Bab 127: CH125
Taek-gyu held discussions with Team Leader Jung Gi-hong of the COO office to establish an eSports team. Thanks to this, the CEO's office became quieter, and I found some relief.
I skimmed through the news on a portal site.
"Of course, Ronald is not missing from today's news."
At this point, it's not an exaggeration to say he's a regular guest.
President Ronald has initiated the safeguard measures against South Korean electronics manufacturers, as previously mentioned. Originally, the focus was on Samsung Electronics and CL Electronics, but after Samsung SB announced plans to establish a battery factory, Samsung Electronics quietly slipped off the list.
As a result, CL Electronics ended up bearing the brunt alone and hurriedly announced plans to set up a factory in the U.S., yet it was hard to avoid immediate damage.
This was just the beginning.
Ronald clearly stated that the next targets are automobiles and steel. He has also begun reviewing renegotiations of existing FTAs, which naturally includes South Korea.
Another news item was the opening of the Two Sessions, China's largest political event.
The Two Sessions refers to the National People's Congress and the Chinese People's Political Consultative Conference, through which the Chinese government's operational policies and economic strategies are determined. Thus, during this period, global attention was focused on China.
Here, President Xi Jinping criticized U.S. protectionism, asserting that the world must move towards free trade.
"Unbelievable…"
Who would have thought I'd witness a situation where the U.S. advocates for protectionism while China champions free trade?
Wasn't it just a few years ago that the U.S. berated China for its protectionist policies?
Nevertheless, the policies Ronald is pushing are beneficial for us. Since we already have a factory in the U.S., we are not affected by tariffs and trade barriers. On the contrary, other companies will face disadvantages in pricing competition due to the rising tariffs.
When the appointed time came, I had a video call with Daryl.
On the screen, Daryl looked at me and asked, "Which would you like to hear first, the good news or the bad news?"
"Let's start with the bad news."
"Our sales dropped by 8% compared to last month. Compared to the same period last year, the drop is over 20%. Inventory continues to increase, forcing us to partially halt production."
We rejected proposals from dealers to raise sales incentives.
As a result, several dealers terminated their contracts, and others showed a passive attitude toward sales.
That doesn't mean we're putting a lot of effort into advertising or promotions, so it's no surprise that sales have plummeted.
In any case, the decision to phase out the Chrysler brand has already been made. Though it hasn't been finalized, new models will be launched under a new brand starting with upcoming releases.
I nodded.
"Now let's hear some good news."
"The Level 4 development has been completed. We have perfectly corrected various issues that arose during the simulated and test drives through machine learning."
Autonomous driving is divided into several levels.
Level 4 is advanced autonomous driving where driver control is not needed.
Currently, the early stages of Level 4 have been developed by several automakers and incorporated into production vehicles. However, it is still not at a completely reliable level.
Even among Level 4 systems, there can be a vast technological gap depending on whether it is perfected or not.
This is because autonomous driving technology involves the lives of both drivers and pedestrians, allowing for no margin of error.
"Now, we might say we've entered Level 5."
Level 5 represents complete autonomy.
This is where unmanned vehicles can operate without any human presence. The difference from Level 4 lies in whether there is a person in the driver's seat and if remote control is possible.
"How is the collaboration with Samsung Electronics progressing?"
"Thanks to their substantial preparations, the development is advancing faster than expected."
"They were planning to enter this market anyway, even without partnering with us."
"At this rate, we should be able to launch new models by the second half of this year."
First, we plan to release a car equipped with Level 4 autonomous driving technology using an internal combustion engine, and then we will ramp up production of electric vehicles starting in the first half of next year.
There might be battery supply issues until the TS Company's factory is completed, but for now, we plan to source batteries produced at Samsung SB's domestic factory.
I nodded.
"It will be tough, but please hang in there a bit longer."
"Understood."
Ending the video call, I let out a long-awaited sigh.
It's a relief that things are progressing as planned. However, the rapidly increasing deficit is a major concern.
"We still have some leeway for now, but if we can't turn a profit within a year, we might face a liquidity crisis.
'Ronald needs to step up a bit.'"
***
The meeting between Im Jin-yong and Kang Jin-hoo at the baseball stadium was reported by several media outlets.
Park Si-hyeong, who was reading the newspaper at the Blue House residence, muttered to himself.
"Is he really a tiger cub after all?"
He had underestimated Im Jin-yong.
He thought that applying pressure would make him give up on Samsung SB and back down, but instead, he used it as an opportunity to team up with Kang Jin-hoo.
The battery plant that TS Company, a joint venture between Samsung SB and OTK Company, plans to build is the largest in the world. When this was announced, automobile manufacturers and battery companies all became tense.
However, the bigger threat is the collaboration between CarOS and Samsung Electronics.
Im Jin-yong probably planned to partner with Kang Jin-hoo from the beginning, regardless of Samsung SB. That's why things progressed so quickly.
Before he was a politician, Park Si-hyeong was a businessman. He spent much more time in the business world than in politics.
During his time as a businessman, he realized that no matter how hard he tried, he could not escape being a servant to the chaebols.
So he turned to politics, using the title of successful businessman to rise to the pinnacle of power as president.
From a mere businessman, he had now reached a position where he could manipulate the chaebols.
The taste of power was incredibly sweet. However, unfortunately, that time is not very long. Unless it's a dictatorship, a power holder must step down after their term ends.
The presidential term is now nearing its end. Even if a new president emerges from the Korean party, it would be impossible to enjoy the same power as now.
Power is not eternal. But money is eternal.
During the many regime changes, haven't chaebols passed down their wealth from generation to generation?
Knowing this well, Park Si-hyeong has amassed considerable wealth while in power. The fruit of that is PAS.
