So Shi-Tei

From Wikislippy

So Shi-Tei Motors is a Korean manufacturer of budget cars. So Shi-Tei Motors was founded in 1954. Their main competitor is Kra-Pi Motors from Japan.

History

So Shi-Tei Motors was founded in 1956 by Won Tai Lee and Yi Son Guy . The company began as a bicycle repair shop in Downtown Korea. In 1970, the business was moved to a bigger location and began servicing motorized scooters and bicycles. In 1974 the company began manufacturing and selling their own bicycles.

Decline

By 1976, the company was facing serious financial trouble. The second generation bicycles were not reliable and were selling poorly. By late 1976, the company had a stock of over 10,000 unsold bicycles. By late 1977, brankrupcy was almost the only option.

Buy Out

During a visit to Korea in 1978, businessman Jason Jackson visited the shop for repairs to his bike. Jackson was told the story of how the business was going under. After hearing the story, Jackson wanted to help. Jackson bought one-third of the company in February 1978.

In 1979, Yi Son Guy died.