Posts Tagged ‘GM Daewoo’

GM Daewoo Hosts Next-Generation Vehicle Preview

Friday, December 18th, 2009
GM Daewoo Hosts Next-Generation Vehicle Preview
© GM Co.

Seoul, Korea — GM Daewoo Auto & Technology (GM Daewoo) today hosted the GM Daewoo “Style, We Create” Next-Generation Vehicle Preview at its Design Center to provide media an exclusive sneak peak at its future design concepts.

The next-generation products shown are a precursor for the design direction of the automaker's future small vehicle, upper-midsize sedan and seven-seat minivan.

The next-generation global small vehicle design, which had never been shown before, represents an important vehicle for the automaker. GM Daewoo is the global development center for GM's small vehicles. (more…)

GM DAT Raises US$412 Million in Equity Rights Issue Through an Investment by its Majority Shareholder, General Motors

Friday, October 23rd, 2009

Seoul — October 23, GM Daewoo Auto & Technology Co. (“GM DAT”) announced today that it raised KRW 491.2 billion (US$412 million) in an equity rights issue through an investment by its majority shareholder, General Motors Company (“GM”). GM DAT will use the proceeds, which will be received by October 28, for general corporate purposes, including funding the repayment of maturing debt.

Other shareholders in GM DAT — the Korea Development Bank (“KDB”), Suzuki Motor Corp. (“Suzuki”) and Shanghai Automotive Industry Corp. Group (“SAIC”) — chose not to subscribe to the equity rights issue. In the absence of other shareholders exercising their rights, GM decided to subscribe for the entire issue. (more…)

GM Daewoo Celebrates Production of 10 Millionth Engine, Start of Production of New Ecotec Gen Ⅲ Engine

Monday, March 24th, 2008

Seoul — GM Daewoo Auto & Technology (GM Daewoo) held a ceremony today at its Bupyeong headquarters to celebrate the production of the automaker's 10 millionth engine and the start of production of its new Ecotec Gen Ⅲ family of engines.

“The production of our 10 millionth engine serves as an important milestone,” said GM Daewoo President and CEO Michael A. Grimaldi. “It confirms how far the domestic automotive industry has come and the important role that Korea and GM Daewoo are playing in the global industry.”

Road to 10 Million Engines

GM Daewoo and its predecessors have played a key role in engine development in Korea. In 1971, Shin-Jin Motors built the first automobile engine manufacturing facility in Korea. (more…)

‘General Motors Uzbekistan’ Joint Venture Established

Thursday, March 20th, 2008
‘General Motors Uzbekistan’ Joint Venture Established
© GM Corp.

Tashkent, Uzbekistan – General Motors Corp. and UzAvtoSanoat have established a joint venture which will play a defining role both in the automotive industry of Uzbekistan and in the continued, rapid global growth of GM's largest brand, Chevrolet. As announced at a press conference in Tashkent today, UzAvtoSanoat holds the majority stake in the new joint venture called General Motors Uzbekistan with GM holding 25 percent plus one share, with the option of increasing that share in the future.

“As a key element of our growth strategy, GM has moved aggressively in recent years (more…)

GM Daewoo Damas and Labo Mini-Commercial

Friday, February 29th, 2008

Seoul — GM Daewoo Auto and Technology (GM Daewoo) announced today that it would resume regular production of the Damas and Labo mini-commercial vehicles on April 1. The two models are powered by a new Liquefied Petroleum Gas Injection (LPGi) engine that meets the latest Korean Ultra-Low Emission Vehicle (KULEV) standard.

“Since their production ceased last January, GM Daewoo has been working vigorously to bring these unique models back to the market. They will fulfill demand in a segment in which no other automakers participate,” said Rick LaBelle, GM Daewoo Vice President of Vehicle Sales, Service and Marketing. “The new Damas and Labo are more environmentally friendly. In addition to meeting Korea's stringent new emission standard, they offer better fuel economy and improved performance.” (more…)