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In 1997, Ssangyong motors introduced Chairman, based on Mercedes Benz E class platform with Benz engine, transmission, and design. When the company faced severe financial problems in 1998, however, Daewoo motors took over Ssangyong motors and as a result, Chairman was reborn as Daewoo Chairman. Until recently, Chairman was Korea's largest and the most powerful luxury sedan(now Hyundai's Eqqus is the largest sedan in Korea.) It is also offered in limousine version. Chairman is powered by Benz V6 engine producing 220hp. Although Chairman is being sold outside of Korea, the qunatity is very small and it is primarily sold exclusively in Korea.