The term 'Korean Car Company' refers to two major car companies in South Korea: KIA and DAEWOO. KIA is a multinational automotive manufacturer founded in 1944, and is the second largest car manufacturer in South Korea. DAEWOO is a former South Korean car manufacturer that was founded in 1967 and went bankrupt in 1999. It was later acquired by General Motors and rebranded as GM Daewoo. Both KIA and DAEWOO are well-known for their reliable and affordable vehicles.