GM to Invest $6 Billion in Daewoo Automotive Technology
25 July 2007
AFP. GM plans to invest more than $6 billion in its Daewoo Automotive Technology (GM DAT) subsidiary in South Korea over the next four years, according to Michael Grimaldi, president and chief executive of GM DAT.
“Strategically it’s important for GM,” Grimaldi told a meeting of the Detroit Society of Automotive Analysts. GM has given DAT the task of engineering new small vehicles in the mini and subcompact class, Grimaldi said.
Last week, the GM Daewoo Matiz mini-car won the Energy Grand Prix award presented by Consumers Korea.
The Matiz epitomizes GM Daewoo’s engineering capability and accumulated technology in developing fuel-efficient, practical mini vehicles, which have been awarded by GM appointing GM Daewoo to be the global base for the development of its mini cars.—Steve Clarke, GM Daewoo Vice President of Engineering
Since its launch in 1998, more than 2 million Matiz cars have been sold around the world.
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