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| Korean Name | |
|---|---|
| Revised Romanization | Daeu |
| McCune-Reischauer | Taeu |
| Hangul | 대우 |
| Hanja | 大宇 |
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 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.
In early 2004, Daewoo pulled out of Australia, citing irreparable brand damage. Vehicles are reportedly still sold there under the Holden brand.
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 2004, GM announced that Daewoo Motors in Europe would change its name to Chevrolet as of 1st January 2005.
Back in 1980s and early 1990s, Daewoo brand also produced consumer electronics, computers, telecommunication products, construction equipment, buildings, ship and musical instruments (Daewoo Piano).