Daewoo
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Daewoo (Hangul: 대우, Hanja: 大宇, Korean pronunciation: [tɛu]; literally “great universe” and a portmanteau of “dae” meaning great, and the given name of founder and chairman Kim Woo-choong) also known as the Daewoo Group, was a major South Korean chaebol (type of conglomerate) and car manufacturer.
It was founded on 22 March 1967 as Daewoo Industrial and was declared bankrupt on 1 November 1999, with debts of about US$50 billion (equivalent to $78 billion in 2020). Prior to the 1997 Asian financial crisis, Daewoo was the second largest conglomerate in South Korea after the Hyundai Group. There were about 20 divisions under the Daewoo Group, some of which survived as independent companies.
There were about 20 divisions in the Daewoo Group.
Daewoo Group had under its umbrella several major corporations:
- Daewoo Electronics, a strong force both internationally and in South Korea (sub-branch Daewoo Electronic Components Co. Ltd, Daewoo Electric Motor Industries Ltd., Orion Electric Co. Ltd.)
- Daewoo Electronic Components manufactures and sells a variety of electronic parts and components, especially for automobile, televisions, monitors, VHS Players and other multimedia products.[3]
- Daewoo Motors, the motor vehicles division (sub-branch Daewoo Automotive Components Co. Ltd., Daewoo Bus Co., Ltd., Daewoo Commercial Vehicle Co. Ltd.)
- Daewoo Motor Sales, an auto sales company sold Daewoo but also GM cars and others in South Korea (Sub-branch: Architectural Iaan Div., SAA-Seoul Auto Auction)
- Daewoo Bus, is a manufacturer of buses. headquartered in Busan, South Korea, established in 2002. These buses are primarily used for public transportation
- Daewoo Precision Industries produced small calibre firearms and auto parts. It was spun off in February 2002 and relisted on the South Korean stock-market in March 2002. It was renamed S&T Daewoo Co., Ltd in September 2006,[4] and then S&T Motiv Co., LTD in March 2012.[5]
- Daewoo Textile Co. Ltd.
- Daewoo Heavy Industries (DHI), which created heavy duty machinery
- Daewoo Shipbuilding & Marine Engineering produced container ships, oil tankers and planes. It spun off in 2000 and became an independent company, DSME, re-listing on the South Korean stock-market in 2001
- Daewoo Securities, a financial securities company
- Daewoo Telecom Ltd., which concentrated on the telecommunications (sub-branch Daewoo Informations Systems Co. Ltd.)
- Daewoo Corporation, (sub-branch Daewoo Construction, Keangnam Enterprises) which built highways, dams and skyscrapers, especially in the Middle East and Africa
- Daewoo International, a trading organization
- Daewoo Development Co. Ltd., managing Daewoo hotels around the world and had the Millennium Seoul Hilton franchise in South Korea
- IAE (Institute for Advanced Engineering): research and development integrated center
A further subsidiary was the Daewoo Development Company, funded by cash from the Group and set up to develop hotels. Seven were built in South Korea, China, Vietnam, and Africa. They were personally designed and furnished by Kim Woo-jung’s socialite wife Heeja, who was chairwoman of the company. The most lavish is the 5-star Hanoi Daewoo Hotel, which cost US$163 million to build in 1996 and was decorated by Heeja with fine art, porcelain, sculptures, and marble. She invited 3,000 guests to the opening, including Russian President Vladimir Putin. Kim is believed to have spent time there while “on the run”.[6]
Daewoo Motor Co., Ltd.
Daewoo Motor Co., Ltd. was founded when the Daewoo Group purchased Saehan Motor in 1978, but the Daewoo Motor name did not appear until 1983.
The Daewoo Motor brand appeared in the UK in 1995. At the time, it was the only manufacturer not using traditional dealerships – it owned and operated its own retail network. It was once considered to be among the top 10 motor companies in terms of production.[citation needed]
Due to financial trouble, Daewoo’s automotive arm, Daewoo Motor, was sold to General Motors (Korean) in 2001. The Daewoo nameplate continued in South Korea and Vietnam until 2011. The former Daewoo facilities are now producing General Motors vehicles for Asian markets.
Daewoo Commercial Vehicles Division was sold to Tata Motors.[7]
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Daewoo Motors
Daewoo Motors was a South Korean automotive company established in 1937 as “National Motors”. The company changed its name several times until 1983 when it became “Daewoo Motors”. After running into financial difficulties,[1] it sold most of its assets in 2001 to General Motors, becoming a subsidiary of the American company and in 2011, the name “Daewoo” was definitively removed and the company renamed to GM Korea.
The company was first established as “National Motor” in 1937 in Bupyeong-gu, Incheon, Japanese Korea. The name was changed to “Saenara Motor” in November 1962. Saenara was assembling and selling the Datsun Bluebird PL310.[2] The first automobile company in South Korea, Saenara was equipped with modern assembly facilities, and was established after the Automobile Industry Promotion Policy was announced by the South Korean government in 1962.[3] Saenara Motor was then bought by Shinjin Industrial in 1965, which changed its name to Shinjin Motors after establishing collaborations with Toyota.
After Toyota’s withdrawal in 1972, Shinjin Motor started a joint venture with General Motors under the name “GM Korea”, but was renamed again in 1976 to Saehan Motor. GM Korea shortly sold their Rekord under the GM Korea marque, together with the Holden Torana based Chevrolet 1700.
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