALL OF DAEWOO MOTOR CO. :: HISTORY OF DAEWOO
It would be interesting to know how Daewoo come to the automobile scene and then disappear in an unbelievable manner.
Daewoo didn’t start a new company on its own, but took over a loss making company- which started as National motor in 1937 in Incheon, South Korea. The name was changed to Saenara Motor in 1962, when the Automobile Industry Promotion Policy was announced by the South Korean govt. In 1965 Saenara motor was then taken over by Shinjin Industrial and changed its name to Shinjin motor. the company manufactured Toyota vehicles in collaboration with the Japanese company. Toyota withdrew from the alliance in 1972 and General Motors came to the crease for their first innings in Korean soil, and of course, the name changed to General motors Korea. One more time the name changed to Saehan motor in 1976. But the Shinjin industrial faced financial problems followed by the oil crisis of 1973, and sold its stake in the company to Korea Development Bank.
It was in the year 1978 The Daewoo Group – South Korea’s second largest corporate business group, after Hyundai, followed by LG and Samsung, which had about 20 divisions and nearly 290 subsidiaries – acquiring the equity stake of the Saehan motor from the Korea development Bank. But its only in 1983 Daewoo Group gained control of the company and, yes, changed the name to Daewoo Motor Co. but GM stay on the partnership untill 1992.
Till 1996 all cars produced by Daewoo were based on models from GM. in 1996 Daewoo introduced their first indigenous car the Lanos, designed in cooperation with Italian designer Giorgetto Giugiaro of Ital design
Then came the Nubira in feb 1997 designed by another Italian I.D.E.A Institute.
And in march the same year the mid-size Leganza was born also designed by Giorgetto Giugiaro.
The year 1998 saw the birth of the most famous Daewoo car the MATIZ.
The Magnus and a minivan the Rezzo was introduced in1999 and 2000 respectively.
The face-lifted versions of Matiz, Nubira and Lanos launched in 2001 with a ‘II’in it’s name. In 2002 L6 Magnus was introduced equipped with Daewoo’s first straight six engine.
In 1998 Daewoo took over the troubled SsangYong Motor and sold it in 2000 because of financial troubles. (This SsangYong Motor has been acquired by India’s SUV giant the Mahindra and Mahindra in 2011.)
The Daewoo Group ran into deep financial trouble in 1998 due to Asian financial crisis and it’s own poor financial management. All four biggest Korean business groups affected by the crisis, but the three- Hyundai, LG and Samsung recovered through timely solutions and foolproof planning. But Daewoo venture in to more trouble by acquiring more troubled companies and took more debt.
In 1999 the second largest Korean business group went bankrupt. It forced Daewoo to sell it’s automotive division. Hyundai, Daimler Chrysler, Ford and Fiat were interested, but – General Motors bought Daewoo motor’s assets in 2001. GM is not much interested in the overseas assets of Daewoo including India, so the Indian subsidiary live for a few months more and then shut the office, leaving thousands of Daewoo owners in dark.