USA: Parent’s woes don’t affect Daewoo Motor America’s sales performance (so far)

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.

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"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.

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