GMDATGeneral Motors Daewoo Auto Technology
GMDATGeneral Motors Daewoo Auto and Technology
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Suzuki owns 14.9 percent of GMDAT. The GM group owns a combined 67 percent of GMDAT, which includes Suzuki's 14.9 percent stake.
GM plans to sell GMDAT vehicles under the GM brand.
In October last year, Suzuki acquired a 14.9% equity stake in GMDAT, in which the GM group is the largest shareholder.
Both Suzuki and GM want to expand their automobile lineups by proceeding with new marketing arrangements with GMDAT, Suzuki officials said.
GMDAT has capacity to build 800,000 units on three shills at Busan and Kunsan.
GMDAT Europe also has been established and will probably be headquartered in Zurich to make use of synergies with GM Europe and to leverage existing distribution operations, says Reilly.
GMDAT will continue to supply CKD kits for three years--two years in the case of Poland--during which they will have to find a new owner or close.
GMDAT comprises Daewoo factories in Hanoi, Vietnam, and two assembly plants in South Korea, as well as Daewoo's Korean research and development centers.
The GM-Suzuki deal also calls for the two and GMDAT to jointly develop automobiles, the Japanese automaker added.
GMDAT is a newly formed company that will own most of the assets of failed South Korean carmaker Daewoo Motor Co.
Although GMDAT will face significant challenges, the limited investment is unlikely to have a notable impact on Suzuki's business profile or its current strong financial profile, S&P said.
S&P foresees GMDAT faces considerable challenges in light of Daewoo's relatively insufficient investment in both facilities and new product development in recent years.