/'da:wu:/ n. Daewoo Motors

daewoo

South Korea's Daewoo Motors is the second largest automobile manufacturer in South Korea, with an annual output of 60 Thousands of vehicles. In 1967, Kim Woo-jung founded Shinhan Company, which was later changed to Shinjin Company, and in 1983 it was changed to Daewoo Motor Company. It is the backbone enterprise of South Korea's Daewoo Group. Daewoo has a close relationship with General Motors of the United States. At the beginning of its business, it cooperated with General Motors to produce cars, trucks and buses over eight tons. Daewoo aims at exports and is the first company to export cars in South Korea. It exported cars to the United States as early as 1984. With the end of the joint venture with General Motors of the United States, Daewoo began to build its own global production network to achieve an annual production capacity of 2 million vehicles in 2000, half of which was in South Korea. In 1986, Daewoo's automobile plant with an annual output of 167,000 vehicles was put into operation. The plant has world-class equipment such as automatic welding operated by robots. Daewoo Motor Company is headquartered in Seoul, South Korea, and its main products are cars and trucks. However, due to unfavorable operations and insolvency, Daewoo Motor Company has been struggling with huge debts since its parent company Daewoo Group went bankrupt last year. It also failed to repay its debts to two creditor banks within the deadline. Because the labor union rejected its restructuring plan to lay off employees, it officially declared bankruptcy on November 8, 2000.