Daewoo Group

South Korean business organization

Also known as: Daewoo Industrial Co., Ltd.

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July 16, 2026

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The Daewoo Group was a major South Korean business organization founded by Kim Woo Choong in 1967. Initially a textiles trading business, Daewoo expanded aggressively into heavy industry, shipbuilding, home appliances, and automobile manufacturing. By 1998, it was one of the largest conglomerates in South Korea and ranked 18th on Fortune's Global 500 list.

The group's rapid expansion, fueled by daring investments, led to its emergence as a global corporation. However, overinvestment, particularly in the automotive sector, contributed to its downfall. Following the Asian financial crisis, Daewoo declared bankruptcy in 2000. Kim Woo Choong faced fraud charges and fled the country before returning and being sentenced to prison. Daewoo Motor Corporation was later sold to General Motors.12

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automotive industry
South Korea
Daewoo, owned by the Daewoo Group conglomerate, entered the automobile field on a large scale in the 1980s and had won nearly a fifth of the market before entering into financial receivership and reorganization in 2000. Two years later it was sold to General Motors.
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Daewoo, owned by the Daewoo Group conglomerate, entered the automobile field on a large scale in the 1980s and had won nearly a fifth of the market before entering into financial receivership and reorganization in 2000. Two years later it was sold to General Motors.
Read More

Kim Woo Choong
…businessman and founder of the Daewoo Group. Kim’s actions leading up to Daewoo’s eventual bankruptcy led to his fleeing the country and to his eventual prosecution on fraud charges.
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…businessman and founder of the Daewoo Group. Kim’s actions leading up to Daewoo’s eventual bankruptcy led to his fleeing the country and to his eventual prosecution on fraud charges.
Read More