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Revision as of 20:33, 20 May 2005
Template:Koreanname noimage Daewoo (meaning "Great Universe") is a major South Korean chaebol (conglomerate). It was founded in March 22, 1967 as Daewoo Industrial.
Daewoo Motors arrived in the UK in 1995, as the only - at the time - manufacturer not using traditional dealerships: it owned and operated its own retail network.
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. 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).