The Daewoo Group was once a major South Korean conglomerate before it got dismantled by the Korean government in 1999. Established in March 22, 1967 as Daewoo Industrial and grew into Korea's second largest conglomerate after Hyundai Group. Daewoo previously have twenty divisions some are still in business as independent companies. Out of these twenty divisions, General Motors was able to take hold of the Daewoo Motor and Daewoo Motor Sales. Daewoo Motor has five manufacturing facilities in South Korea and vehicle assembly facilities in Vietnam. After GM bought Daewoo Motor, the former changed the name of the latter into GM Korea. This new acquired GM company is responsible for distributing Daewoo parts assembly for GM affiliates in China, Thailand, United States, India, Venezuela, and Colombia. In the year 2009, GM Korea manufactured over 1.9 million vehicles including complete knock-down kits. As part of GM's acquisition of Daewoo Motor, most of the latter's vehicles are to be turned into Chevrolets.
GM has also formed collaborations with Suzuki and SAIC holding where GM holds a stake of 66.7% or an investment of US$400 million. But why purchase Daewoo Motors? Daewoo has the technology, the capabilities, and facilities to help GM in producing various products particularly small-size cars. The first ever car produced under the new GM Daewoo nameplate was the 2002 GM Daewoo Lacetti. The Lacetti is produced in South Korea formerly under Daewoo Motor but gradually became a GM world car due to the acquisition of the Daewoo Motor by GM. Daewoo parts are continuously being produced but are now under GM Daewoo. Then came the year 2005, GM Daewoo has presented the Holden based Statesman luxury car as replacement for the discontinued Daewoo Chairman. New Daewoo car parts and other Daewoo auto parts were produced for the Statesman luxury car. There was also the third generation Matiz, which was an evolution of the 4-door Kalos to be launched as Gentra.
There were other Daewoo cars produced by GM Daewoo: the Tosca in 2006, Winstorm SUV, Gentra X, G2X sports car, Veritas, and the Windstorm MaXX. The Windstorm SUV features some Daewoo parts that weren't previously utilized such as the common rail diesel engine in addition to the four and six cylinder gasoline engines. To give distinction to the old Daewoo Motor and the new GM Daewoo fresh and innovative Daewoo auto parts and other Daewoo car parts were added.