Daewoo, in Spanish we could translate as "Great universe" has long been a representative brand in Korea who came to encompass different industries from automobiles, shipyards, electronics, telecommunications, construction, hospitality and more; it is possible that this diversification has caused the indebtedness of the company and its subsequent bankruptcy. Daewoo was, since its creation, a company in constant growth in particular thanks to the policies and financial support of the Government of that time with Park Chung-Hee to the head. In this section, we will see the creation, growth, diversification, and subsequent bankruptcy of this great company, in addition to its current situation, and it is that despite the name change, the Daewoo brand will be always remembered.
Daewoo was founded on May 22, 1967 by Kim Woo-Choong (1936), who comes from a humble family so he had to support his parents selling newspapers that prevented him from finishing his studies. But his enterprise allowed him to form a small business using a loan, thus was born Daewoo, with 5 employees as a textile company. The company continues to grow and becomes one of the most important multinational 20 of the world thanks to the support of the Government of Park Chung-hee who wanted to create business conglomerates to revive the country's economy.
The Government also influenced in its diversification to obtain subsidies, Daewoo management began to acquire companies in bankruptcy to save them, including a shipyard, armaments industries and in 1978 it acquired a car manufacturer naming Daewoo Motors; then made a partnership with General Motors to build models as the Daewoo leMans, Daewoo Tico. In this sector Daewoo became the sixth car manufacturer in the world with their fabrications of low cost and cheap labor, up to this time Daewoo had achieved great success with 20 consortia to control and more than 320,000 employees worldwide.
Woo-chong became an idol in Korea and abroad, his biography: "every street is paved of gold", one of the best-selling books as well as the sentences, saying that they were repeated in many speeches and texts since Woo-chong was regarded as the founder of one of the largest fortunes in the world. But it was in 1997 that Daewoo goes bankrupt due to the Asian financial crisis and excessive indebtedness of the company despite the support that it received from different companies and the Government, because of the importance of Daewoo for South Korea as it gave more than 150 thousand jobs and accounted for 5% of GDP. In 2000 eventually Daewoo Motors was declared in bankruptcy and General Motors took control.
Passing a group of General Motors, automobile section took the name of GM Daewoo and its models are sold under the brand worldwide Chevrolet and Pontiac in America and Europe, the Daewoo brand even existed in Viet Nam of South Korea until 2011, it took the name of Chevrolet.
Today the car of GM Daewoo models are sold and assembled with different brands, depending on the country of destination, as you will see in the following table: Korea of the South and Vietnam: Chevrolet; United States: Suzuki and Chevrolet; Mexico: Suzuki, Chevrolet and Pontiac; Andean Group: Bolivia, Chile, Colombia, Peru and Ecuador: Suzuki and Chevrolet; Eastern Europe: Suzuki, Chevrolet and Pontiac; Russia: Chevrolet and Pontiac; Western Europe: Chevrolet (since 2005).
The present of Daewoo
Since the acquisition of Daewoo by GM, the company had various slogans, such as the following: "Daewoo, that's who", 2000 "Better future", 2002 "Driving innovation", 2008 "New ways, Always", 2011 "is the car Chevrolet" and finally 2012 "LOVE. LIFE." (Chevrolet).
Currently, Daewoo has re-emerged as a successful company with participation even in many industries and under new management. Established in South Korea and is present in more than 170 countries.