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.
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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 November 1979, Yi Son Guy died and left his share of the company to his son. Jackson bought the other third in January 1980. The company stopped making their bikes in April 1980. However, they continued selling second hand bicycles.
Cars
After his death, Won Tai Lee and Jason Jackson began talking about expanding into the motor vehicle franchise. Jason's brother, Andy Jackson entered the company in 1983. In 1984, Jason Jackson bought a service station near the head office. A month later, the company was renamed J+J Bike and Auto Service.
Tension was growing between the Jacksons and Lee and eventually resulted in Lee leaving the company. In 1986, Jason invested in a car plant that was going bankrupt and eventually bought 100% ofthe company in August 1986. The plant had stopped making vechicles in June. In September, J+J Bike and Auto Service abondoned the bicycle market and focused on the automobile. in 1987 the name was changed again to JJ Motors and the first car drawing were shown in September 1987. The JJ C1 was a full sized car based on several North American models.
The reception was not well and forced a redesign. The JJ C2 was shown one year later in 1988. The C2 was just a smaller version of the C1.
Second Decline
After the unveiling of the JJ C2, it was discovered that JJ Motors was in serious finiacial trouble. Also, JJ Motors was being sued by the families of Won Tai Lee and Yi Son Guy. The families eventually won and JJ Motors was handed over to Won Tai Lee. In 1989, the Jacksons left Korea and headed back to America. JJ Motors never actually produced a car.
After That...
The families spent alot of time making their new company right. In 1992, JJ Motors was renamed to So Shi-Tei Motors to make the name more Korean. It was also revieled that their line of vechicles would be budget cars for people with lower incomes. In 1993, the first So Shi-Tei car was unveiled.
Today
Today, So Shi-Tei Motors is competing with Japan's Kra-pi Motrors. Their current CEO is Yi Son Guy's son. In 2005, the company began selling motorcycles again.
