- May 23, 2009
REPORT: Chevrolet Aveo replacement postponed until 2011
Over the first four months of 2009, Daewoo has reported a whopping 44.5-percent decline in total vehicle sales, which comes as particularly bad news for The General since the Korean automaker accounts for a quarter of GM's total production. Much of that slumping production is being lost to rivals like Hyundai and Kia in oh-so-important emerging market of China, where Daewoo's sales dropped by 3.2-percent even in the face of an expanding market.
In effort to keep the doors open in the face of such heavy losses, GM Daewoo is reportedly seeking additional loans from the Korea Development Bank after running through all $2 billion of its available credit lines. We hope they work it out... suffice it to say that the Aveo's replacement can't come soon enough.