In 2008 the second generation Lacetti launched, being a badge engineered version of the Chevrolet Cruze.
In Australia and New Zealand, the Daewoo Lacetti was briefly sold between 2003 and 2004 as a four-door sedan. During the 'Asian Economic Crisis', Daewoo became technically insolvent and the company withdrew from the Australian market.
From 2005, the Lacetti (sedan and wagon) and Lacetti 5 were sold together as the Holden Viva. It was introduced at around the same time as the Daewoo Kalos-based Holden Barina. Unlike the current Barina, however, the Viva is meant to be below the premium Holden Astra as a budget alternative.
Despite the Viva's lower price compared to the Astra (AUD$17,990 compared to AUD$21,990), the Astra outsells the Viva by a factor of about two-to-one.
The Lacetti was available in Canada as the Chevrolet Optra in two models, a four door hatchback (the Optra5), and an Optra Wagon, all in LS or LT trim levels. The sedan was available in 2004 and 2005, but was removed in 2006. All are powered by the 2.0L inline-4 engine, rated at 119hp (89kW) at 5400rpmand 126ft·lbf (171N·m) of torque at 4000 rpm, driving the front wheels through either a 5-speed manual transmission or a 4-speed automatic. Despite its compact size and the 2.0L engine. Fuel economy was poor rated at 10.7L/ 100km for city and 7.4 for highway driving which was worse than larger cars like the Camry or Accord. The car was positioned as a versatile and fun to drive but affordable budget compact family car. Brakes are disc, front and rear. The Optra slotted between the Cobalt and the Aveo, and it replaced the Daewoo Nubira.