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 LeMans original version of the car bore the Asüna GT, Asüna SE, Daewoo 1.5i, Daewoo Fantasy, Daewoo Pointer, Daewoo Racer, Passport Optima and Pontiac LeMans names. The "LeMans" nameplate was not used at all for the facelifted model. Five-door hatchback models exported to Europe were badged Daewoo Nexia with the Daewoo Racer name used seemingly at random on various bodystyles. The Daewoo Heaven name has also been used. The Cielo was subsequently replaced by the subcompact Daewoo Lanos and the compact Nubira in 1997, except in some Central Asian markets for which production of the four-door continues in Uzbekistan. The original