The Daewoo Nexia and Espero were based on old Vauxhall Astra and Cavalier platforms and running gear and General Motors had exclusive negotiating rights to acquire the car manufacturing unit of the debt-ridden Daewoo group until two months ago. Despite Daewoo Motors opening an international auction for itself, General Motors chiefs in Detroit appeared to be optimistic that the company would add the Korean manufacturer to its portfolio of marques, which has increased with the full acquisition of Saab.
General Motors president and chief operating officer Rick Wagoner said: 'It is not in our hands. We are waiting for the next steps in Korea. We have spent a lot of time looking at Daewoo and we know its history. We think we are the right people for Daewoo to do something with and we have put forward an interesting approach, but Daewoo wants to open it up.'