Science Fair Project Encyclopedia
It ran into deep financial trouble in 1998 due to the Asian financial crisis and had to sell off its automotive arm Daewoo Motors to General Motors. Since then, GM has been moving to rebadge Daewoo cars as the low-end models for many brands, including Chevrolet and Suzuki. GM was sued by Daewoo's former US dealer network over this practice, since they no longer have new Daewoo cars to sell.
The group was reorganized into three big parts: Daewoo International , Daewoo Engineering & Construction and Daewoo Corporation . It is active in many markets; the most important are steel processing, ship building and financial.
In early 2004, Daewoo pulled out of Australia, citing irreparable brand damage, and later that year, from New Zealand. Later the same year, GM announced that Daewoo Motors in Europe would change its name to Chevrolet as of 1st January 2005. In South Africa, Thailand and the Middle East, Daewoo models were already being sold as Chevrolets. Only in South Korea and Vietnam would the Daewoo marque survive.
Back in 1980s and early 1990s, Daewoo brand also produced consumer electronics, computers, telecommunication products, construction equipment, buildings, ships and musical instruments (Daewoo Piano ).
The contents of this article is licensed from www.wikipedia.org under the GNU Free Documentation License. Click here to see the transparent copy and copyright details