1967, Jianxin Korea Company was established in Zhongchuang today, and later renamed as Xinjin Company. 1983 was renamed as Daewoo Electric Company. It is the backbone enterprise of Daewoo Group in Korea. Headquartered in Incheon, South Korea, Daewoo New Company owns and manages three manufacturing plants in Changwon, Gunsan and Hanoi, Vietnam.
In addition, the newly named Daewoo Incheon Automobile Company in Fuping, South Korea will provide complete vehicles for GM Daewoo. Daewoo also has nine overseas branches in Europe and Puerto Rico. The assets of the new company also include automobile design, engineering, R&D, sales, marketing and administrative departments in Fuping, South Korea. Daewoo has a close relationship with General Motors. At the beginning of its business, Daewoo cooperated with General Motors to produce cars, trucks and buses of more than 8 tons.
Daewoo, which aims at export, is the earliest company in Korea to export automobiles, and exported automobiles to the United States as early as 1984. With the termination of the joint venture with American General Motors, Daewoo began to establish its own global production network to achieve an annual production capacity of 2 million vehicles in 2000, half of which are in South Korea. 1986, the daewoo motor factory with an annual output of167,000 vehicles was put into production. This factory has world-class equipment such as automatic welding operated by robots.