Daewoo models
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was first established as National Motor in 1937 in
Bupyeong-gu, Incheon, South Korea. After changing its name to
Saenara Motor in 1962, Saenara Motor was bought by Shinjin
Industrial in 1965, which changed its name to Shinjin Motor
after establishing collaborations with Toyota.
After Toyota's withdrawal in 1972, Shinjin Motor started a joint
venture with General Motors under the name General Motors Korea,
but was renamed again in 1976 to Saehan Motor. After the Daewoo
Group gained control in 1982 the name was changed to Daewoo
Motor. In the early 1990s the company started to expand heavily
throughout the world. Until 1996 all cars were based on models
from General Motors. After the Asian financial crisis started in
1997, it took over the troubled 4WD specialist SsangYong in
1998, but ran into financial trouble in 1999.
In 2001 General Motors decided to buy most of Daewoo Motor's
assets to form GM Daewoo. The new company started operations on
October 17, 2002,