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. Last Updated: 07/27/2016

Daewoo Eyes Boost

SEOUL, South Korea -- South Korea's leading Daewoo Motor Co. said Friday the company would bolster worldwide auto production to 2.5 million units by 2000 in a bid to strengthen its presence in the global market.

The country's third largest auto maker, which turns out 1.58 million units at home and abroad, aimed to corner 4.5 percent of the world market by 2000, company chairman Kim Tae-Koo told a media conference.

Kim, who also oversees an auto section in Daewoo Heavy Industries, said the Daewoo Group hoped to raise combined annual sales of its auto division to $35 billion by 2000.

Daewoo also planned to set up production bases in China and Russia, while expanding its sales inroads into the United States and Latin American market with six new models, he said.

The chairman said its sales target in the U.S. market was set at 30,000 units this year, and the company aimed to gradually drum up annual sales there to 150,000 units in coming years.

Daewoo Motor, a flagship of the giant Daewoo Business Group, had estimated sales of 4.5 trillion won ($5.3 billion) last year, while Daewoo Heavy Industries' auto section posted 3.5 trillion won in sales.