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 got a slight refresh, and all variants (three, four and five-door) were then sold under the Cielo model name. The first authentic Daewoo Motor product, the Lanos, was introduced in late 1996. It spawned three variants: four-door, three-door, called Romeo, and a five-door, the Juliet, being the first model of a whole new family of cars to be created. Styling was by Giorgetto Giugiaro's Italdesign firm. One of its main features was the new three-parts corporate grill, reminiscent of the Daewoo Motor emblem, which was to be used on many of the following Daewoo cars. In February 1997, the Nubira