During Park Si-hyeong's presidency, Eunsung Motors, which received state support, grew significantly, and PAS, supported by Eunsung Motors, also grew alongside it.
PAS, which was merely a subcontractor, has grown into a large-scale parts company with 16 factories at home and abroad in just ten years.
The biggest problem for PAS is that it relies on Eunsung Motors for 90 percent of its revenue.
So far, Eunsung Motors has been thriving, with no significant issues. However, if a crisis arises for Eunsung Motors, PAS will also be affected.
This is why OTK Company took action to support Ronald and directly entered the automotive industry through CarOS. They immediately began their checks.
Ultimately, Ronald was elected president, and since then, the situation has continued to deteriorate.
As feared, Ronald was considering adjusting automotive tariffs, even if it meant revising the Korea-U.S. FTA. Despite support from the National Pension Service, Eunsung's acquisition of Samsung SB ended in failure.
In Park Si-hyeong's view, CarOS posed a greater threat than Tesla.
The key factor is production volume. Even if Tesla's market capitalization grew to challenge GM, its annual production is only 70,000 vehicles.
This level would not significantly affect the sales of other companies.
However, CarOS is different.
Having already acquired Chrysler and secured production facilities, they are also building new factories. Once these factories are completed, production capacity could increase to 5 million vehicles per year.
Due to battery supply issues, electric vehicle production is limited to around 500,000 units, but this still equates to seven times the sales of Nikola.
Once they start mass-producing vehicles equipped with fully developed autonomous driving technology, existing automakers with relatively inferior technology will be hit hard, including Eunsung Motors.
As long as the government doesn't relax autonomous driving regulations, the domestic market can be protected. However, U.S. regulatory issues depend on Ronald.
If CarOS were a Korean company, or at least had operations in Korea, they could have influenced things in some way. But CarOS is an American company, with its headquarters and factories located entirely in the U.S.
Fortunately, the CEO of the holding company, OTK, is Korean. They attempted some moves initially, but the results were failures.
Instead, a counterattack occurred, resulting in the loss of the National Intelligence Service head and the Attorney General, forcing the president to publicly apologize to the nation.
Recalling that incident filled him with rage.
Even Im Il-kwon and Han Min-goo bowed their heads before him, yet he, a mere 20-something, made him endured such humiliation.
"If Kang Jin-hoo has a grudge against Eunsung Motors, then from the start, compromise would be impossible."
Reaching out again would be risky, especially with the American president backing his opponent. Any clumsy actions could lead to even bigger problems.
Yet he had no intention of sitting back and doing nothing.
He still holds the power in his hands.
***
Park Sang-yeop, having finished his work, met his friend after a long time.
"Mr. Park, how have you been?"
"It's been a while, Min-sik."
Chae Min-sik, a fellow math major from Korea University, had passed the 5th-grade civil service exam and was currently working as a bureaucrat in the Ministry of Economy and Finance.
After being busy and out of touch for some time, they recently reconnected.
"What do you want to eat?"
"I've already made a reservation at a restaurant."
The place Min-sik reserved was a high-end Japanese restaurant. They were guided to a quiet room.
As Park Sang-yeop looked at the menu, he asked, "Are you paying?"
Min-sik pretended to lament.
"Come on, how much does a civil servant's salary even pay? Give me a break."
"If civil servants eat at places like this, isn't that against the Kim Young-ran Act?"
"All you have to do is keep your mouth shut since you're the one paying."
Park Sang-yeop chuckled.
"Ha ha, alright."
Before the food arrived, the drinks were served first.
They filled each other's soju glasses to the brim.
"How's work?"
"Being a civil servant is pretty predictable."
"But being in the Ministry of Economy and Finance isn't that bad, right? You get to have a strong voice since you handle the budget."
Min-sik shook his head.
"Sure, the higher-ups might, but for someone like me at the bottom, it's just a lot of hard work."
"You're being too modest. 5th grade isn't bottom. I heard even students from Korea University are preparing for the 9th-grade civil service exam these days."
"That's true. There are a few among our classmates who haven't found a job yet."
"You're amazing for passing that difficult public recruitment exam on your first try."
"What are you talking about? Among our peers, you're the most successful."
"Really?"
Park Sang-yeop didn't deny it.
The two continued their discussion over sashimi and soju—talking about work, women, old school friends, and memories.
"I remember back in the day, when you were planning to invest by taking the deposit from your rented place to buy MK Tech or whatever. We all thought, 'What kind of crazy person does that?' Not just me, but our peers and seniors felt the same way. Then later, when it skyrocketed tenfold, it made me think you were someone destined for success. I didn't expect this level of success, though."
"Success? There's still a long way to go."
Since it was their first meeting in a while, they had plenty to catch up on, and the conversation seemed endless.
In the end, all their dialogues led to one conclusion.
"Still, school days were the most fun."
"Right. Now that I've experienced work, I realize those times playing pool after class were the happiest."
It's true that everything seems better in hindsight.
As they kept drinking, Chae Min-sik seemed to be wrestling with something he wanted to say, his lips twitching. Finally, unable to hold it in, Park Sang-yeop spoke up first.
"Are you asking to borrow money?"
"Huh?"
"How much do you need?"
Chae Min-sik looked flustered and waved his hands.
"Oh, no. It's not that."
"Then what is it?"
After a moment of hesitation, Chae Min-sik cautiously spoke up.
"I have someone I'd like to introduce you to."
"Who is it?"
"Wait a moment."
Chae Min-sik sent a text to someone.
A moment later, a middle-aged man in a suit entered through the sliding door.
Park Sang-yeop paused when he saw the man's face. For some reason, he felt that it looked familiar.
'Where have I seen him before?'
The man greeted him politely.
"Hello, Representative Park Sang-yeop. I am Bae Ji-han, the Chief Secretary for the Presidential Office."
TL/n -
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