The car produced at the Gunsan EV Industrial Complex is a single model: a mid-sized sedan. It's a facelifted model of the electric vehicle previously produced by Eunsung Motors.
However, unlike before, it's equipped with an OTK battery and electronic systems for autonomous driving.
Both its driving range and autonomous driving capabilities are not significantly different from CarOS's AD series. In other words, it can travel 1,000 kilometers without recharging, and it's capable of road driving without driver intervention.
The price is 50 million won, slightly cheaper than the AD3. However, with individual consumption tax and other levies in Korea, the actual retail price is quite similar.
Still, compared to gasoline cars in a similar class, it's nearly twice as expensive. Despite this, the response was explosive.
Chairman Han Chan-young said.
"Pre-orders alone are at 100,000 units."
Considering that popular models usually get around 20,000 to 30,000 pre-orders, this figure is several times higher.
Chairman Im Jin-yong said.
"If you just think of it as a car, it might seem expensive, but if you think of it as an autonomous electric vehicle, the price is reasonable. Plus, Koreans have a strong curiosity about new technology."
True to his words, Korea's internet penetration, computer ownership, and smartphone adoption rates are among the highest in the world. Adaptation to change is also incredibly fast.
Perhaps in a few years, everyone will accept driverless cars on the road as a matter of course.
Currently, the automotive industry is in turmoil. Nikola has collapsed, and Toyota is still dealing with the aftermath of the Nishida Securities incident. The German Big Three have united, but they haven't achieved significant results yet.
On the other hand, GM and Ford, having partnered with CarOS, have announced plans to target the European market.
When Eunsung Motors joined hands with CarOS, some opposed it, citing concerns about technological dependence, but the stock price proved it was the right choice.
Money doesn't lie, after all.
Just like the saying "Even three seomal of beads are only treasure when strung," having great technology is useless if production can't keep up.
Korea is a manufacturing powerhouse. Eunsung Motors has facilities capable of producing 10 million units annually, and Seosung Electronics has established a mass-production system for electronic components. Furthermore, not only Seosung SB, but also CL Chemical and SSK Innovation have started producing OTK batteries.
With robust manufacturing technology and a solid supply chain, Korea can be seen as optimized for autonomous electric vehicle production.
"As we expand the factory, we plan to produce an SUV model as well."
All cars produced here are for the domestic market. An EV industrial complex is already under construction in Vietnam, and we plan to build another site domestically.
We also plan to convert existing factories into EV plants. This kind of redeployment requires the union's consent. Although the union currently opposes it, they will likely have no choice but to accept once the second factory is operational and production of internal combustion engine cars continues to decline.
While we were talking, the first car produced at the Gunsan EV Industrial Complex finally made its appearance.
The driverless car exited the factory, slowly moved to the center of the event venue, and came to a stop. Confetti cannons fired, and people applauded in unison. President Heo Chang-min left a commemorative signature inside the car.
President Heo Chang-min's congratulatory address followed.
"The Gunsan EV Industrial Complex represents hope for the Republic of Korea. Korea has now become a nation capable of producing autonomous electric vehicles, following the United States. The government will continue to collaborate with businesses to create more jobs through further innovation."
***
After the event, I had a private meeting with President Heo Chang-min.
"First, on behalf of the people, I want to express my gratitude. Thanks to your investment, Mr. Kang Jin-hoo, new jobs could be created."
"It was thanks to the efforts of many others as well."
Although my decision was indeed the most significant.
I looked at President Heo Chang-min sitting opposite me. This was the first time we had met alone like this.
When he was a student, a military regime was in power. He, along with his colleagues, fought against the regime, chanting "Down with the dictatorship!" Like many others, he was arrested and forcibly conscripted into the military.
Later, he passed the bar exam and became a lawyer, defending workers and the underprivileged. However, there are limits to how much one lawyer can change the world. So, he ran as a candidate for a progressive party, was elected to the National Assembly, and has now risen to the presidency.
Even if our ideologies differ, one could say his life story up to this point is commendable.
However, past actions don't necessarily guarantee future success. Look at Mao Zedong; before his revolution succeeded, he was seen as an exceptionally brilliant leader.
I thought of Park Si-hyeong, currently in detention. Things went wrong with him from the start. He used his power to come after us first, and as we fought back, our relationship became irreparable.
But I have no particular feelings, positive or negative, towards the current president. What will the future hold?
President Heo Chang-min asked me,
"I heard you invested in the Russian nuclear power project recently."
"Yes. It seemed like a good opportunity."
"I'm scheduled to meet President Vysotsky soon. Do you have any advice that might be helpful?"
I thought for a moment, then said,
"He seemed to be very fond of Tolstoy."
"Oh, I see. I should definitely read some before heading to Russia."
Come to think of it, being able to meet the leaders of the US or Russia without an appointment is quite a privilege. As is facing the President of Korea like this.
"What are your thoughts on the nuclear phase-out policy?"
It was an expected question, so I answered honestly.
"It's a good policy. If it's achievable."
"Does that mean you think it's impossible?"
"The fact that nuclear plants are still operating suggests it's currently impossible, doesn't it?"
The system of generating and transmitting electricity is called the grid. Neighboring countries often have interconnected grids, allowing them to buy and sell power as needed.
Germany can phase out nuclear power because it has a well-established grid connection with France. And most of France's electricity comes from nuclear power. In essence, they've given up their own nuclear plants only to borrow power from another country's nuclear plants.
