Category: DAEWOO

Daewoo-motor-logo

GM Korea (한국 지엠) was founded as National Motor in 1937 in Bupyeong-gu, Incheon, South Korea. After changing its name to Saenara Motor in 1962, the company was purchased by Shinjin Industrial in 1965, which changed its name back to Shinjin Motor, establishing collaborations with Toyota.

After Toyota left the partnership in 1972, Shinjin Motor entered into a partnership with General Motors called General Motors Korea, having its name changed in 1976 to Saehan Motor. In 1982 the Daewoo Group gained control and changed the name of the joint venture to Daewoo Motor. In the early 90’s the company started a strong expansion in several markets around the world. Until 1996 all of its models were based on General Motors (GM) models.
Daewoo Prince

In 2001 General Motors decided to buy most of Daewoo Motor’s assets to form GM Daewoo. This company started operations on October 17, 2002, with GM and its partners Suzuki and SAIC holding a 66.7% stake and generating investments of US $ 400 million. The remaining 33.3% stake is held by the Development Bank of Korea and other Korean creditors, corresponding to an investment of $ 197 million. Fifteen factories were excluded from the deal, especially the oldest Daewoo factories in Bupyeong, which now operate under the name Daewoo Incheon Motor Company as a parts supplier for GM Daewoo; General Motors plans to buy these plants by 2008. In February 2005, GM invested $ 49 million to increase its stake to 48.2%. In addition, GM acquired 6.9 million shares of GM Daewoo for $ 21 million owned by Suzuki Motors in August of the same year. As a result, General Motors’ total share now stands at 50.9%. Suzuki still owns 11% of GMDAT but it is speculated that it is negotiating the sale of this stake to GM.

GMDAT has design, engineering, research & development centers which are delegated the development of various GM products. On November 25, 2003 the design center was moved to a building in the company’s headquarters complex in Bupyeong and was given the responsibility for designing a new SUV on the Theta platform, to be presented in 2006. That same year, GM delegated formally to GMDAT the development of future compact models (according to European standard, or “minicars” / subcompacts, in accordance with the American standard).

GMDAT has assembly plants in South Korea and an assembly line in Vietnam. Models developed by GMDAT are also assembled in China, Thailand, India and Colombia (since February 2005). Its models are marketed in more than 140 countries. In 2004, GMDAT sold more than 900,000 vehicles worldwide.