S.Korea's Daewoo Motor August Sales Down 42 %

SEOUL, Sept 2 Reuters is reporting that Daewoo Motor Co, South Korea's third largest automaker, said on Monday its sales in August were 22,952 units, down 42.1 percent from a year ago.

Exports over the same period dropped 73.4 percent to 7,018 units, Daewoo said.

"Overall sales fell due to a drop in exports, as our company is in a transition period," a company spokesman said.

In April, General Motors Corp agreed to invest $251 million in a joint venture with Daewoo creditors, which will give the world's largest automaker a 42.1 percent stake -- the largest -- while its business partners will hold 24.9 percent.

Production at Daewoo plants was halted at the end of last month, as parts suppliers suspended deliveries, demanding back payments.