Mirae Asset Daewoo Securities cars and ships and operating steel works. The South Korean state encouraged large and paternalistic conglomerates to use their capital to expand into unrelated businesses, protected by high tariff barriers and arcane regulations. In this way the car and steel giant Daewoo branched out into dealing in securities. In the 1990s this strategy hit problems as South Korea opened its markets to foreign competition and at the same time the founders of these conglomerates grew too old to run their creations and passed the reins on to their less focused children. Daewoo Securities was spun off from the Daewoo Corporation
Daewoo Lacetti for 2008. In China, the cars are marketed as the Buick Excelle sedan or wagon and Excelle HRV (hatchback). The sedan, which is also assembled in China, features an updated exterior. The successor to the Daewoo Lacetti-based "Buick Excelle" is based on the global GM Delta II platform, like the Opel Astra and Chevrolet Cruze and their derivatives. The development center at the Opel plant in Rüsselsheim, Germany, leads the development of this platform. This second generation hatchback Buick Excelle XT, making its debut in 2009, is actually a replica of the Opel Astra hatchback adapted to Chinese conditions. The