Daewoo Daewoo Daewoo (, literally "Great Woo", after the first name of founder and chairman Kim Woo-jung) or the Daewoo Group was a major South Korean conglomerate and car manufacturer. It was founded on 22 March 1967 as "Daewoo Industrial" and was declared bankrupt on 1 November 1999. Prior to the Asian financial crisis, Daewoo was the second largest conglomerate in Korea after Hyundai Group, followed by LG Group and Samsung. There were about 20 divisions under the Daewoo Group, some of which survive today as independent companies. There were about 20 divisions in the Daewoo Group. Daewoo Group had under
Daewoo Motors either the Chevrolet or Suzuki brands. In January 2005, the Chevrolet brand was introduced in Europe, the whole Daewoo range being simply re-badged as Chevrolet. General Motors' official tagline was that: "“Daewoo has grown up enough to become Chevrolet.”" The Winstorm and Tosca were presented as the Chevrolet Captiva and the Chevrolet Epica. Some of the former Daewoo models changed their names after the re-branding decision. Examples are the Matiz which became Chevrolet Spark in some markets (although Chevrolet Matiz was also used), or the Kalos which became the Aveo (alongside the Chevrolet Kalos in other countries). Later, the tendency