English: Place: Xizhi District, New Taipei Formosa Auto was set up in 2001 by the Formosa Plastics Group, the largest petrochemical conglomerate in Taiwan, and General Motors. It marked the return for GM on the Taiwanese market after the assembly of Opel cars was halted in 2000 due to a bankruptcy of its local partner. The Formosa brand replaced the Daewoo brand, just taken over by GM, and initially launched the Formosa-badged Daewoo Magnus (Evanda in Europe) in 2001, not much later followed by the Matiz. Sales weren't impressive. GM later tried again with the Buick brand (Daewoo-based Excelle and the Chinese-designed LaCrosse), which both failed miserably.