GM Daewoo boss Michael Grimaldi launches the Lacetti in South KoreaEnlarge Photo
In South Korea, the Cruze features a 114hp (85kW) 1.6L four-cylinder engine and is available with a five-speed manual or six-speed automatic transmission, reports Automotive News. The car was scheduled to go on sale in North America by mid 2010 as a replacement for the Chevrolet Cobalt, however sources at GM are citing the company's current cash struggles as a factor that will end up delaying it until 2011 at the earliest.
While the U.S. launch has been reportedly delayed for now, the Cruze might also be delayed in Europe, where it was expected to be released in March next year. Despite GM's stock rising 10% in light of a successful week of negotiations with Chrysler, the company's cash issues are significantly affecting its operations, with numerous other models also reportedly delayed.
In order to raise this cash, GM has taken some unorthodox avenues, including asking the federal government for a $10 billion loan to help it acquire Chrysler from its current owner, Cerberus Capital Management. Additionally, GM is also reportedly keen to open negotiations with Toyota in order to sell some of its assets.