Beginning with a joint venture with General Motors in 1986, Korean conglomerate Daewoo (meaning “great universe”) manufactured the LeMans and Oldsmobile Royale. When falling sales and differences between companies caused GM to sell its half to Daewoo, the conglomerate CEO took direct charge of Daewoo’s auto manufacturing, resulting in the company holding the number two spot behind Hyundai for Korean made automobiles. Not content with only an American market, Daewoo made inroads into Mexico and Europe. Unfortunately, mounting debt, charges of bribery, and changes in the Korean government’s policy toward its conglomerates, Daewoo became bankrupt with General Motors buying what was left of its assets. The company is now known as GM Daewoo.
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