In 2002, the Magnus L6 was introduced, equipped with Daewoo's first straight-six engine, with a new front grill and lamps. The same year, Daewoo also presented the Kalos subcompact, designed to replace the Lanos. Acquisition and later sale of SsangYong Motor In 1998, after the Asian financial crisis, Daewoo Motor took over the troubled four-wheel-drive specialist SsangYong Motor, only to sell it off again in 2000, because the conglomerate ran into deep financial troubles. Its models were sold under the Daewoo-SsangYong badge in South Korea, contrary to other areas where they were sold under the Daewoo brand name. SsangYong's flagship limousine, the Chairman, was integrated to the Daewoo range, becoming the Daewoo Chairman, with a new three-parts Daewoo corporate grill. Sale of Daewoo to General Motors By 1999, the whole Daewoo Group ran into financial trouble, and was forced to sell its automotive division. Candidates for the operation included Hyundai associated with DaimlerChrysler, Ford Motor Company and the GM-Fiat alliance. Finally, General Motors was the one who acquired Daewoo Motor's assets at $1.2 billion in 2002. In 2002, Daewoo Commercial Vehicle Company was spun off from parent Daewoo Motor Co. Ltd. In 2004, it was acquired by Tata Motors, India's largest passenger automobile and commercial vehicle manufacturing company. Overseas engagements Daewoo owned a share of AvtoZAZ, an automobile manufacturer based in Ukraine, from 1998 to 2003, establishing the AvtoZAZ-Daewoo joint venture. The CKD assembly of the Daewoo Lanos started in 2002 in Ukraine and later it was adopted for full-scale production as the ZAZ Lanos. A version of the Daewoo-developed Chevrolet Aveo has been assembled for local market at the Chornomorsk subsidiary. Following the bankruptcy of Daewoo Motor in 2001, UkrAVTO corporation bought out the AvtoZAZ holding in 2002. All of the AvtoZAZ manufacturing facilities (most notably MeMZ and the Chornomorsk assembling plant) were reincorporated into ZAZ. The company even adopted a new logo. The Daewoo part in the joint venture was bought out by the Swiss venture Hirsch & CIE in 2003. In August 1992, Daewoo set up Uz-DaewooAuto, a joint venture in Asaka, Uzbekistan, leveraging the presence of a large local ethnic Korean minority. Currently, the plant assembles the Matiz and the Nexia for both the local market and export, as well as the Lacetti hatchback and sedan for the domestic market only. In 1994, Daewoo acquired the Automobile Craiova company in Craiova, Romania, which was producing a