The Daewoo motor car company
This section provides access to the cars and autos manufactured under the name of the Daewoo motor car company. An online guide for auto enthusiasts covering old and new cars and autos. If you like car talk then you will love this website! A free, online resource with facts and company information about the cars and autos made by the Daewoo motor car company.
Founding of the Daewoo motor car company
The Daewoo Group Founded in March 1967 by Kim Woo-Jung who was the son of the Provincial Governor of Daegu, he had graduated from Kyonggi High School and then gained an Economics Degree from Yonsei University in Seoul. Through numerous joint ventures Daewoo was able to expand throughout the world.
History of Daewoo motor car company
The new Government of Park Chung promoted growth and development throughout Korea during the 1960's, this led to an increase in resources, finance and industrialization while also promoting exports, companies would provide political support to the Korean government in return. To begin with the Korean government put together a series of five year plans which required several basic objectives had to be achieved.
Daewoo did not become a major player until the second 5 year plan came into force, when this happened, Daewoo was cable to benefit from cheap government loans available as long as there was a potential for export profits.
Between 1973 and 1981 the third and fourth five year plans came into force, the country's labour force was in high demand, Korea started to loose it's competitive edge against other country's, in response to this the government concentrated on its efforts on mechanical and electrical engineering, this included military initiative, construction, petrochemicals and shipbuilding. Daewoo was forced by the government to build ships at the end of this period. although Kim was reluctant to enter the shipbuilding industry Daewoo built a reputation for producing ships and oil rigs at competitive prices.
The Korean government became more liberal in it's economic policies during the following decade, with small private companies encouraged, protectionist import restrictions were loosened, the government reduced positive discrimination, free market trade was encouraged forcing the chaebol to be more aggressive abroad. Daewoo took advantage of this and responded by establishing a number of joint ventures with US and European companies by exporting defence products, machine tools, aerospace and semiconductor design and manufacturing. Daewoo soon began building civilian helicopters and airplanes priced considerably cheaper than those produced and sold by their US compertition, Daewoo also returned into the automotive industry becoming ranked the sixth largest car manufacturer in the world. During this period of time Daewoo had great success in turning around failing companies in Korea. Also during the 1980's and early 1990's Daewoo produced other consume products such as consumer electronics, computers, telecommunication products, construction equipment, buildings and musical instruments.
In 1998 Daewoo group ran in to financial trouble due to the Asian financial crisis, a poor relationship with the Korean government under president Kim Dae Jung and inefficient financial management. The Traditional reliance on the government for cheap and nearly unlimited credit was severely restricted due to the Korean government being in deficit. Due to the economic crisis most of the chaebol was forced to cut back in 1998, Daewoo was to add 14 new firms to its existing 275 subsidiaries. Samsung and LG cut back during the economic crisis leaving Daewoo taking on 40% more debt. In 1999 Daewoo went bankrupt with outstanding debts of approximately 80 billion, whilst still being the second largest conglomerate in South Korea with interests in over 100 countries.
Kim Woo Choong fled to France soon after his demise and Daewoo factory workers posted Wanted signs with his picture on it. After spending six years abroad Kim Woo Choong returned in June 2005 and was promptly arrested. He was charged with accounting fraud to the value of $43.4 billion. According to the South Korean Yonhap News Agency Kim Woo Choong borrowed $10.3 billion and smuggled $3.2 billion out of the country. Kim Woo Choong was sentenced to 10 years in prison on the 30th May 2006 for fraud and embezzlement.
General Motors pulled the Daewoo brand of vehicles out of Australia and New Zealand in 2004 citing irreparable brand damage. The Daewoo name would be changed in January in Europe by GM to Chevrolet, Also in Australia and New Zealand a Holden badge was featured. Daewoo's were all ready being sold as Chevrolets in South Africa, Thailand and the Middle East. Daewoo only survives in South Korea and Vietnam.
It is of note that Tata Motors, the worlds 5th largest medium and heavy commercial vehicle manufacturer has now taken over Daewoo commercial vehicles.
Today six companies remain with the Daewoo company name such as:
Daewoo Engineering & Construction
Daewoo International Corporation, who specialize in trading and investments.
Daewoo Shipbuilding & Marine Engineering
GM Daewoo, who specialize in building vehicles with the majority of the company being owned by GM
Tata Daewoo Commercial Vehicle, who specialize in building commercial vehicles and are wholly owned by Tata.
What models and types of cars and automobiles does the Daewoo motor car company produce?
The models and types of cars and automobiles produced by the company include those detailed on the following list. Whether you enjoy comparing cars and autos, want to conduct some research before you buy a new car or a used car or finally an automobile enthusiast who loves fast, cool, new, old, vintage, classic, antique, sports, top, muscle or exotic cars we have the info you are searching for! Select the automobile you are interested in and click the link for access to an online overview of this Daewoo vehicle with car guides, online facts, information, statistics, specs, specifications, design details and ratings of cars and autos.