Chapter 183: The Car I Want to Make
Chapter 183: The Car I Want to Make
[Mirae Motors, Hiding Electronic Hydraulic System Issues?]
[Mirae Motors, High Fire Risk Due to Short Circuit Possibilities?]
Coming back to Korea felt like more things were happening here than when I was in the US.
Even just looking at the news, it was a country where variety-show-level events kept popping up nonstop.
'Korea really doesn't give you a moment's boredom.'
The Isung Group, LK, and DK Group were aggressively using the media to target Mirae Motors.
―Mirae Motors is living up to its name, alright.
―Buy a car, and it's all on the customer.
―Recalls in the US, but in Korea, that's just how you drive it.
―Mirae Motors class: Mechanics diagnosing engine defects by sound.
Public opinion on Mirae Motors was souring, and its stock price was dropping 2-3% at a time. Honestly, I wasn't too bothered by it.
―Ellie: The Fed seems to be gearing up for full-on tightening.
―Kim Shin: How much?
―Ellie: They're tapering asset purchases now, but rate hikes could come faster than expected.
The last decade or so had been an unprecedented era of low interest rates.
But historically, when the Fed raised rates, they jacked them up by 3-4% without hesitation.
Countries across Latin America, Asia, and Europe had all suffered under those cycles.
Rapid US rate hikes had pushed heavily indebted nations into crisis, drawing criticism that the Federal Reserve was “shearing the sheep” while pressing ahead regardless.
―Kim Shin: Keep the investment positions as is for now.
―Ellie: Got it.
With assets at $220 billion, daily swings exceeded $10 billion.
Even indulging in luxury and pleasure, it was an amount impossible to burn through in a lifetime, changing every day.
$228,731,397,144.
An eye-watering sum of assets fluctuating by the second.
Compared to now, the volatility back when Bitcoin made me rich was child's play.
―Vice President An Myeong-guk: Analyzing Omicron. Based on the spike protein structure, high infectivity looks almost certain.
We were busy monitoring even the global pandemic crisis.
With so much to keep tabs on everywhere, a message came from Jin Yoo-kyung.
―Jin Yoo-kyung: Dad wants to meet. When are you free?
I'd been waiting only for Mirae Motors to join to complete the Earth Car project blueprint.
Mirae Motors had mastered automobile production and quality control, even compared with German giants such as BMW, Mercedes-Benz, and Volkswagen.
But getting the offer to meet again stirred some conflict.
'Is Mirae Motors really the best choice?'
Truth be told, they did have several flaws.
'Hiding obvious engine defects and skimping on safety features.'
Even if we brought in Mirae Motors, we needed to perfect our side first.
―Kim Shin: Probably free in a week.
After a week of buying shares, I completed the US incorporation procedures.
Then I holed up quietly in the apartment, playing computer games.
From Gran Turismo, which Oh Myeong-woo recommended, to the Euro Truck Simulator series.
Playing car games let my thoughts roam free.
'Start a car company. With money and tech, it's possible. Maybe it's greed to make even more money. But what's the ultimate goal for founding the company?'
Elon Musk aimed to make cars that could drive on Mars.
My goal was far more modest than his, and I sorted it out in my head one point at a time.
'I want to make safe cars.'
As car tech advanced, safety evolved from just seatbelts and airbags.
The list now included automatic emergency braking, lane-departure prevention, blind-spot alerts, and many other systems.
'Safety features must be standard on every car.'
No skimping on compact models.
They prevent accidents, reduce injury severity, even save lives.
Volvo aimed for zero fatalities; I wanted sky-high safety standards from production.
'And never hide defects, obviously.'
I didn't want to sell cars concealing dangerous safety flaws or major issues.
'Lessons from Tesla, too.'
Tesla's edge in the US came in many forms.
Electric motor power, battery efficiency, autonomous driving, user experience.
From a business view, one of their boldest innovations was online sales.
No dealer commissions like other carmakers—just direct internet sales.
Boosted profits, funded R&D.
'Sure, weak service networks and inaccessibility are downsides, but profit-wise, others can't catch up.'
Tesla repairs, even simple ones, take months.
Even with online sales, service levels were like Mirae Motors.
Jumping into autos, I wanted to achieve these practical goals.
With thoughts sorted, I messaged President Biden.
―Kim Shin: Mr. President. Hello.
―President Biden: Long time no see, friend. I hear Korea's weather is brutally hot—hope you're doing well?
His stimulus package right after election wasn't panning out great, and inflation kept approval ratings in the gutter.
―Kim Shin: Yes, resting well in Korea.
―Kim Shin: About that $50 billion US investment plan I mentioned last time—the scale might change a bit.
―President Biden: I see. Business happens. I understand.
―President Biden: But we need prep time here, so could you hold off on announcing changes?
