Over its years of production, the Tico has seen serious modifications, mostly to the engine. Originally equipped with a carburetor (47bhp), it was later upgraded to fuel injection, thus reaching Euro 2 pollution standard. Injection gave an increase of power (however, Tico drivers maintain that the original carburetor engine gave better performance). Some versions of the Tico in the Korean domestic market were powered on liquefied petroleum gas.
Daewoo assembled the Tico at the old Oltcit factory in Romania.
In 2000, the Tico was replaced with a new car, the Daewoo Matiz. After 2001, it was sold alongside the Matiz.