Daewoo cars history
GM Daewoo Auto & Technology (GM Daewoo or GMDAT) was initially established as National Motor in 1937 in Bupyeong-gu, Incheon, South Korea. After changing its name to Saenara Motor in 1962, Saenara engine was purchased by industrial Shinjin in 1965, which changed its name to Shinjin Motor after establishing collaborations with Toyota.
After Toyota's withdrawal in 1972, Shinjin Motor has launched a joint venture with General Motors under the name General Motors Korea, but was renamed again in 1976 to Saehan Motor. After the group took control of Daewoo in 1982 the name was changed to Daewoo Motor. In the early 1990s the company began to expand massively over the world. Until 1996 all cars were based on models from General Motors. After the Asian financial crisis began in 1997, she took over 4WD specialist SsangYong in trouble in 1998, but ran into financial difficulties in 1999.
In 2001, General Motors decided to buy most of Daewoo Motor's assets to form GM Daewoo. The new company began operations October 17, 2002, with GM and its partners Suzuki and SAIC holding a stake of 66.7% with investments of U.S. $ 400 million. The holding of GM was officially bought by GM Holden Ltd, which holds a seat on the board. [1] The remaining stake of 33.3% was held by Korea Development Bank and several other Korean creditors with investments of 197 million dollars. The deal does not include 15 plants, especially older Daewoo plant in Bupyeong-gu which now operates under the name Daewoo Incheon Motor Company as a supplier to GM Daewoo, General Motors plans to buy this plant by 2008. [Edit] In 2004, Tata Motors bought Daewoo Truck plant. In February 2005, GM invested U.S. $ 49 million to increase its stake in the company to 48.2%. In 2008, General Motors holds 50.9%, Suzuki 11.2%, the Shanghai Automotive Industry Corporation 9.9% and creditors of Daewoo Motor Committee the remaining 28% [2].
GMDAT has design, engineering, research and development facilities that are involved in the development of various GM products. On November 25, 2003, the design center was relocated to the new building of 2 floors at headquarters Bupyeong-gu and assigned the task to style a new SUV based on GM's automotive platform Theta being released in 2006.
GMDAT has manufacturing plants in Korea and an assembly plant in Vietnam. GMDAT designed cars are also assembled in mainland China, Thailand, India and Colombia (from February 2005). Its cars are marketed in over 140 countries (from February 2005). In 2004, GMDAT sold more than 900,000 vehicles worldwide.
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