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Daewoo

The Daewoo Group was founded by Kim Woo-Jung in March 1967. He was the son of the Provincial Governor of Daegu. Daewoo Motors arrived 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 near the top 10 motor companies in terms of production. Daewoo Group ran into deep financial trouble in 1998 due to the Asian financial crisis, increasingly thin relationships with the Korean government under President Kim Dae Jung, and its own poor financial management. With the Korean government in deficit, traditional reliance on access to cheap and nearly unlimited credit was severely restricted. Daewoo was forced to sell off its automotive arm, Daewoo Motors, to General Motors by the Kim administration. Since then, GM has been moving to rebadge Daewoo cars as the low-end models for many brands, including Chevrolet and Pontiac. GM was sued by Daewoo's former U.S. dealer network over this practice, since they no longer had new Daewoo cars to sell. In 2004, General Motors pulled the Daewoo brand of vehicles out of Australia and New Zealand, citing irreparable brand damage. Later that same year, GM announced that Daewoo Motors in Europe would change its name to Chevrolet on 1 January 2005. In 2005, it was announced that Daewoo cars would have a Holden badge in Australia and New Zealand. In South Africa, Thailand and the Middle East, Daewoo models were already being sold as Chevrolets. Only in South Korea and Vietnam does the Daewoo marque survive. The Daewoo commercial vehicle manufacturer was taken over by Tata Motors - the world's 5th largest medium and heavy commercial vehicle manufacturer.

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