The Chevy Cruze era has begun in South Korea, except the sedan will be badged as the Lacetti Premiere. General Motors partner Daewoo is producing the fuel efficient sedan for Korea, the first market to get one of GM's most important future vehicles. The Cruze is the first truly global vehicle that the General will produce, with a keen eye on fuel economy and scalability. The Lacetti Premiere will come equipped with the same 1.6L powerplant with 140 hp as the rest of the world, meaning fuel economy is reported to approach 40 mpg on the highway. Europe won't receive the Cruze until early 2009, with the U.S. getting the Bow Tie-branded sedan in 2010... at the earliest.

The Chevrolet Cruze may be delayed, but that doesn't mean that more variants of the Cobalt/Lacetti replacement aren't on the drawing board. In addition to the standard four-door model that Chevrolet debuted in Paris, a five-door hatch and a wagon will fill the rest of the range.

As General Motors burns through $1 billion in cash each month, the automaker's belt-tightening continues unabated, spanning the spectrum from lay-offs to shutting down the escalators at the RenCen. Naturally, its products aren't immune from the cash-strapped hatchet.

Click above for more new live shots of the 2011 Chevy Cruze

Click above for high-res gallery of the 2011 Chevy Cruze

Click above for high-res gallery of the 2011 Chevy Cruze

They're here! The first official pics of the 2011 Chevy Cruze have been released by General Motors, and we're not ashamed to say it - we like it. Of course, we're comparing it to the current small car in GM's lineup, the Cobalt, so the bar is pretty low. That said, GM's new small car takes the split-grille motif made famous by the Malibu and makes it more interesting with sharp creases rather than rounded corners. The front end features headlights that extend up and "point" to the A-pillars, and a strong character line running the length of the vehicle sits below a concave bend that sweeps up to meet the windows.

Rising fuel prices, both in the U.S. and abroad, means that automakers can now offer similar engines in vehicles sold throughout the world. According to Automotive News, General Motors' next small car, the Chevrolet Cruze, will be offered with a new 1.4-liter force-fed four-banger, putting out between 120 and 140 horsepower and returning fuel mileage in the 40 mpg range.