Why was the daewoo anything an example of automotive failure?
Forget ObamaCare and the federal deficit. Let’s even put aside the mess in the Middle East for a minute. We’ve got real controversy here. The editors at Cars.com have compiled a list of the worst cars of the decade. For the record, we agree with most of them. We had to paraphrase the editor’s comments, but the rankings — in descending order — are: 1. Smart ForTwo (2008-present): The ForTwo may look cute, but you won’t be smiling after you drive it. 2. Chrysler Sebring (1995-present): With a weak base power train, poor interior quality and haphazard styling, it never had a chance in the midsize sedan segment. 3. Jeep Compass (2007-present): A soft-road poseur, and not a good one at that. 4. Toyota Echo (2000-2005): Call the Echo ahead of its time if you must. Mainly, it just wasn’t a very good car. 5. Cadillac Catera (1997-2001): A soft, underpowered rear-wheel-drive car that felt front-wheel-drive and suffered from advertising that proclaime
Crisis and collapse Daewoo Group ran into deep financial trouble in 1998 due to the Asian financial crisis, increasingly thin relationships with the Korean government under President Kim Dae Jung, and its own poor financial management. With the Korean government in deficit, traditional reliance on access to cheap and nearly unlimited credit was severely restricted. In 1998, when the economic crisis forced most of the chaebol to cut back, Daewoo brazenly added 14 new firms to its existing 275 subsidiaries, in a year where the group lost a total of 550 billion won ($458 million) on sales of 62 trillion won ($51 billion). At the end of 1997, South Korea’s four biggest chaebol had a debt of nearly five times their equity. While Samsung and LG cut back in the midst of the economic crisis, Daewoo took on 40% more debt.”[2] By 1999, Daewoo, the second largest conglomerate in South Korea with interests in about 100 countries, went bankrupt, with debts of about 80 billion won ($84.3 million). S
Daewoo anything (2001-2005): We mused over which would kill us first in a Daewoo: toxic gases from the cheap interior, the recalcitrant transmission or … Sources: http://news.google.com/news/url?sa=t&ct2=us%2F0_0_s_1_0_t&usg=AFQjCNHX1Syxg1UQ_nK-Wd8ZOcJKjPI0hw&sig2=pnfddh2DAVXcY8nCj51Svw&cid=0&ei=GYLMSpjRDJjC8QSD_MusAg&rt=SEARCH&vm=STANDARD&url=http%3A%2F%2Fwww.nj.com%2Fbusiness%2Findex.ssf%2F2009%2F10%2Fexamining_a_decade_of_automoti.
