GM Daewoo Auto & Technology said Wednesday it expected to produce 400,000 units next year, up a third on this year's estimate, according to Reuters.

"Next year is only a start-up year. We are expecting 400,000 units in production", Nick Reilly, GM Daewoo president and chief executive, told reporters, Reuters said.

The news agency said Reilly added that GM Daewoo saw finished car production this year at around 300,000 units and that the group was unlikely to break-even soon.

"We don't want to speculate on that, but we don't think a break-even point would be before 2005", he said, according to Reuters.