General Motors continues to clean up its ledger book, and the latest transaction has GM wiping $1 billion off the table. In Korea, the GM Daewoo Auto & Technology subsidiary, otherwise known as GM Daewoo, plans to pay back the 10-figure debt it owes to its Korean revolving credit facility. The debt will be paid in full by the end of this month. Perhaps a commercial thanking the Korean credit market is in order?
GM Daewoo has four shareholders: GM, Korea Development Bank, Suzuki Motor Corporation, and Shanghai Automotive Industry Corporation. When GM Daewoo put out a rights issue, only one of the four took the bite: GM, which made it rain to the tune of $412 million and raised its stake from 50.9% to 70.1%.
In what looks like a serious-but-probably-the-norm case of industrial espionage, General Motors' South Korean Daewoo division is reportedly alleging that the Russian automaker TagAZ has tried to copy its Lacetti sedan. Backing up those allegations are the arrests of two TagAZ engineers – former Daewoo employees who are said to have taken computer files from one company to the other. A third former Daewoo employee, an executive, left notes proclaiming his innocence and then committed suicid
According to Reuters, Chevrolet's Aveo replacement has been postponed until January 2011 due to the well-publicized financial troubles at General Motors and its Korean subsidiary, Daewoo. Previously, the Aveo's replacement, codenamed T300, had been expected to bow in April of 2010.
GM Daewoo has been forced to idle its plant in Bupyeong, South Korea due to strong-arm tactics by tire OEMs Hankook and Kumho. The Bupyeong plant produces the vehicle we know and ummm... tolerate as the Chevrolet Aveo, and possibly (unfortunately) soon as the Pontiac G3. Rather than pony up the 12% price increases that the tire suppliers want, GM wants a preliminary injunction to force them to end the supply cutoff. For their part, Hankook and Kumho cite higher raw materials costs for their incr
Brenda Priddy & Co have brought us the first glimpse of GM's upcoming 7-seat MPV. Based on the Delta global platform, it is said to be about the same size as the Mazda5. The person hauler is apparently the work of GM Daewoo (GMDAT), with R&D work carried out in Bupyeong, South Korea.
We knew that the new GM global small car platform was important to the embattled carmaker, but now we know just how valuable GM thinks it is. The new Gamma is apparently worth quite a bit to the future of GM -- $3.2 billion to be exact. That's how much GM has pledged to invest in GM Daewoo Auto & Technology Co. over the next two years. The money will primarily go towards "product and powertrain," according to GM CFO Fritz Henderson. He made the announcement at a press conference last week in
Citing summer strikes and weak domestic demand, Hyundai announced that it has cut its 2006 sales projections by up to 6% for Hyundai and Kia. This despite the fact that September sales were up 23% compared to August figures. Hyundai vice chairman and CEO Kim Dong-jin said that he expects 2007 sales to rebound, but didn't provide additional information. Kim explained that the group slightly changed its business plan when they experienced strikes during the summer: "Late last year, we set our 2006
Sibling site Autoblog en Espanol was able to obtain more shots of the Winstorm, the first SUV by GM Korean subsidiary, Daewoo. As previously posted, the Winstorm will be sold primarily in the Asian and European markets through GM's Chevrolet and Holden brands. While no definitive date has been announced for when the SUV goes on sale in Asia, Europe will be receiving its first units marketed as the Chevrolet Captiva this September. Alas, this handsome SUV is not bound for the States and no plans
Who would have guessed a few years ago that Suzuki would be in the midst of international renaissance? While some locales around the world already have a high opinion of the Japanese company's products, the North American market has suffered through one forgettable Suzuki after another. That's because most of them have been rebadged models from General Motors. The current Forenza, for instance, is GM-Daewoo model built in Korea and rebadged for North American consumption.