In order for Tesla Motors to sell electric vehicles in the Korean market, it had to roast government agencies somehow.
If you only wanted to get a sales license, you only had to replace the charging terminal that the government stumbled upon, but electric cars were not a product that ended with a sales license.
A purchase subsidy of about 20 million won.
In order for Tesla buyers to receive this money, eco-friendly certification from the Ministry of Environment was essential.
The government will want to subsidize its own vehicles first, so it will want to exclude Tesla electric vehicles at all costs.
Even Daehyun is looking after him, so it will be even more so.
It was impossible for foreign companies to destroy the cartel built up by Daehyun Group and the government.
That’s why I joined hands with a domestic company that could compete with them, and made plans to launch an offensive together.
“Nice to meet you, I am Jeon Yong-taek from Ohsung Group.”
“This is Shin Woo-hyuk from WHTS Company.”
When it comes to chaebol, the first things that come to mind are negative words such as greed, power abuse, arrogance, and self-righteousness.
Media such as dramas and movies have portrayed chaebols that way, and in reality, chaebol families’ abuse of power was often in the news.
However, the first impression of the chaebol I actually met was not at all like that.
“I have heard a lot. He has grown the WHTS Company to an amazingly large size in a short period of time.”
“I was lucky.”
“You are too humble. Oh, would you like to get a business card first?”
In addition to greeting politely, he holds his business card with both hands and holds it out this way.
I was honestly surprised. Isn’t this the chaebol I imagined, but the office worker that appears in textbooks?
“I was planning to visit you first, but I didn’t know that Vice Chairman Jeon Yong-taek would contact me first.”
“Me?”
“That’s right.”
Jeon Yong-taek looks at my expression in surprise. I think I’m doing that because I don’t know if I’m serious or a formal greeting.
“Did you not receive the report? I contacted Ohsung Electronics.”
“ah… … You did. I haven’t been in a good mood lately.”
“It could be. Aren’t you the one who manages a company as big as Ohsung?”
I was told that I would like to hear it, but for some reason Jeon Yong-taek’s reaction was not so good.
Was there a problem with word choice?
A similar conversation continued afterwards, but Jeon Yong-taek’s expression seldom brightened. I decided to change the subject at this point.
“By the way, why did you ask to meet me?”
“It’s nothing else, I heard that the WHTS Company has become the largest shareholder of Tesla Motors.”
“That’s right.”
“I heard that WHTS Company’s main business is virtual currency and SNS, but I would like to know why it invested in an electric car company that was far away from it.”
I listen to the story quietly and burst out laughing.
“Are you here to hear me talk about investing?”
“Rather than that, I would like to hear the overall view of the electric vehicle-related industry.”
“If that’s the case, you’d better hear it from the experts of the Ohsung Group than from me.”
There is a pause in speech for a moment, and silence flows.
There was an uncomfortable atmosphere that made my throat feel dry, but I decided to hold it in until he spoke first.
“To be honest… … Experts inside the Five Stars are not helpful.”
“Oseong is a place where the best talents in Korea gather, right? If those experts aren’t helpful… … .”
“There are complex internal circumstances.”
“I think I can help if I know the circumstances.”
Jeon Yong-taek’s mouth was closed with a single letter. I think I touched a sensitive part.
“I can’t help it if you don’t want to talk.”
“Oh, no. I will tell you.”
He took a deep breath and let out his words as if letting out the breath he had been holding back.
“Before my father passed away, there was something going on. I have made the final decision… … Within the group, the majority of the opinion is to follow the will of the father.”
“I guess you didn’t like the opinions in the group.”
“Rather than saying I don’t like it, I wanted to hear as many opinions as possible.”
It wouldn’t be easy for a conglomerate of the size of Ohsung Group to make a decision after such careful consideration.
Besides, what if the field you want to hear from is electric cars?
“Is it because of the acquisition of Herman?”
Momentarily, Jeon Yong-taek’s eyes widened. I didn’t say it out of my mouth, but I hear a voice in my heart saying, ‘How do you know that?’
“As expected.”
“How did you know?”
I take a sip of coffee and deliberately sigh before speaking.
“You would be surprised to know how many companies I looked at before acquiring the Tesla stake.”
“then… … .”
“You are right. Among the companies I looked at, Herman also included.”
It’s a blatant lie. In the first place, I had no interest in any other company other than Tesla.
The reason I can say this with such confidence, though, is that I knew that around this time, Oh Sung would take over Herman.
“Isn’t Herman a company with excellent technology in automotive electronic equipment? I think we can create good synergies with Ohsung’s semiconductor, small display, and auto parts businesses.”
I picked out the words he would like to hear and laid them out. However, Jeon Yong-taek did not look happy at all.
Did they expect me to comment negatively on the Herman acquisition?
“It seems that the vice-president doesn’t like the acquisition of Herman.”
“It can’t be.”
“Otherwise, why are you looking for a reason to reject the takeover?”
“Looking for reasons to refuse? I never came to meet CEO Shin with that thought in mind.”
