GM praises Daewoo’s Recovery - 15% of GM's Total Production, "Enormously Important"

[Ming]

GM praises Daewoo’s recovery
By Kelly Olsen
Associated Press
4/18/07

SEOUL, South Korea – General Motors’ South Korean unit has become a major contributor to the company’s global operations, a top executive said Tuesday, since it was acquired in the aftermath of the Asian economic crisis.

“To see the progress that the company has made in the last five years is remarkable,” GM Group Vice Chairman and Chief Financial Officer Fritz Henderson said of GM Daewoo Auto & Technology Co. “It plays an enormously important role for General Motors globally.”

GM Daewoo was created in 2002 after Detroit-based GM acquired Daewoo Motor Co., the automobile unit of the Daewoo Group. That conglomerate collapsed under tens of billions of dollars in debt as a result of the economic implosion that hit South Korea in 1997-98, part of the broader Asian crisis.

General Motors Corp., the world’s largest automaker, has a 50.9 percent stake in GM Daewoo.

GM Daewoo last year sold 1.5 million vehicles and the unit accounts for about 15 percent of GM’s total group production, Henderson told reporters after a two-day visit.

Of that total, about 1.4 million vehicles were exported, he added.

The company increased its market share in South Korea to 10.7 percent, from 9.2 percent last year, he said.

“It also plays an important role from the standpoint of vehicle development,” Henderson said. “It’s the engineering and development location for the next generation GM global minicars as well as small cars.”

Source: http://www.fortwayne.com/mld/journal...s/17095896.htm

Also See: GM Daewoo's Net Profit Rises...800%!

[jason4225]

GMDAT is obviously going to play a vital role in the turnaround at GM. When we at GMi get down about products that the divisions in NA are (or aren't) producing, there seems to be some good news coming from GMDAT. The profits and engineering that come from GMDAT will definitely help the other GM divisions. This is GREAT news!

BTW I took a look at GMDAT's website for the first time today and, while my visit was brief, I came away impressed.

[nascarnate326]

Why cant we have something like that black car..or do we?

[give_it_all_]

The Chevy Epica. We had it in Canada but it left for this year.

[Ming]

Originally Posted by give_it_all_

The Chevy Epica. We had it in Canada but it left for this year.

Not quite - more like the successor to the Canadian Epica. Its the redesinged Magnus/Epica, which is now The Daewoo Tosca, and the Holden and Chevy (not sure where the Chevy is being offered now) Epica.

But to answer the question, Suzuki is getting this car as the next Verona if we are to believe the spy shots.

p.s. I have an "enormously important" purchase on order now. It's official...

[nadepalma]

Originally Posted by Ming

p.s. I have an "enormously important" purchase on order now. It's official...

Does that mean you're getting the new Verona when it gets here?

[Ming]

Nothing so extravagant. My long-desired wagon purchase...

[rueben44]

Perhaps Gm should have brought the Epica here as the Malibu replacement and used the current 2008 Malibu as the 08 Impala. It would have updated their midsize lineup instantly.

[nadepalma]

Originally Posted by Ming

Nothing so extravagant. My long-desired wagon purchase...

You talking about a Forenza Wagon? Good deal. Best of luck with it. You having it ordered from S. Korea or are you settling for a color/options from what's on the lot? You getting a stick, sunroof, etc?

[Ming]

Originally Posted by nadepalma

You talking about a Forenza Wagon? Good deal. Best of luck with it. You having it ordered from S. Korea or are you settling for a color/options from what's on the lot? You getting a stick, sunroof, etc?

I'm having it ordered, of course.

Convenience package, absolute white, gunmetal optional wheels, automatic (I have carpal tunnel ).

Couple of other accessories, too.

It's my commuter car, and I'll be keeping the Bonneville & Safari.

[steve333]

If I had to base my opinion of GMDAT on my recent rental of an Aveo I would have to say I am not impressed. The steering was skittish, the engine was loud and anemic, and the smell of the interior was simply awful.

