Other deals going ahead include General Motors' purchase of Korean auto maker Daewoo in which GM would acquire all 30 of Daewoo's overseas units.
Daewoo Group's autocratic chairman, Kim Woo-Choong, has been hyping a sale of up to half of Daewoo Motor to GM as a fait accompli, though it could still unravel over management control or price.
Soon GM injected Daewoo with grander ambitions, as a base for exports throughout Asia, especially the booming Chinese market.
General Motors recently announced it would bring small cars to the U.S. from its newly acquired Korean operation, GM-Daewoo, and sell them as Chevrolets.
Suzuki invested along with GM in Daewoo and in China, and Wagoner hints that the two will soon be working closely together in emerging markets.
General Motors (nyse: GM - news - people ) recently announced it would bring small cars to the U.S. from its newly acquired Korean operation, GM-Daewoo, and sell them as Chevrolets.
While Daewoo has given Ford exclusive negotiating rights, GM has said as recently as Sept. 11 that they "would still be interested" in buying Daewoo if the Ford negotiations don't produce a deal.
Vehicles made at Daewoo factories are being exported to GM-related companies in 120 countries in Asia, Europe and North America.
Lutz says other homerooms haven't been assigned yet, but GM's new Daewoo joint venture seems a shoo-in as the focal point for small-car development.
One of GM's co-investors in Daewoo is Shanghai Automotive Industry Corp.
This explains why GM grabbed a chunk of Fiat and is eyeing Daewoo.
"Everywhere in the world where we have changed the name from Daewoo to Chevrolet, sales have gone up, " says GM Vice Chairman Robert A. Lutz.
GM's trouble with the fake Spark probably had its roots in Korea, shortly before GM and other investors bought the assets of bankrupt Daewoo Motors in October 2002.
It is possible that Daewoo insiders sold the design specifications for the Matiz to Chery engineers before the sale to GM was final.
Daewoo Motor, Korea's second-largest automaker, signed a memorandum of understanding with GM in February to work out a wide-ranging partnership.
Daewoo's Lanos is just the sort of low-cost sedan it makes sense for GM to make at its Thai plant.
Nor is GM "next in line": It announced on Sept. 4 that it is no longer pursuing Daewoo.
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