บท 73: CH71
TL/n -
Thanks to Slothfu1 review you got yourselves an extra chapter.
***
If CarOS were as overwhelmingly dominant as Microsoft's Windows or Google's Android, there wouldn't be much of a problem. They probably would have just asked to make it usable for themselves.
However, the autonomous driving market is just about to open up, and most companies already have proprietary technology.
CarOS clearly possesses the most advanced technology compared to them.
But it's not like there's someone in the development team who traveled back from the future or brought in alien overtechnology.
It's just the result of exceptional talents making well-informed decisions and moving fast compared to others.
Just like Isaac Newton's saying about standing on the shoulders of giants, new technology is essentially a culmination of existing technologies.
In other words, what CarOS has developed could be replicated by other companies if they choose to.
How far ahead are they, really?
In my opinion, they've got about a three-year head start.
While three years might sound like a short time to catch up, we're not just sitting idle here waiting to be surpassed during that time.
Depending on how they proceed, they could catch up or even pull further ahead.
Regardless, it's certain that other companies will reach where we are in three years. Though if they hesitate here, they might just get caught up in no time.
In this situation, several leading automotive companies have proposed technology partnerships and equity exchanges.
I asked Daryl, "What do you think about these proposals?"
"If you develop great software but don't have the hardware to utilize it, it's useless. In that sense, it's welcome."
For CarOS's technology to be meaningful, it needs to be integrated into vehicles. Delaying commercialization gives other companies a chance to catch up.
All in all, it's not a bad thing. If managed well, software and hardware companies can exchange stakes and grow together.
It ensures CarOS secures automotive companies as allies. However, being a small to medium-sized company while they are giants, the possibility of being pulled around is high.
And that's not the scenario I envisioned.
Among the companies where OTK Company holds stakes, which one is the most valuable from an external perspective? It's FaceIt.
Faceit already occupies 30 percent of the access rate to American porn sites and is profitable through paid subscriptions. However, in my opinion, it's different. The difference lies in the market size. No matter how big the porn market is, it can't compare to the automotive market. Even if you can live without watching porn, can you live without a car? (Maybe some people can?) If CarOS succeeds, it will dominate a unique position like Windows on PCs or Android on smartphones! Of course, existing automotive companies won't just stand by; they will probably first bend a knee and extend a hand.
"What if we refuse?"
Sergey nodded gravely at my words. "We will face constraints and pressure. As you know, current automotive and IT companies are joining hands and rapidly advancing their technological capabilities. We need to form alliances quickly."
I cannot be unaware of this fact. After all, CarOS itself is a company created by the collaboration of AMZ, Hitachi, and Eunsung Motors.
Ryan also interjected, "Competition is intensifying. You are aware that Samsung Electronics acquired Herman for 8 billion dollars a month ago. Although known to the public as a high-end audio brand, Herman is actually a powerhouse in the automotive-related B2B market."
This acquisition signified Samsung Electronics entering the autonomous driving and automotive field. They aimed to overcome their lagging technology through mergers and acquisitions. Rumor has it that Samsung Electronics provided the money when a financial company lent funds using CarOS shares as collateral. If this rumor is true, CarOS would have ended up with Samsung Electronics if we hadn't repaid the money on time.
Leaving aside technological issues, CarOS's current situation is not so rosy. They need continuous investment, but cash is running low, risking missing the window for commercialization. Perhaps cooperating through a partnership, even if it means giving up shares, can alleviate immediate challenges and expedite commercialization.
However, that's only if things go well. They could end up just an average company dependent on multiple automotive companies or, after some collaboration, those companies might snatch up their technology.
Judging by the atmosphere, it seems they had discussed giving up some shares and the extent of cooperation.
Well, given the circumstances, they probably didn't have many other alternatives at the moment. If they had planned to give up shares, I wouldn't have bothered coming this far.
I looked around the meeting room and proposed a new idea.
"Let's just make cars."
Everyone was taken aback by my words. It seemed that they never even imagined such a statement would come out of my mouth.
Deryl asked in astonishment, "W-what do you mean?" I recounted something he had said to me before.
"In the past, cars were just machines powered by internal combustion engines. But now, they are evolving into giant electronic products."
Machines could operate solely on hardware, but electronic products always required software.
"We have the software. So instead of being dragged around by hardware companies, let's make the hardware ourselves."
Steel is often referred to as the staple of industries because it is the fundamental material on which industries are built. That's why even in Korea, we used the reparations we received from Japan to build a steel mill in Pohang.
If steel is the staple of industries, then cars are the meal made from that staple.
If a country develops and manufactures complete vehicles on its own, we can roughly estimate the level of its industrial and technological capabilities.
Therefore, it's not an exaggeration to say that cars are a concentrated essence of all industrial technologies.
"Making it ourselves will take too much time and money."
Money is not a problem.
But time is. From sketching to the finished product, when will we be able to complete it?
The automotive industry is undergoing rapid changes. Experts predict that the changes expected in the next 10 years will be greater than those that have occurred in the past 100 years.
