Automotive Industry

Daewoo becomes a global player for GM.(News)(GM Daewoo Auto & Technology to invest in development )

Automotive News Europe, June, 2003 by Feast, Richard

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Byline: Richard Feast

GM Daewoo Auto & Technology will invest $1 billion (E852 million) over the next three years to turn the South Korean automaker into a low-cost supplier for General Motors in China, India, Thailand and the USA.

Most of the investment will go into a much-needed modernization of the GM Daewoo range, and to start local diesel production. Creditors stopped product development work after the old Daewoo Motor went bankrupt in 1999.

"We had to start again," says Nick Reilly, who became president when GM Daewoo was formed last October.

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Automotive Industry

Daewoo becomes a global player for GM.(News)(GM Daewoo Auto & Technology to invest in development )

Automotive News Europe, June, 2003 by Feast, Richard

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