Daewoo the world. Throughout this period, Daewoo experienced great success at turning around faltering companies in Korea. In the 1980s and early 1990s, the Daewoo Group also produced consumer electronics, computers, telecommunication products, construction equipment, buildings, and musical instruments (Daewoo Piano). Daewoo Group ran into deep financial trouble in 1998 due to the 1997 Asian financial crisis, increasingly thin relationships with the Korean government under President Kim Dae Jung, and its own poor financial management. With the Korean government in deficit, access to cheap and nearly unlimited credit was severely restricted. In 1998, when the economic crisis forced most of the
Daewoo Motors changed to Daewoo Motor Co. Until 1996, all cars were based on models from General Motors. All Saehan models were named Daewoos, the Maepsy being refreshed became the Maepsy-Na. The Royale Series models were kept, Daewoo adding the Royale XQ and Royale Duke (March 1982), Royale Prince (July 1983) and Royale Salon Super (March 1986). Above the Royale range, the Daewoo Imperial flagship luxury car was added in 1989, with styling reminiscent of the contemporary Chrysler Imperial and New Yorker, but also luxury Japanese sedans. It was produced until 1993. The first Daewoo addition was the 1986 Daewoo LeMans, based