He seemed to think I meant slashing the $50 billion.
Plans rarely go as scripted, after all.
―Kim Shin: No, the investment size is going up.
I sent the text, and five seconds later, the phone rang.
Caller: President Biden.
"Friend, investment size increasing? More than $50 billion?"
He called himself—must've been dying to know.
"Yes, the plan with Isung Electronics cooperation goes ahead as is."
―Really?
"I'm starting an EV business. Securing land, building factories."
―Those rumors in the press are true?
EV business entry.
I'd test-driven Mirae Motors' EVs in Korea, met various companies.
The $50 billion was set for semis; nothing concrete on EVs yet, so he was skeptical.
"Yes, partnering with Korean firms to build an EV plant in the US."
I shared the EV plan uniting Korea's Isung, LK, DK, and Mirae Motors groups.
Mirae Motors wasn't official yet, but odds were high.
―My God, that's fantastic news. While Elon expands factories in China...
Elon Musk catching heat right away, as expected.
"I'd appreciate generous support from you, Mr. President."
"Of course. We'll explore every federal aid option available."
After chatting with the president, it was time to work the media.
* * *
Lee Jong-yeop scrolled his phone contacts.
Grouped lists had over 100 reporters registered.
"Start with CBS."
When Lee Jong-yeop first came to the United States, he had no connections, but serving as Kim Shin’s chief of staff had allowed him to build a broad network.
His contacts now spanned politics, business, and the media.
"Melina, it's Jong-yeop."
He casually checked in with a CBS anchor before leaking the Earth Car project.
USA Today, The Washington Post, and other outlets came next.
He contacted each outlet and spread the information.
―Jong-yeop, thanks a ton. Dinner sometime?
"Anytime. Evenings always free."
* * *
US media started running stories.
[Earth Resource Launches Earth Car Division]
[Kim Shin to Invest $50 Billion in EV Business?]
[Silly Valley EV Stocks Surge]
[Nikola Up Over 15%, Named Beneficiary]
Comments flooded in right away.
―Earth Car! Earth Resource jumping into EVs now?
―Cool plan, but insanely fast expansion.
―Earth Phone was fine. Earth Car? Meh.
―Earth Resource got car tech? What's the link to their content biz?
―A bit late? Tesla owns US market, GM/Ford planning EVs too.
―Apple's got EV plans too, stalled though.
―Gotta see product. Startup-friendly market.
―Better than blowing $50B on Twitter buyout.
Concerns rose over Earth Resource entering unfamiliar auto territory.
Follow-up pieces dropped.
[Isung Group Officially Joins Earth Car Project]
―Isung Electronics making Earth Cars?
―Foxconn-Apple Car rumors, now Isung?
―What's this?
Confusion all around.
Isung Electronics was known for appliances and semiconductors, so the idea of it assembling cars confused people. Other outlets quickly piled on.
[Korea's LK Energy Solutions Joins Earth Car with Top Battery Tech and Electronics]
[Korean DK Announces Battery Collaboration]
―Isung, LK, DK all in?
―Korean firms en masse.
―Kim Shin Korean, pulling in compatriots?
Those reactions were predictable.
Electric-vehicle projects were often announced with great fanfare only to fizzle out.
―$50B investment is this?
―No faith till prototype at motor show.
―Factory completion first.
―3-4 years for 2,000 units maybe.
Then The New York Times published its story.
[Mirae Motors Group Joining Earth Car Project?]
The article reported that Mirae Motors was highly likely to provide Earth Car with its production technology and development expertise.
―Mirae Motors?
―Cheap junk incoming.
―Cheap was old news. Mirae #2 EV share in US now.
―When'd they get big?
―Cars sell well, handle great. Loaded options, over 10% US share.
Once Mirae Motors supplied the production system and vehicle-development expertise, Earth Car seemed only a matter of time.
Korean stock forums exploded.
―Wtf. What's happening?
―Thought Kim Shin bro was in Korea slurping national stew, resting. Nope, rallying firms for EV company?
―Leap forward! Leap!
―Stock market opens in 3 hours—gonna be wild.
It was six in the morning.
Most people were still asleep, yet the posts multiplied rapidly.
―Kim Shin bro making us money.
―Even saving Nasdaq-missing fools.
―Fr, just trust Kim Shin bro with assets.
―...I only bought Kosdaq junk.
―No worries. Trickle-down, bro. Market party's today.
9 AM, market opened.
[Mirae Motors Hits Daily Limit Up]
[Mirae Motors Stacked with Over 100M Shares Buy Orders at Limit]
Mirae Motors smashed the daily limit.
Domestic and foreign orders piled high.
"What the hell is this?"
Most shocked by the frenzy? None other than Mirae Motors Group itself.