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Daewoo,(a Korean automobile company for "Great Universe") founded on 22 March 1967 as Daewoo Industrial and was dismantled by the Korean government in 1999. Followed by LG and Samsung, Daweoo was the second largest conglomerate in Korea after Hyundai. Due to the Asian financial crisis in 1998, Daewoo Group ran into deep financial trouble increasingly thin relationships with the Korean government under President Kim Dae Jung and its own poor financial management. Daewoo brazenly added 14 new firms to its existing 275 subsidiaries in 1998, when the economic crisis forced most of the chaebol to cut back in a year.

Daewoo Corporation, Daewoo Engineering & Construction and Daewoo International Corporation, reorganized into three separate parts are active in many markets, most significantly in steel processing, ship building and financial services. General Motors pulled the Daewoo brand of vehicles out of Australia and New Zealand in 2004. GM announced that Daewoo Motors in Europe would change its name to Chevrolet on 1 January 2005 later that same year. The Daewoo commercial vehicle manufacturer was taken over by Tata Motors - the world's 5th largest medium and heavy commercial vehicle manufacturer.