Korea is among the world's top 10 auto manufacturing countries. The reason behind the rapid growth of the auto industry in Korea, which has a fairly brief history relative to other countries that got a head start in using automobiles as a mode of transportation, is that Daewoo cars was a major part of this development. Korea's auto industry was launched in 1937 with the establishment of the National Motor Co. on the site of Daewoo's current Pupyong Plant.
In 1962 the company was renamed Saenara Motor Co. Korea's automotive industry took a great leap forward in 1965 when Shinjin Industrial Co. (maker of Korea's first sedans named "Shinsungho" at Daewoo's Busan Plant site) acquired Saenara's Pupyong Plant while forming a technical collaboration with Japan's Toyota and renamed itself Shinjin Motor Co., Ltd. Following Toyota's withdrawal from Korea, Shinjin entered into a joint venture with GM of the U.S. and established GM Korea, thus building a firm basis from which to make worldwide expansions.
In 1976 the company was renamed Saehan Motor and exported its automobiles to 40 nations worldwide after which, in the late 1970s, its management responsibility was taken over by Daewoo. The company was renamed Daewoo Motor Co.,Ltd. in 1983, and in October 1992, ended the joint venture with GM to lead Korea's auto industry with its independent technology and system. Daewoo then developed an ambitious plan to become one of the world's top 10 vehicle manufacturers by expanding capacity to 2.5 million units in Korea and overseas by the 21st century. A plan was created to develop a family of new passenger car models simultaneously.
To assist with the development of the new models, Daewoo Motor acquired the automobile engineering company I.A.D in Great Britain to create the Worthing Technical Centre which started operations in April 1994. A research centre was also set up in Germany to develop powertrains and this became operational in March 1995. However, the company sold most of its assets in 2001 to General Motors, after running into financial trouble, becoming a subsidiary of the American company and in 2011, it was replaced by GM Korea.
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