South Korean automotive manufacturer Daewoo isn’t usually mentioned when it comes to automotive success stories from the country. This title undoubtedly belongs to the likes of Hyundai and Kia, who have all but taken the world by storm across multiple sectors of the automotive industry. Nevertheless, Daewoo is still alive and kicking – in fact, it hopes to make a comeback in the world of two-wheels.
A lot of automakers have started venturing into the world of two-wheelers, particularly when it comes to electric bicycles. Recent years have proven how lucrative e-bikes are, as major auto and moto-makers such as Porsche, BMW, and Ducati have all showcased their e-bike innovations. Now, Daewoo hopes to do the same, specifically in the Indian market.
According to an article by Indian publication Business Standard, Daewoo sees India’s robust economic growth and consumer demand as potential driving factors for its new e-bike business. Apart from producing and selling e-bikes for the Indian market, Daewoo also hopes to market electric scooters and small-capacity electric motorcycles in the Asian country. Indeed, in the context of the Asian market, and even the entire world as a whole, India is one of the fastest adopters of e-mobility, with a lot of homegrown brands such as Ola Electric and Ultraviolette making headlines on an international level.
India and Daewoo share a history, albeit a brief one, surrounding the brand’s automobiles. The South Korean company set up shop in India back in 1995, selling the Cielo and Matiz models marketed towards the mass market segment. In 2001, however, General Motors acquired the company’s assets, leading to Daewoo’s closure in 2004. Furthermore, Daewoo also entered the US market in a similarly brief stint. In the states, it sold cars from 1997 to 2002. Its eventual failure in both India and the US stemmed in part from the Asian financial crisis and internal struggles between the company and the Korean government.
As for what Daewoo has in store for the Indian market, well, nothing concrete has been announced just yet. What we do know is that Daewoo, apart from looking to launch e-bikes and electric motorcycles in India, is working on a partnership with Kelwon, an electronics and appliances specialist based in Delhi. Through the partnership, Daewoo hopes to tap into the rapidly growing automotive battery segment catering to both two and four-wheelers. The plan also includes solar batteries, inverter batteries, and lubricants.