To seize the opportunities brought by these changes…
"We're considering acquiring automotive companies."
Money is soon to be an opportunity.
If it were pre-Brexit, aside from alliances, it would have been hard to find other solutions. But currently, we have $3 billion in cash.
With this amount, we can acquire most automotive companies and still have leftovers.
***
After finishing the meeting, guided by Henry, we headed to the accommodation.
It was the top floor room of a 5-star hotel. Inside, the duplex structure overlooked the San Francisco Bay through glass walls.
As Taek-gyu entered, he exclaimed, "Wow!"
I looked around inside and said, "This is too good for just the two of us."
Henry smiled and said, "I'm glad you like it. Feel free to let me know if you need anything."
This must cost over $10,000 for one night, right? Even though we're Golden Gate VIP customers, they seem to be treating us exceptionally well.
After Henry left, we plopped down on the sofa.
Taek-gyu grabbed a cola from the minibar and tossed it to me. We usually don't use hotel minibars, but it's fine since we're not paying.
"Have you looked into any car companies to acquire?"
"If we have the money, there are plenty to buy."
But it's not as simple as it sounds. Acquiring a car company is different from acquiring a startup. Car companies come with brands, factories, numerous workers, and subcontractors. Due to their significant impact on the local economy, not only contracts between parties but also government approvals are necessary.
Depending on the situation, they may receive active support. However, once you invest, it's hard to withdraw. Therefore, acquisition decisions must be made carefully.
If we make a wrong purchase, it could become a money-eating pit.
Taek-gyu sipped his cola and said, "But if Eunsung Motors is the goal, can't we just join hands with Daimler or Toyota and compete?"
"Wow!"
It's a great opinion that's hard to believe came out of this kid's mouth. But…
"When Tesla first made an electric car, existing car manufacturers laughed at it. The performance was not great, it couldn't run for long, charging took a long time, and on top of that, they said who would drive such an expensive car. But as the electric car market opened up, Tesla saw explosive growth."
Currently, Tesla's market cap threatens even that of Eunsung Motors.
"Autonomous driving technology will change the world more than electric cars. To completely dominate that market early on, bold investments are needed."
Building an alliance excluding Eunsung Motors is one way, but in that case, other companies end up benefiting.
Regardless of emotions towards Eunsung Motors, business is business.
"If we have enough investment capital, why should we share with other companies when we can eat it all ourselves?"
Taekgyu nodded.
"Well, producing both software and hardware like Apple seems like a good idea."
Apple produces smartphones, PCs, and tablets with their own operating system. They earn huge profits from both software and hardware, securing the top position in global market capitalization.
"There's no law saying we can't become like them."
As they spoke, they started feeling hungry.
"Dinner?"
"I told Henry."
Unlike workaholic Hyunjoo, Taekgyu and I believe in enjoying life moderately. Even if we came to the US for work, we should also do some sightseeing and enjoy delicious food.
So, we suggested to Henry to have a meal together and asked him to find a good restaurant nearby.
Ding dong!
Suddenly, the doorbell rang.
Opening the door, Henry was standing there.
"We are ready. Shall we go?"
We got into the limousine waiting in front of the hotel. While on our way to the restaurant, Henry asked us:
"My grandfather happens to be nearby. Would you mind if he joined us for dinner?"
I nodded.
"Yes, that's fine."
"I'm okay with it too."
The restaurant was located just outside San Francisco. It had a cozy atmosphere, more like a home than an upscale restaurant.
Following the guidance of the staff, we entered to find the inside set up like a garden with chefs grilling steak orders on one side.
"Oh! It smells so good."
We sat at the reserved table. As we placed our orders and waited, a man dressed in a suit approached us. He was an elderly man with a neatly groomed white beard and a thin physique. Perhaps in his 70s?
His wrinkled face was adorned with golden-rimmed glasses, a gold ring on his finger, a cane in one hand, and a fedora on his head. It felt like seeing a Western elder character straight out of a TV show.
The old man spoke.
"It's been a while, Henry."
Henry introduced the old man to us.
"This is my grandfather."
They resembled each other so much that it was obvious they were related.
We stood up from our seats to greet him.
"Hello, I'm Kang Jinhoo."
The old man looked at me with a childlike expression.
"Meeting the CEO of OTK Company. I'm truly delighted."
"······."
Does he know about me?
Judging by Henry's expression, it seemed he was aware too.
Although no one asked me to keep it a secret, I didn't know that everything about me had been disclosed. Is it okay like this?
With a smile, the old man seemed to know my thoughts.
"I've heard about your contributions from a friend."
"A friend…?"
"Chase."
This old man is a friend of Chase Southwell?
Taking off his black fedora, the old man politely introduced himself.
"I apologize for the late introduction. My name is James Clark Goldman."
Taekgyu spoke in Korean.
"Your name sounds familiar, where have I heard it before?"
I opened my eyes wide, lost in thought.
"Wait, could it be…?"
James C. Goldman?
The CEO of Golden Gate, known as the recluse investor?
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