DAEWOO MOTORS Meaning and
Definition
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Daewoo Motors refers to a former South Korean automobile manufacturing company that operated from 1982 until its bankruptcy in 1999. Originally founded as National Motor in 1937, the company underwent multiple name changes before adopting the name Daewoo Motors in 1982. It was a subsidiary of the Daewoo Group conglomerate, which had diverse business interests ranging from manufacturing and shipbuilding to electronics and construction.
Daewoo Motors primarily focused on designing, producing, and selling automobiles and automotive parts. The company produced a wide range of vehicles, including compact cars, sedans, SUVs, and commercial vehicles. Their vehicles were known for their affordable prices and accessible designs, targeting the mass market.
However, due to a combination of factors such as labor strikes, mismanagement, and economic difficulties faced by the Daewoo Group, Daewoo Motors eventually faced significant financial troubles. Consequently, the company filed for bankruptcy in 1999 and underwent restructuring.
Following the bankruptcy, Daewoo Motors was sold to General Motors (GM) and renamed GM Korea. Since then, it has continued to operate under GM’s ownership, manufacturing and distributing automobiles both domestically and internationally.
In summary, Daewoo Motors was a South Korean automobile manufacturer that operated from 1982 to 1999 before being sold to General Motors. It was known for its affordable vehicles but faced financial difficulties leading to bankruptcy.
Etymology of DAEWOO MOTORS
The word "Daewoo Motors" originates from South Korea. The term "Daewoo" is a combination of two Korean words - "dae" meaning "great" or "big", and "woo" meaning "universe" or "world". So, "Daewoo" translates to "Great World" or "Big Universe" in English. "Motors" is a commonly used word to refer to a car manufacturing company.
