DAEWOO plans India comeback in new avatar, to launch electric bikes, cycles

Daewoo, the South Korean conglomerate whose Cielo sedan and Matiz hatchback were once the pride of Indian car owners, is looking to re-enter India. And its return journey is riding on plans to sell electric bikes and e-cycles.

The company termed India’s robust economic growth and surging consumer demand as reasons behind its comeback plans, saying they make India “one of the world’s most promising consumer markets,” according to Y S Choi, general manager, Posco Daewoo South Korea. The company is also looking to sell power and energy products such as solar and inverter batteries, consumer electronics goods such as LED televisions, air purifiers, and refrigerators.

Daewoo entered the Indian market with Cielo in 1995 followed by Nexia and Matiz. In 2001, General Motors (GM) decided to buy the company’s assets in 2001, barring its India subsidiary, leading to its closure in 2003-04.

Read more