“It seemed that way to my eyes.”
Jeon Yong-taek bit his lip. It looks like I hit the point.
“The current owner of Ohseong is the vice chairman. If you don’t like the Herman takeover, be bold.”
“you’re right. That’s right, but… … .”
He mumbles to himself with a complicated expression, then continues talking again.
“I wish I could run the company boldly like CEO Shin.”
“Is there any reason not to do that?”
“There are many reasons, but in the end it is because of my lack of ability.”
Jeon Yong-taek laughs weakly and gets up. Now that I’m done talking, I think I’m thinking of quitting.
I couldn’t let him go like this.
I suddenly throw out the words I just came up with.
“It seems that you are clearly lacking in ability.”
Jeon Yong-taek’s eyes, which had been blurry until just now, glared at me.
“That is very rude.”
“Then, with a customer sitting in front of me, should I evaluate the owner who gets up after complaining as competent?”
Tesla was a potential customer who could purchase semiconductors, camera modules, displays, and even batteries produced by Ohsung.
Jeon Yong-taek, belatedly realizing this fact, hesitantly sits down again.
“Are you saying you want to make a contract with us?”
“If the conditions are met, we can contract not only Ohsung but also Herman’s products.”
When the word Herman comes out of my mouth, his blurry eyes flash and spark for a moment.
“What conditions? Come on, let’s talk.”
* * *
In the car on the way back to work after a meeting.
Jeon Yong-taek clenched his fists repeatedly to dampen his excitement.
How can you not be happy that he has finally found a way out of the Herman acquisition that has been gnawing at him for months.
‘If I announce a large-scale supply contract with Tesla right after the Herman acquisition, no one will doubt my ability.’
He, as his son, perfectly concludes the super-large takeover that his father has been carrying out.
There was no better ending than this. If everything went according to plan, everyone would recognize him as the official successor, and doubts about his management abilities could be cleared away.
“Whoop whoop… … .”
I already laugh at the thought that my evaluation of myself will change.
How much did he put up with and how much he endured the evaluation of the public that he was a son worse than his father? Even within the group, the distrustful gaze that was seen implicitly will disappear cleanly with this incident.
Kwak.
He clenched his fists tightly and forced a smile in.
It was still too early to say a toast. In order to sign a formal contract with Tesla, it was necessary to fulfill the terms presented by the other party.
* * *
[Jeon Yong-taek’s Ohseong takes over ‘Herman’, an American electric vehicle company, for 9.5 trillion won! Experts are also surprised by the largest M&A ever.]
[Ohseong, starting the electric car business? With the acquisition of Herman, it has become a strong player in the automotive electronic equipment sector.]
The news of Ohsung’s acquisition of Herman, which was suddenly announced, turned the related industry upside down.
In particular, Daehyeon Group, whose main focus is the automobile business, had been holding a countermeasure meeting since the morning when the news was announced.
“Did Jeon Yong-taek do this? funny sound. He doesn’t have the guts to do something this big. Bona Mana, Jeon Moo-hong’s work.”
Daehyeon Chairman Lee Tae-seok raises his voice, and the executives agree accordingly.
“you’re right. An exclusive house is not such a vessel.”
“Do not worry. What difference does Oh Sung acquire from Herman?”
“Oh. Cars are not a business that only dogs and cows can do. There are precedents where Ohsung has already been ruined.”
“Without Chairman Moo-Hong Jeon, Oh Seong is just a toothless tiger.”
It was an emergency meeting, but there was no sense of tension. Oh Seong, led by Vice Chairman Jeon Yong-taek, was often ignored.
In the meantime, a sound of hasty running toward the meeting room is heard.
“Oh, it’s a big deal!”
An employee rushes in with a file folder.
“What’s the big deal?”
“I just received information from a securities company, and Ohsung said that he had signed a very large contract with Tesla.”
“What contract?”
“It is said that they have signed a pre-contract with Ohsung’s existing products as well as Herman’s products acquired this time.”
The fact that the contract was signed prior to the Herman takeover announcement meant that a close contractual relationship with Tesla had already been established.
The executives in the conference room start talking in amazement.
“It is nonsense. How did you get a deal with Tesla when you don’t even know if the Herman deal was successful? That is fake news.”
“Where is the source? That sucks right?”
As executives reprimand the employee for bringing the information, someone’s cell phone vibrates noisily.
From noble mtl dot com
burrr. burrr.
At first, only one cell phone was ringing, but soon, vibrating sounds were heard from all directions.
The executives who had been paying attention also felt that it was not serious and went outside to answer the phone one by one.
Chairman Lee Tae-seok, who couldn’t see it, shouted.
“What is it?”
The executive who checked his phone first said with his head bowed.
“The Ministry of Environment says it will withdraw its plan to unify charging terminals for electric vehicles.”
“What are you talking about? Why cancel a plan that worked so well?”
“That is… … .”
“Tell me quickly! I’m going to die of boredom!”
The executive opened his mouth in tears, as if anticipating the imminent disgrace.
“It seems that the Ohseong side breathed in.”