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The History of Daewoo

Kim Woo-jung founded the Daewoo Group in March 1967. It became one of the Big Four chaebol in South Korea. An industrial and multi-faceted service conglomerate, Daewoo was prominent in expanding its global market through joint ventures all over the world.

In the automotive industry Daewoo was ranked as the seventh largest car exporter and the sixth largest car manufacturer in the world. Throughout this period, Daewoo experienced great success at turning around faltering companies in Korea.

GM Daewoo Auto & Technology (GM Daewoo or GMDAT) was first established as National Motor in 1937 in Bupyeong-gu, Incheon, South Korea. After changing its name to Saenara Motor in 1962, Saenara Motor was bought by Shinjin Industrial in 1965, which changed its name to Shinjin Motor after establishing collaborations with Toyota.

After Toyota’s withdrawal in 1972, Shinjin Motor started a joint venture with General Motors under the name General Motors Korea, but was renamed again in 1976 to Saehan Motor. After the Daewoo Group gained control in 1982 the name was changed to Daewoo Motor. In the early 1990s the company started to expand heavily throughout the world. Until 1996, all cars were based on models from General Motors. After the Asian financial crisis started in 1997, it took over the troubled jeep specialist SsangYong in 1998, but ran into financial trouble in 1999.

In 2001, General Motors decided to buy most of Daewoo Motor’s assets to form GM Daewoo. The new company started operations on October 17, 2002. GMDAT has design, engineering, research & development facilities that are involved in development for various GM products. On November 25, 2003, the design center was relocated to the new 2-story building at the Bupyeong headquarters and assigned the task to style a new SUV based on GM’s Theta automobile platform to be released in 2006. GMDAT has manufacturing plants in Korea and an assembly plant in Vietnam. GMDAT-designed cars are also assembled in China, Thailand, India, and Colombia. Its cars are marketed in over 140 countries. In 2004, GMDAT sold more than 900,000 vehicles worldwide.

Daewoos were first sold in the United States and around the world as the Pontiac LeMans, a model based on the Opel Kadett E. A larger Opel Commodore-based model, called the Daewoo Royale, was also available. The Prince, which had commonalities with the Australian Holden Commodore, was built until 1993.

Under the supervision of Dr. Ulrich Bez, Daewoo developed its own models not based on any GM platform. These were codenamed as the T100, J100 and V100, reflecting the code names used by General Motors, with Italdesign Giugiaro working on the T100 and V100. The J100 was designed by IDEA of Italy. These were exported from late 1998 to Daewoo Motor America as the sub-compact Lanos which means "pleasure" in Latin, compact Nubira meaning "to go everywhere/anywhere" in Korean, and the mid-size Leganza, combining the words elegante and forza, the latter meaning power in Italian. Other markets also received these three cars. The Leganza’s styling was reportedly based on an Italdesign show car that was based on Jaguar XJ-12 mechanicals. The actual car was was more modest, with Holden-built 2.2 L engines shipped from Melbourne to Daewoo’s Korean plant.

The Rezzo/Tacuma minivan and the Matiz/Spark micro-car are other models sold by Daewoo in various markets. The Magnus/Evanda is a development of the Leganza. The Kalos subcompact was released in late 2002. A new version of the Nubira sedan was released in 2003 while the Lacetti, a 5-door hatchback version of the Nubria, followed in 2004. The Kalos and the Lacetti were styled by Giorgetto Giugiaro. The styling of the Nubria sedan was by Pininfarina.

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