Daewoo's Epic Flop Wasn't the End for Its Cars

ts hawking the cars, Mary Kay-style, to their friends. So what ever happened to Daewoo? The dealers disappeared in 2002, but their cars still have a presence here in the U.S. Here's what happened, and why.Daewoo certainly got an auspicious start. While Hyundai and Kia both started with a single model , Daewoo launched with a comprehensive lineup of three cars. The entry-level Lanos was available as both a two-door hatch or a four-door sedan, powered by a 105-hp 1.6-liter engine.

Sales were slow, though, and it shouldn't come as a big surprise that more than half of the cars sold in those first few months were bought by the campus advisors themselves. The students later filed a class-action lawsuit against Daewoo; not only did they have to pay sales tax on the full sticker price, but they were surprised to learn that the 50 percent discount was reported as income to the IRS.

Student uprisings aside, Daewoo didn't last long: Their U.S. foray corresponded with the 1997-98 Asian financial crisis. Daewoo Group, a massive conglomerate of which Daewoo Motors was a subsidiary, went bankrupt in 1999, its chairman fleeing to Vietnam to escape fraud and embezzlement chargers. The car division was sold to General Motors to be reorganized as GM Daewoo and later GM Korea. Daewoo sales never took off in the States, and their American experiment came to an end in 2002.

Production of the Lanos ceased in 2002, but GM continued to sell the car in knocked-down kit form to developing markets and third-world nations. Up until 2020 you could still buy a Chevrolet-badged Lanos in Egypt. Meanwhile, GM Daewoo's replacement for the Lanos, the Kalos, was available stateside asThe Nubura was redesigned after Daewoo's 2002 US retreat as the Daewoo Lacetti, though that was just one of many monikers it wore.

I had a Daewoo 4.4 cubic foot mini fridge. It sucked. That was my first and last Daewoo product ever. I'm never even touching their cars.

Yes, I remember :D

Yes . . .?

Extremely popular in Poland in first half of 00'

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Charger, Challenger Will Go Out in Blaze of Limited Edition Model GloryProduction of current Dodge Challenger and Charger muscle cars ends in 2023 with seven buzz models as part of the final hurrah. Oh this is sad As a volunteer fireman and owner of over four suits I am appalled by Dodge discontinuing these fine Muscle Cars! Without the Charger, how will dodge do it's part in dropping panties? First the Viper? Now this? 😢 Would love one for long-term ownership, for daily driving. Represent the hobby for as long as I can. 🤗
Source: MotorTrend - 🏆 230. / 63 Read more »

Dodge is discontinuing muscle cars Charger and ChallengerTo commemorate the vehicles, the company said Dodge's lineup next year will feature seven special-edition models, each of which will have a 'Last Call' plaque under the hood. Bruh why dodge muscle cars are so good
Source: CBSNews - 🏆 87. / 68 Read more »

Please Put This 20,000-RPM Cosworth F1 Engine in Your CarIt would be a near-impossible project, sure, but at the end, your car would have a 20,000-rpm Cosworth F1 engine. Send me one I'll do it. I’m down for it. Gordon Murray would be the only person crazy enough to do it
Source: CARandDRIVER - 🏆 576. / 51 Read more »

Dodge Will Discontinue Its Challenger and Charger Muscle Cars Next YearDodge will discontinue its gas-powered Challenger and Charger muscle cars at the end of next year, as the brand transitions to electric vehicles. CNBC CNBC Love it CNBC Losing customers in new ways CNBC Electric is the new competitor in the auto market, saves money on gas and at some places charging is free.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »

Joe Jonas Told Us All About His First Time Getting InjectablesHe wasn't scared, it didn't hurt, and he brought a friend to get it done, too.
Source: Allure_magazine - 🏆 473. / 51 Read more »