GM to finally drop Daewoo name

General Motors recently announced that it will phase out the Daewoo name from global markets by the end of the first quarter of 2011. The company will continue to exist but will be now known as GM Korea but the Daewoo vehicle lineup will be replaced by Chevrolet models. 

At present General Motors sells models like Matiz, which we know here now as Chevrolet, Aveo, Lacetti (Chevrolet Cruze for our market), Winstorm (Captiva) and Daewoo Tosca which is a mid-size saloon positioned above the Lacetti and a large Luxury saloon called L4X. 

Chevrolet will introduce eight new models including the Camaro, Orlando and Aveo in the Korean market in order to ease transition. There are also talks that a new SUV and midsize saloon will join the lineup at a later stage.  

According to Mike Arcamone, President and CEO of GM Daewoo, "Changing our corporate name will increase our standing within GM globally while demonstrating our commitment to growing locally." He added, "With the significant changes that we are announcing today, our goal is to increase our domestic sales and market share, generate additional revenue, strengthen our relationship with the customers, create new jobs and expand our presence in Korea. We regard these moves as a key to our long-term success and fundamentally believe they will also bring added benefits to our customers and the Korean economy."

Checkout the gallery to have a look at all Daewoo models sold in Korea local market.