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 Lanos the T100 model code at launch; the T150 code applies to the updated models introduced in 1999. In 2006, a panel van version, developed in Ukraine by ZAZ, was also introduced. The Daewoo Lanos was designed to replace the Daewoo Nexia in the Daewoo line-up and was itself replaced by the Daewoo Kalos. In 1992, Daewoo dissolved its joint-venture with General Motors, and simultaneously a decision was made to independently develop replacements for the contemporary Daewoo Motors products, based on older General Motors models. The Lanos development programme was formally started in autumn 1993, with the goal to create a