However, Korea is effectively an island nation in terms of its power grid, meaning it's isolated. The electricity used domestically relies solely on domestic generation.
And Korea is a manufacturing powerhouse, home to industries like automotive, shipbuilding, steel, chemicals, and semiconductors—all heavy electricity consumers.
Some argue we should move away from this industrial structure, but isn't it more sensible to support thriving industries to thrive even more, while cultivating others like finance or tourism? Does it make sense to abandon industries that other countries are desperate to foster?
The same applies to nuclear power. We already possess world-class technological capabilities. Is there a need to abandon them?
Of course, they aren't shutting down plants immediately, and they say they'll support exports... but isn't that even stranger?
According to the government's roadmap, the actual phase-out effectively begins under the next administration.
If that's the case, there was no need to even use the term 'nuclear phase-out.' Something like 'Energy Policy Transition' or 'Renewable Energy Expansion' would have sufficed.
"I believe increasing the share of renewable energy is a good thing, but there are clear limitations. The government has promoted renewables as a new industry, and Energy Storage Systems (ESS) have increased significantly. However, recent incidents of unexplained fires have raised safety concerns."
Lithium-ion batteries inherently risk exploding upon external impact, and they also have heat generation issues. The variety of products from different manufacturers also makes integrated control difficult.
Professor Kim Ho-min is also working on development aimed at solving these problems.
And contrary to claims by environmental groups, batteries themselves aren't that eco-friendly. Visiting a lithium mine or a rare-earth mine clearly shows what environmental destruction looks like. Disposing of used batteries later is also problematic.
"Already, the actual electricity reserve margin is significantly different from what the government predicted when pushing for the phase-out. As EV adoption increases and companies expand their data centers and servers, the reserve margin will fall even further."
"Are you suggesting Traveling Wave Reactors are the solution?"
"Until another solution emerges, yes. If Professor Petrov's research team succeeds in their experiments, the global energy market landscape will be transformed. The important question is whether Korea is prepared for this."
"Are you certain it will succeed?"
"Warren Buffett, Chairman of Berkshire Hathaway, is also investing in MegaPower. Investors don't put money into ventures they don't believe will succeed."
President Heo Chang-min nodded as if he understood.
"As you know, Mr. Kang Jin-hoo, the influence of OTK Company is now something no one can ignore. This nuclear phase-out controversy is just one aspect of it."
"I have no intention of commenting on government policy. I'm simply doing what I need to do."
"No one minds a cat playing freely. But what should be done if that cat grows to the size of a tiger?"
Even if the cat has no intention of harming people, they will inevitably feel threatened. A playful swat of its paw could kill someone.
"You'd have to clip its claws, put it on a leash, and cage it."
This applies directly to corporations as well.
Regulations differ depending on whether a company is small, medium-sized, or large. It's natural to impose more regulations on larger capital.
However, OTK Company is a US-based investment firm. It's not a domestic company, and it doesn't directly employ people or sell products in Korea, making it difficult for the Korean government to find suitable measures.
President Heo Chang-min said, as if sighing,
"Perhaps Korea is too small a country to contain someone like Kang Jin-hoo."
"It's the world's 11th largest economy."
"OTK Company's value is more than double the annual budget of that 11th largest economy. And soon, it might even surpass the GDP. Strictly speaking, Korea's recent economic growth can also be attributed, in part, to OTK Company."
Separate from the struggling domestic market, the economic growth rate is healthy. This is because Seosung Electronics, which holds the largest share of the Korean economy, is doing incredibly well due to booms in the semiconductor and automotive electronics sectors. And Seosung's growth is due to its partnership with OTK Company.
"I can tell you one thing for sure. I will never use the capital I possess to act against Korea's interests."
"I believe so. Despite the various troubles with the previous administration, you didn't leave Korea or change your citizenship."
President Heo Chang-min brought up another topic.
"Assemblyman Jang Tae-jin of the Free People's Party is my university senior. He participated in the student movement with me and suffered greatly, always at the forefront."
Assemblyman Jang is known as one of the most far-right figures within the conservative camp. He is currently leading protests demanding Park Si-hyeong's release and spewing harsh rhetoric against the progressive camp.
Someone who once fought against the military regime now praises it, claiming it was a blessing for the Republic of Korea.
Such cases are surprisingly common. Weren't there quite a few independence fighters who later betrayed the cause and became pro-Japanese collaborators?
People change over time. Even if I feel this way now, I can't guarantee I'll feel the same later. Not even to myself.
This isn't an issue with an immediate answer anyway. This state of affairs will likely continue for some time.
President Heo Chang-min said with a bittersweet expression,
"Honestly, I'm still not sure whether the existence of Kang Jin-hoo and OTK Company is a blessing for Korea or not. I imagine you might be quite disappointed in me."
I shook my head.
"Not at all. I think it's better to be viewed with caution than to be exploited."
Park Si-hyeong established PAS and promoted Eunsung Motors for his own personal gain. In the sense that you aren't trying to collude with capital power, I'd give you high marks.
President Heo Chang-min smiled warmly, just as he did when we first greeted each other, and extended his hand.
"This was an enjoyable meeting. I hope we have another opportunity for such a conversation in the future."
I shook his hand and replied,
"The feeling is mutual."
(TL/n: We meet again. "Tolstoy" mentioned here is a famoy Russian writer's name who wrote the book mentioned in the previous chapter. Comment below if u know which book it is)