[nadepalma]

Originally Posted by Ming

I'm having it ordered, of course.

Convenience package, absolute white, gunmetal optional wheels, automatic (I have carpal tunnel ).

Couple of other accessories, too.

It's my commuter car, and I'll be keeping the Bonneville & Safari.

I know you've been talking about how you'd like a white one for a long long time. I can remember even talking about the Reno and 4-door Forenza in another thread and you said they look good in white as well.

Best of luck with it when you get it! How long of a wait from Korea?

I didn't realize you have carpal tunnel -- does it effect your typing and such on GMI? What does the convenience package entail?

When you get pics you'll have to post them. I just bought a Fusion not long ago -- I ordered it in January and picked it up two weeks ago and I've been meaning to post pics. I'll get to it sooner or later! :-)

Glad to hear you're keeping the Bonneville and Safari. When I was younger in HS, the Bonneville SSEi was among my favorite cars

Originally Posted by Ming

General Motors Corp., the world’s largest automaker, has a 50.9 percent stake in GM Daewoo.

Does anyone wonder if this will eventually change and GM might buy out Suzuki, SAIC and the creditor banks fully? I'm sure the banks won't conceed anything until they feel they've made enough money back on stock dividends to compensate for the money they lost on the old Daewoo Motors, but I wonder if Suzuki or SAIC would bolt anytime soon?

[Ming]

Originally Posted by nadepalma

I know you've been talking about how you'd like a white one for a long long time. I can remember even talking about the Reno and 4-door Forenza in another thread and you said they look good in white as well.

Best of luck with it when you get it! How long of a wait from Korea?

I didn't realize you have carpal tunnel -- does it effect your typing and such on GMI? What does the convenience package entail?

From what I understand, a big lot comes in from Korea on a ship to the west coast somewhere every week or two. On that ship may or may not be my car. Its the luck of the draw. But options are very limited on the Forenza Wagon, so chances of an automatic white wagon with Conv. package arriving are high. I suppose that if there is no such wagon for an extended period and there are backorders that there is some kind of feedback that pushes them to make more of that car in Korea. But the ship time is so long that the dealers "order" and try to take what comes in on the next scheduled delivery which is much faster than that. I've seen white wagons like this at other dealers being sold before, so I don't expect to wait too many weeks. I refused a dealer trade since I saw a really run down Suzuki dealership with cigarette burns on the seat fabric and cracked windows selling in the new section! The dealer I went to was fresh and new and willing to help me get all the things I was asking for without a hassle and a very small deposit. (Team Certified Suzuki in Katy) The accessories like the wheels are locally obtained from inventory.

Carpal tunnel mostly affects my mousing. Typing is fine, but I need breaks, and I can't stand instant messaging for long. I had surgery on both wrists, however, and now it is mostly a residual "pillar pain", not nearly as bad as full on carpal which was debilatating. Still, I need to avoid things like stick shifts and extended computer use.

When you get pics you'll have to post them. I just bought a Fusion not long ago -- I ordered it in January and picked it up two weeks ago and I've been meaning to post pics. I'll get to it sooner or later! :-)

Cool, post the photos here in the garage!

[kgratton]

Originally Posted by steve333

If I had to base my opinion of GMDAT on my recent rental of an Aveo I would have to say I am not impressed. The steering was skittish, the engine was loud and anemic, and the smell of the interior was simply awful.

I know what you're saying reference the smell. In the old Daewoo Kalos, the vinyl smell was the most 'chemical' stink I've ever experienced in any car. I think it's an issue that Holden might have addressed with the new Barina (same car), as I haven't heard anybody complain about them. Perhaps this hasn't carried through to the Aveo?

[asim]

GMDAT has been on the track of success since it was bought by GM. I think that they should continue do what they are doing, while make new ideas to keep GMDAT and its parent company, GM, successful.