Chevrolet has selected the name Aveo for the low-priced Korean car it will begin importing in 2004, an industry source says. The car will be unveiled Wednesday, Feb. 12, at the Chicago Auto Show.
The Aveo will fill the gap left when the Chevrolet Metro was dropped in 2001.
The car will be produced by GM Daewoo Auto & Technology Co. in Korea. The company was created in 2002 by General Motors and its partners when they purchased the main assets of the bankrupt Daewoo Motor Co. Ltd.
Industry sources say two Aveo models will be offered: a sedan and a hatchback. The front-drive cars will be equipped with a 1.6-liter dual overhead cam four-cylinder engine.
The Aveos wheelbase will be about 97 inches, approximately 3 inches longer than the Metros. The Aveo sedan will be 2 inches longer than the Metro. The Aveo hatchback will be more than a foot shorter than the Aveo sedan.
Aveo prices have not been revealed, but the small Chevrolet will compete with the Hyundai Accent and Kia Rio, sources say, whose base stickers are about $10,000.