It was announced earlier by the third-largest Korean automaker that GM Daewoo Auto & Technology Co. will serve as its developer of the mini car architecture for the global network.
"The new mini car platforms (those fitted with 1-liter or smaller engines) developed here in Korea will be manufactured and sold in many mature and emerging markets," says Michael Grimaldi, the new president and chief executive of GM Daewoo Auto & Technology. Grimaldi held his very first press conference at the Bupyeong plant in Seoul, Korea. He is the successor to Nick Reilly. The latter was promoted to lead the operation of General Motors in Asia-Pacific.
However, Grimaldi did not divulge any specifics on the allotted budget and manpower needed for the accomplishment of the mini car development center. Instead, he said that the next generation of vehicles will reach markets across the Asia- Pacific region and Europe within three to five years.
"Small and mini-vehicles continue to play important roles because of escalating fuel fees. Business from the future mini cars may help propel the U.S. carmaker's global market share beyond 10 percent; it is now 5 percent," added the American-born president of the company.
Based on the report of the automaker, GM mini cars including Matiz and Agila have a total of 4 million units sold around the globe. With the new architectural platform of automaker, it is expected that GM parts will be enhanced further to boost the performance and style of its vehicles.
Grimaldi also expressed the GM Daewoo's aim to overtake Kia Motors. The latter is currently holding the top 2 spot in the Korean automotive market. Grimaldi noted, "If asked I am pleased with the results GM Daewoo has created so far, I would say yes. But if asked if I am content, my answer will be an equally strong no."
As an initial step to make the goal prosper, GM Daewoo will be releasing new entries which include medium and large luxury vehicles. In addition, the automaker is also expected to reach the 1.5 million target sales for this year. Next year, it will be aiming to gain 1.8 million sales.
General Motors Corporation has been announced several recalls this year. Most of the GM vehicles called for recall in the US car market were found to have faulty car parts -- prompting government agencies like the National Highway Traffic Safety Administration (NTHSA) and Insurance Institute for Highway Safety (IIHS) to ask automakers like GM (maker of GMC egr valve) to conduct recalls on their malfunctioning vehicles.
Just recently, the General Motors Daewoo Auto & Technology Company based in South Korea was reported to have received a warning from South Korea's state-run consumer protection agency because of growing complaints over malfunctioning parts found in its Captiva Sport Utility Vehicle.
According to the Korea Consumer Agency, these cars were found to be dangerous because of the unidentified flaws found on the GM Daewoo's Captiva SUVs. The car is being sold in South Korea under the name of Winstorm. Officials are worried that if these car problems are not fixed, it will cause accidents and in worst cases, maybe even death.
"Though no exact reason has been identified so far for such defects in the engine area, it could undermine a consumer's driving safety," said the agency.
According to the news, the car problem can also be causes of major engine problems like power loss which will result to the reduction of speed when the driver speeds into the accelerator.
No injuries or death has been reported. However, several complaints were received coming from customers about an unexplainable change of speed in the car.
The General Motor Daewoo Officers did not make any comment about this matter.
General Motor Daewoo Corporation is the third largest car maker in South Korea, and is a joint venture of General Motors Corporation and Daewoo Motors. General Motors Daewoo is also on among the distributors of vehicles of GM worldwide. Almost 10% of the cars produced by General Motors are made in GM Daewoo. The most famous car brand made under the corporation is the Winstorm SUV which shares its platform from the current Chevrolet Captiva in the US car market.
One of the most important aspects considered by common car buyers is, of course, the price of the vehicle. But for the elite, the billionaires and millionaires, they can easily afford a fleet of Ferraris, Bugattis, and Maseratis.
But if one should look at the garage of the world’s wealthiest, one cannot even find a BMW or a Ferrari in it. The world’s wealthiest, of course, did not become billionaires by spending lavishly on their personal carriers.
Mr. Microsoft, William Gates III, is an example of the thriftiness of the elite. For his net worth of $56 billion, Mr. Gates only has two cars in his garage - a 1999 Porsche 911 Convertible and a 1988 Porsche 959 Coupe. While Porsche has already redesigned the 911 entirely, Gates is yet to replace the 1999 Porsche 911. The other classic car in Gates garage is the rare 1988 959 Coupe which was produced in a limited quantity of only 230 units. The said car was only made legal for Bill Gates to drive after a federal law was passed during President Clinton’s term.
For a billionaire such as Mr. Gates purchasing newer Porsches is easy but he might have had more pressing businesses than buying a new car.
The billionaire Warren Buffet is another wealthy individual who prefer the relatively lower-priced vehicle compared to Ferraris and Bugattis. Buffet has only one car in his garage which is a 2001 Lincoln Town Car Signature Series. The license plate of the car which reads THRIFTY says it all. It seems that for the net worth of $44 billion, Mr. Buffet is content with his daily driving machine. Considering the sleek styling of the Lincoln Town Car, it shows that Mr. Buffet may not splurge on expensive cars but knows how to choose a good-looking car.
Prince Alwaleed Bin Talal Alsaud, the nephew of the Saudi King Abdullah, may have a lot of cars in his garage but none of them are what you would expect from a person with a net worth of $20.3 billion and has the distinction of being the 13th wealthiest person in the world. The Prince’s fleet is composed of two Infiniti FX45s, two Hummer H1s, two Volvo XC90s, two Rolls-Royce Phantoms, and two Daewoo Matizes. The reason for the two car set of each vehicle model is that the Prince uses one car and the other is reserved for his bodyguards. An oddity in the lineup is the Daewoo Matiz.
The reason for the Matiz’s presence in the Prince’s fleet is that he holds a stake in the Korean car company. All of the cars in the Prince’s fleet are known for their sleek styling which can be enhanced further with the use of Westin aftermarket products.
With a net worth of $33 billion, what would you buy as your personal vehicle? Answers may vary from a BMW or an Aston Martin, but for Ingvar Kamprad, the founder of IKEA, a boxy 1993 Volvo 240 GL is enough. While Kamprad has a Volvo, he still takes the bus to work and uses his discount card. Further proof of Kamprad’s thriftiness is the fact that he flies economy and rarely stays in luxury hotels. With this philosophy, it is not a surprise why he is the 4th richest person in the world and the wealthiest in Europe.
Another billionaire who shows that cars are not the only symbol status of being wealthy is Paul Allen - the partner of Bill Gates in founding Microsoft. He is currently ranked as the fifth richest American with a net worth estimated at $18 billion. He owned a 1988 Porsche 959 Coupe that is similar to that of Bill Gates’. But before the federal law that allowed Gates to drive his 959 Coupe was passed, Allen shipped his to Europe where it is allowed to be driven. When in the United States, Allen uses his 1988 Mazda B-Series pickup.
The Chief Executive Officer and co-founder of Oracle Corporation, Larry Ellison, has a net worth of $21.5 billion and he has but one car. He owns not a BMW but a Bentley Flying Spur. His thirst for adventure is apparent in his choice of a car. Meanwhile, Jim Carr Walton, the youngest son of the Wal-Mart founder Sam Walton has a net worth of $16.8 billion which makes him the 23rd richest man in the world. For all his money, he uses only a 2002 Dodge Dakota for everyday driving. Aside from the pickup though, he also owns a 2000 Acura Integra, a 1998 Mitsubishi Montero Sport, a 1999 Chevrolet Silverado and a 1959 Cadillac. Jim’s sister, Alice Walton has an estimated bet worth of $16.6 billion but for this she settles for a 2006 Ford F-150 King Ranch. In the past, she owned a 1987 Porsche and a 1997 Toyota 4-Runner.
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