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GM to invest $6 billion in Daewoo

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GM Will Invest $6 Billion in Daewoo
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Date posted: 07-26-2007 | Link to Original Article @ Edmunds

DETROIT — General Motors plans to invest more than $6 billion in its Korean affiliate, Daewoo Automotive Technology (GMDAT), over the next four years.

Details of the plan were revealed by Michael Grimaldi, president and chief executive of GMDAT, which has evolved into a major small-car development center for GM.

Based near Seoul, GMDAT has been increasing its sales and market share in South Korea with a series of new vehicles, including the G2X roadster, a companion to the Pontiac Solstice and Saturn Sky, and the Winstorm, a sister model to the new Saturn VUE.

More importantly, GMDAT has become a major exporter of vehicles to other countries in the region, Grimaldi said, and it provides design and engineering for a number of vehicles built at GM facilities in China, Europe and other parts of the globe.

"We're investing more resources in design [and] engineering. We're looking forward to the introduction of our new mini and small cars that will come to markets around the world in the next several years," Grimaldi said.

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