SOUTH KOREA: GM-Daewoo plans $US1 billion new model and engine programme - report

By just-auto.com editorial team | 16 October 2003

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.

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.