In my research on small car segment, came across these shockers on Daewoo...man!!! I thanked my stars for not buying Matiz...Check out these headlines and ask yourself...
Do I wanna buy Matiz???
Daewoo Crisis troubles South Korea
Top executives resign, unions say there will be riots if lay-offs ensue, self-rescue plan expected (Source: bizsia.com)
Daewoo Motor incurs about 150 billion won of operating losses a month as its operation ratio has fallen below 50 per cent due to troubles in securing parts and components. (Source : rediff.com)
SEOUL (AP) - Authorities on Friday arrested four more executives of the Daewoo Group, the South Korean conglomerate accused of operating a multibillion-dollar slush fund through its London office.
Prosecutors said they also were trying to bring home Daewoo Group founder Kim Woo-choong, 65, who was hiding overseas, for questioning about how he used the fund during Daewoo’s expansion. (Source: ca.news.yahoo.com)
The death of Daewoo
Despite Daewoo’s long-standing financial troubles, led by its $50 billion in debt,
the near-collapse of the group still shocked many Koreans. (Source: www2.gol.com)
Daewoo union vows to strike
SEOUL
THE LABOUR union of bankrupt Daewoo Motor filed a criminal suit against the company’s former head on Tuesday as it pushed a new strike against plans to lay off thousands of workers. (Source: economictimes.com)
More Daewoo executives face charges
SEOUL, South Korea -- Prosecutors will seek court arrest warrants for five more top executives of the Daewoo Group accused of fiddling its books, officials said Friday. (Source:asia.cnn.com)
Daewoo considers halting output for 3 weeks in Poland
WARSAW, Poland -- South Korea’s troubled automaker Daewoo, which once dreamed of using Poland to enter lucrative western European markets, is facing a growing crisis at its European outpost in the wake of slumping sales. (Source: detnews.com)
Daewoo’s East European empire crumbles
Daewoo’s troubles were disrupting operations
even before the bankruptcy announcement. (Source: ecountries.com)
Daewoo Open to Talks with Korea’s No. 1 Carmaker
Embattled Daewoo Motor has opened the door to talks with rival Hyundai Motor Co. regarding some of its overseas operations if America’s General Motors Corp. decides to pass on some of Daewoo’s offerings. (Source: edmunds.com)
South Korean banks are expected to suffer heavy losses stemming from the near-bankruptcy of the country’s second largest conglomerate which racked up an enormous $73 billion in debts. Domestic banks hold $22.4 billion in Daewoo loans. (Source : expressindia.com)
The troubles surrounding financially crippled Korean manufacturer Daewoo took a turn for the worse when 4, 000 riot police were used to end industrial action at the Pupyong plant in Korea. (Source: https://newswatch.co.uk/freetime/motoring/52720.htm)
Daewoo collapse threatens further financial crisis in South Korea
Fearing a major financial crisis, the South Korean government of President Kim Dae Jung announced a package on Monday aimed at stabilising the country’s investment trust industry, which has been thrown into turmoil by the failure of the Daewoo group. (Source: wsws.org)
South Korea hints at liquidating Daewoo Motor
But it will be a tough sell. Due to its troubles, Daewoo Motor has been incurring
about 150 billion won ($128.7 million) of operating losses a month
(Source: auto.com)
Officially Bankrupt
Long-ailing Daewoo Motor Co. was officially declared bankrupt today after its hard-boiled labor union rejected a restructuring plan that calls for layoffs, creditors said. (Source: abcnews.com)
Look for yourself the pictures of Daewoo Strike in Korea,
https://angelfire.com/wi/moxii/chrysalis.html
These r some of the stuff that I gathered...there’s lots more....
Add to all this the fact that DMIL chairman just resigned amid controversies. Most of the Korean executives in India have been called back. Matiz sales have dropped 50% in the last quarter. Surajpur unit is under pressure..DMIL says that they have enough spare parts for next 4 months....what happens after that in wake of Daewoo’s manufacturing units closing down!!!! who Knows????
However, Daewoo is trying to sound optimistic for India market...check out this latest interview on DMIL by Y.C.Kim..
https://autocarindia.com/features/onetoone/onenone.asp?f_id=38
Matiz is anyway too overpriced for the technology it offers. Don’t be a sucker for looks.....go for the heart.
And if u still wanna buy Matiz...God have mercy !!!!