The Shinjin Industrial Company started as a parts producer in 1954, branching into the automotive field in 1958 as a rebuilder for the U.S. Army, with actual assembly commencing in 1962.

[3] Responsibility for deciding which firms would be authorized to undertake automobile manufacturing was held by the Minister of Trade and Industry, who at the time opted to appoint just one company for each product segment to maximize economies of scale.

[2] Preference was shifted to Saenara Motors after the latter made alleged political contributions to the party recently established by the military government.

[2] Consequently, Saenara signed an agreement with Nissan[3] who provided the company with technical assistance and a US$35 million loan to facilitate the construction of a factory in Bupyeong-gu, Incheon.

[5] Saenara Motors began importing duty-free Datsun Bluebird (310) semi-knock-down kits from Nissan in November 1962 at a cost of ₩130,000 per unit.

[6] Due to a shortage in foreign currency, the junta later forbid the firm from importing further kits, leading to the cessation of manufacture in May 1963,[8] having built only 2,773 cars.

[6] In November 1963, Shinjin released the Shinsungho (alternatively spelled Sinsungho)[9]—an exact copy of the Saenara Bluebird except they were fitted with Jeep engines.

The profitability experienced by Shinjin became a source of contention with other industrial groups emerging as lobbyists to convince the government to grant further licensing, thus ending the monopoly.

[2][18] The cessation of this monopoly, in conjunction with technological relationships with foreign corporations, substantially uplifted the total automotive industry output in South Korea to 33,000 units in 1969,[19] up from 7,400 in 1966.