Formosa Automobile Corporation is a Taiwanese automobile company. It was founded on October 20, 1996, by Mr. Lee Tzung-Chang of the Taiwanese Formosa Plastics Group.
Formosa Automobile Corporation started after buying a factory from Sanfu Motor Co. Ltd. Its initial plan was to produce LPG and petroleum vehicles and to increase production and management experiences in vehicle production.
On November 11, 1999, Formosa Automobile Corporation started a product license agreement with GM Daewoo to produce the Magnus sedan under the Formosa brand as their first product.
The Formosa Magnus was a re-branded Daewoo Magnus sedan running on the SC-1 DOHC 2.0L engine by GM. The Formosa Matiz hatchback was added later, based on the new-badge Daewoo Matiz. The development of electric vehicles was also planned.[1]
In 2004, Formosa Automobile Corporation shut down the self-owned Formosa brand due to a long-term financial loss.
In 2005, Formosa Automobile Corporation acquired the procuration rights of the Czech Republic