Daewoo Motor America demonstrated consistent sales performance during November prior to the union agreement to accept the terms of the company's restructuring and the recently announced infusion of $US614 million into Daewoo Motor Korea.

Daewoo still claims to be the "The Fastest Growing Car Company in America" with 2000 calendar year sales up 123% over 1999.

"November began as a difficult month with the announcement of the court ordered receivership for our South Korean parent company, " stated D.J. Lee, president and CEO of Daewoo Motor America.

"As the month progressed we were gratified that our customers, dealers and vendors in the US supported and encouraged us. We kept them informed and assured that Daewoo would continue and there would be no shortages of cars or parts. Now, very positive progress has taken place to restore Daewoo Motor Korea to economic prominence."

The US distributor says that fresh loans to Daewoo Motor Korea of $US614 million have placed the company in a very favourable position. The Daewoo Motor Korea labor union has agreed to implement personnel cut backs and the court receivership plan is fully active, enabling Daewoo Motor to be in a stronger financial position. This will further allow the reopening of manufacturing plants in a matter of days.

.. Nov-99 YTD Nov-00 YTD
Leganza 1574 12244 1360 23343
Nubira 913 7747 1317 20218
Lanos 679 8661 1364 20197
Total 3166 28652 4041 63758