Made-in-Korea Chevys for GM
With oil prices in the stratosphere, Detroit's Big Three automakers are paying the price (BusinessWeek.com, 6/16/08) for concentrating so heavily on gas-guzzling trucks, SUVs, and luxury vehicles in the U.S. But General Motors (GM) executive Michael A. Grimaldi likes to point to one move that has turned out very well: The U.S. giant's takeover of major assets from bankrupt Daewoo Motor in 2002. The Korean operation is a crucial part of a global strategy that has enabled GM to tap local design and engineering talent specializing in smaller cars in Asia and Europe, giving GM a significant boost in small cars. Says Grimaldi, president and chief executive of GM Daewoo Auto & Technology, "It was a smart strategic decision."
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