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GM Daewoo looks for new models
SEOUL, South Korea -- South Korea's GM Daewoo Auto & Technology Co says it will pump in more than $1 billion by 2006 to develop new cars and engines. Out of the planned investment, the automaker will spend one trillion won ($855 million) in research and capacity expansion next year, company spokesman Kim Sang-won said Thursday. Unlisted GM Daewoo is South Korea's third-largest auto maker behind Hyundai Motor and Kia, which is owned by Hyundai. U.S. auto giant General Motors and its partners took a majority stake in some of the assets of Daewoo Motor last year, creating GM Daewoo. Daewoo Motor is part of the Daewoo Group, which collapsed in 1999 under a massive $65 billion debt load in the wake of the 1997-98 Asian financial crisis. Daewoo founder Kim Woo-choong has been a fugitive since October 1999, though he surfaced earlier this year in an interview with Fortune magazine.
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