Chevrolet Buys Daewoo in South Korea
Once bigger than Samsung and LG, Daewoo has no takers in the country today. The company was next only to Hyundai but today it has been disbanded by the government. Even at its peak, half of the company was owned by GM. GM has all these years used the resources at the disposal of Daewoo to produce automobiles and sell in other markets. Chevrolet is a brand owned by GM and it has become a brand being sold in most countries of the world today. The name Daewoo remains in Korea to some extent but GM is replacing the name even in Korea and by the end of this quarter; the name of the company inside Korea will be GM Korea from the present GM Daewoo Auto & Technology Company.
It may be like history repeating itself as the name of the company was GM Korea even earlier. This was when Detroit bought half of Daewoo from Toyota.