Daewoo, a South Korean conglomerate that used to sell prominent cars like Cielo and Matiz in India, is planning to make a comeback in the country with a new range of products. This time they are planning to launch a new range of EV products.
The company is expanding its product range into power and energy products such as solar and inverter batteries, and consumer electronics goods such as LED televisions, air purifiers, and refrigerators.
It has also partnered with Gurugram-based Kelwon Electronics and Appliances, which has experience and capabilities in manufacturing, marketing, and selling Daewoo products in India.
As per available reports, Daewoo plans to launch its electric bikes and e-cycles in India by the end of this year. The company is also looking to launch its power and energy products, such as solar and inverter batteries, by the next financial year.
Daewoo entered the Indian market with Cielo in 1995 followed by Nexia and Matiz. In 2001, General Motors (GM) decided to buy the company’s assets in 2001, barring its India subsidiary, leading to its closure in 2003-04.
“In the initial stage, we will introduce a range of power and energy products, which would include batteries for both two-wheelers and four-wheelers, as well as inverters and solar batteries. The Indian energy and power market was worth over $100 billion and the Indian consumer electronics market was over $20 billion,” said Y S Choi, general manager, Posco Daewoo South Korea, in a statement.
“The Indian government is investing heavily in the development of these sectors, and we are the leading manufacturer of batteries and consumer durables products. Hence, by entering India through these sectors, we can position ourselves for long-term success in the Indian market,” he added
