The replacement of Chevrolet Aveo is postponed until 2011
Posted by InMyCar in Chevrolet on 05 25th, 2009 | no responses
The replacement of Chevrolet’s Aveo has been postponed until January 2011 due to the well-publicized financial troubles at General Motors and its Korean subsidiary, Daewoo. The Aveo’s replacement, previously codenamed T300, had been expected to bow in April of 2010.
Daewoo has reported a whopping 44.5-percent decline in total vehicle sales, which comes as particularly bad news for The General since the Korean automaker accounts for a quarter of GM’s total production. Much of the production is being lost to rivals like Kia and Hyundai in oh-so-important emerging market of China, where Daewoo’s sales dropped by 3.2-percent even in the face of an expanding market.
It has been reported that GM Daewoo is seeking additional loans from the Korea Development Bank after running through all $2 billion of its available credit lines, in effort to keep the doors open in the face of such heavy losses.
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