The car manufacturing side of Daewoo has undergone several name changes over the years. It began life as National Motor after being founded in Korea in 1937. 25-years later the name was changed to Saenara Motor. In 1965 the company was taken over by Shinjin Industrial and became known as Shinjin Motor. 1976 saw yet another name change, as the company became Saehan Motor, then in 1982 Saehan Motor was taken over by the Daewoo group and the Daewoo Motor Company we know today was born. There was a further development in 2001. Daewoo Motors had most of their assets bought by the American giant GM. GM Daewoo was formed following the disastrous collapse in Daewoo sales, which tumbled by a third in the second half of that year. As well as the motor production arm of Daewoo, there is also a sales division, Daewoo Motor Sales. 10 years on from its takeover the American giant severed ties with the division and Daewoo Motor Sales signed a non-exclusive deal with the Korea-based SsangYong Motor Company worth almost $18 million. From the beginning of 2005 Daewoo models sold in Europe have been badged as Chevrolets. An example of this is the Chevrolet Aveo, which is built by GM Daewoo at its plants around the world. So, while there are new Daewoo cars, they no longer bear the "Daewoo" marque. However, for the fans of the brand there are still nearly new Daewoos available such as the Matiz. The original Matiz, which first rolled out in 1998, is very much a success story for Daewoo. By 1992 over one million had been sold in Europe, with a fifth of that number being driven on the United Kingdom's roads.