South Korea’s GM Daewoo Auto & Technology Co. on Thursday said it plans a $US1 billion new model investment and to produce and sell 800,000 units in 2004, up from an estimated 600,000 units this year, Dow Jones reported.
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The report cited the company saying the estimate for this year’s sales and production marks a 59% rise from 377,000 units in 2002.
GM Daewoo also plans to invest nearly 1 trillion won in research and development and facilities next year.
“We are planning to develop and mass produce large-sized luxury cars, sports utility vehicles and diesel cars over the next two or three years beginning 2004 with an investment of more than $1 billion,” GM Daewoo said, according to Dow Jones.
