Once a Joke, Now Daewoo Is Floating Most Of GM's Asian Boat

General Motors South Korean unit has become a major contributor to the company’s global operations, a top executive said Tuesday, since it was acquired in the aftermath of the Asian economic crisis.

"To see the progress that the company has made in the last five years is remarkable," GM Group Vice Chairman and Chief Financial Officer Fritz Henderson said of GM Daewoo Auto & Technology Co. "It plays an enormously important role for General Motors globally."

GM Daewoo was created in 2002 after Detroit, Mich.-based GM acquired Daewoo Motor Co., the automobile unit of the Daewoo Group. That conglomerate collapsed under tens of billions of dollars in debt as a result of the economic implosion that hit South Korea in 1997-98, part of the broader Asian crisis.


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jon21 - 4/18/2007 1:44:45 PM

+1 Boost

Yawn

EnnNorak - 4/18/2007 2:24:55 PM

+1 Boost

What ever happened to the Koranda (hope I got the spelling right)? It was a very sturdy and upscale Daewoo clone of the Jeep Wrangler with an in-line six licenced from Mercedes. It was eventually supposed to find it's way to North America through GM but with a revised grille so as not to offent Chrysler's copyrights to the familiar Jeep grille.

atomicbri - 4/18/2007 4:11:44 PM

+1 Boost

Dae-who?? Daewoo! LOL!! Lord my friend (poor thing she knows no better) still has a Daewoo Nubira!! I make fun of her and call it her "Woo Woo". Suprisingly she has never had one problemn with it, not one....

izfuney - 4/18/2007 4:46:03 PM

+2 Boost

Daewoo had some pretty good cars and was eating Hyundai's lunch till they imploded ( too much debt taken on by the Daewoo conglomerate coupled by the Korean melt down).
Proof - all the current stuff sold by Chevy worldwide that is made my Daewoo are the same as the old Daewoo models .. ( i.e. 9 yr old models)

S4cabriofoxone - 4/18/2007 8:37:31 PM

+1 Boost

There's something telling me I'd still rather be Toyota or Honda...

XYZZ - 4/21/2007 9:23:08 AM

+1 Boost

yes. if gm still goes down, will Daewoo be dragged down with it? or sold off first, as a subsidiary still able to bring a decent price? (is there any buyer for chrysler yet?)