Daewoo Motors India (DMIL) was incorporated in 1983 as a part of the DCM group in collaboration with Toyota Motor Corporation, under the name DCM Toyota. The Company's Toyota range of passenger cars failed to meet the pricing requirements and the company was in the red. DMIL, in consultation with Toyota, entered into a new joint venture with Daewoo Corporation, Korea, in 1994. The collaborator, Daewoo Corporation, holds 91.63% equity in the joint venture. One the major features of the joint venture is that the manufacturing and marketing activities of Toyota Dyna range of light commercial vehicles were not discontinued. The company has been awarded ISO 9002 certificate in Apr'2000. The Company launched the Cielo model in Jul.'95. It has its manufacturing facilities at Surajpur, UP, with a capacity to produce 70,000 passenger cars p.a. without affecting and discontinuing the Dyna range of LCVs. Later it came out with an upgraded version of Cielo ie. Cielo - GLX, a luxury model in Sep.'96. The company launced a small car, Matiz in Oct.'98 and a mid size car, Nexia in Apr.'99. DMIL has chalked out an aggressive marketing strategy which includes the launch of two new mid-size cars. It reduced the number of its employees by 200 which signifies a 9% drop in the workforce. As a part of restructuring initiative to keep losses at bay in the first phase it plans to hive off its loss-making engine and gearbox manufacturing units into two separate companies by May 2001 and in the second phase, other auto companies are likely to be invited to take equity participation in the two units, or they might even be sold outright. DMIL will introduce three new models - two in the mid-size segment and one in the premium segment - in lately by May 2001. It is offering the Magnus, which will be equipped with a 2.0 L engine, in the luxury car segment. The company plans to price the model between Rs 13-15 lakh in the Indian market. In the mid-segment, it is launching the Nubira-II and the Lanos-II. The Nubira-II is being launched in two variants - the 1.6 SX and the 2.0 CDX and will sport a price tag in the Rs 9-10 lakh range. The Lanos-II will be priced in the Rs 7-8 lakh range. DMIL is targeting a sales figure of 55,000 units in passenger cars by the end of the next fiscal. The company is also targeting 72,000 units by 2002-03 and 1 lakh in sales by 2003-04. In the second quarter of fiscal 2001, the company introduced new variants of MATIX-Special under the total S.P.I.C.E standing for Safety, Power, Innovation, Comfort and Economy.. A new Matiz under the project Matiz 150 is all set to hit the road in the future.