GM Daewoo Auto & Technology, hoping to sell more than 1 million cars this year, on Monday began production of its redesigned best-selling mini-car, the Matiz.
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European sales start in March but the model is not destined for North America where larger Daewoo models are sold by Chevrolet and Suzuki.
GM Daewoo said it would gradually launch the Matiz around the world during the second half this year and into early 2006.
Last year, GM Daewoo sold 900,084 cars. Of the total, 88% or 795,627, cars were abroad including the key markets of Europe and the US.
GM Daewoo, like other South Korean automakers, is suffering from falling home market sales as potential buyers postpone purchases in fear of an economic slowdown.
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By GlobalDataGM Daewoo exported 52,137 Matiz to Europe last year, including 45,766 units to key western European markets such as Italy, Germany and the United Kingdom.
The new Matiz is based on the M3X showcar, unveiled at the Paris Motor Show in September last year. GM Dawoo said the new model is more fuel-efficient and meets Euro IV emission rules while safety has been enhanced to meet stringent Euro NCAP crash test standards.
Over the years, about 1.3 million Matiz have been sold worldwide, making it one of GM Daewoo’s most popular products in both the domestic and European markets.
Peter Chang
