I headed to Yongin with Taek-gyu and Ellie for the holiday.
Ellie was driving, I sat in the passenger seat, and Taek-gyu was in the back.
“What’s the reason for going to Yongin?”
Unlike her usual black suit, Ellie wore a white sweater and a long bohemian skirt, paired with Boeing sunglasses. It looked like she was going on a outing.
“Chairman Im Jin-yong wanted to see us.”
“What for?”
“Although it’s a bit late, he said he has a Christmas gift for us.”
Ellie tilted her head.
“What kind of gift would make us come all the way to Yongin?”
Taek-gyu chimed in, “Maybe he’s giving us a Neverland annual membership?”
“That’s not really appropriate for adults.”
How often would we even get to use that?
We arrived at a circuit adjacent to Neverland. This place, also owned by the Seosung Group, occasionally hosts racing competitions or events for companies and car launches.
Chairman Im Jin-yong, who had arrived first, welcomed us.
“Thank you for coming.”
“It’s nothing.”
“It’s cold, so please come inside quickly.”
We followed him into the inner part of the circuit.
When Chairman Im pressed a remote, the garage door opened, revealing numerous cars that reminded us of a car museum.
We gasped in astonishment.
There seemed to be over a 100 cars, none of them domestic; they were all foreign models. The variety was stunning, from sleek supercars to massive sedans, including newly released cars and classic models that were quite old.
The Rolls-Royce Phantom, Ghost, and Wraith are lined up together, while the Porsche 911 is represented in various generations and colors. There are also a few cars like Bugatti and Alfa Romeo that are hard to find in the country.
Taek-gyu asked, “What are these cars?”
“These are the ones my late father collected,” came the reply.
The late Chairman Im Il-Kwon was famous for being a car enthusiast. It is said that he would relieve stress by visiting nearby Porsche or Bentley dealerships and purchasing several cars during work hours.
He loved cars so much that he eventually ventured into the automotive business. Back then, before the IMF crisis, companies like Eunsung Motors, Daehwoo Motors, and Cheongryong Motors were operating, and the domestic market was already saturated.
Thus, there were significant concerns within the political arena. However, Chairman Im did not waver in his decision and eventually established Seosung Motors, which went bankrupt within a few years and was acquired by Renault.
This is a good example of how a chairman’s hobby can ruin a company. Well, after that incident, he didn’t divert his attention and successfully grew the electronics business, so in the end, it turned out well.
Taek-gyu, with his arms crossed, said, “Isn’t it similar to my collection of model kits and figures?”
“Well….” It might be similar, but the amounts are on a completely different scale.
“How much are all these cars worth combined?” Taek-gyu asked.
In response, Chairman Im Jinyong casually replied, “About 50 billion won.”
“…….”
Right. A chairman’s hobby should be worth this much.
For the record, not all wealthy people live like this. There are frugal billionaires like Warren Buffett and Ingvar Kamprad (founder of IKEA), both of whom have more money than the late Chairman Im Il-Kwon!
How often does a group chairperson drive a car themselves? Most likely, they are cars that have been bought but rarely driven.
Taek-gyu expressed his excitement.
“What is the Christmas gift?”
Chairman Im Jin-yong opened his arms and said, “This is it.”
“Huh?”
“I’m gifting both of you a car from here. You can each choose one that you like.”
We were taken aback.
A car as a gift?
“Since it’s in my father’s name and not the company’s, feel free to choose and take one.”
I have a Porsche Panamera as my car, and a Mercedes S-Class for work, but I don’t drive that much.
Whether it’s a Ferrari or a Lamborghini, I could buy it with my own money. But I just never had the need to.
There’s no such thing as a free lunch. If you receive something, you must give back something of equal value.
When I declined, Chairman Im Jin-yong laughed and said, “Since you’ve come all this way, please choose one. I’m planning to keep just a few as managing them is becoming difficult.”
Still, should I accept considering he went this far to offer?
After thinking for a moment, I said, “Could I choose a car for Ellie instead?”
“Of course.”
Ellie was surprised.
“Really?”
“Yes. There’s nothing outside of the company car. I’ll gift you one this time.”
To be precise, it’s Chairman Im Jin-yong who is gifting it.
Hearing my words, Ellie joyfully hugged me and kissed my cheek.
“Thank you.”
Taek-gyu spoke up.
“Then can I also choose one for my sister?”
Despite everything, he’s a considerate younger brother who thinks of his sister first.
Chairman Im Jin-yong nodded happily.
“Of course.”
Taek-gyu pointed to one of the cars and quietly asked, “Can I choose that one?”
I shook my head.
“The Bugatti Veyron is a bit…”
Isn’t it obvious that it’s the most expensive car here? Maybe around 2.5 billion won?
Even if it’s free, one must have some conscience.
While they were choosing their cars, I chatted with Chairman Im Jin-yong while looking around the garage.
“Despite the stock market crash in Korea, Seosung Electronics is holding strong.”
“Thanks to you, our brand recognition has greatly increased.”
Seosung Electronics played a significant role in the structure and evacuation during the Big One incident, reinforcing their brand globally.
Considering that B2C companies pour enormous amounts into advertising every year to boost recognition and preference, they really benefited from this.
While the consumer market is sluggish, it hasn’t directly translated into immediate sales increases, but clearly, they will benefit when the economy recovers.
“More importantly, the situation with Eunsung Motors is worse than expected. I saw the news. The parts suppliers must have breathed a sigh of relief.”
“That’s only temporary.”
“You did well. If the domestic market also stagnates during a tough export environment, it would be a serious problem.”
The construction and automotive industries have many related subcontractors compared to other sectors. As a result, the impact on the economy for ordinary citizens is significant.
When the economy is bad, the government doesn’t initiate SOC projects or reduce vehicle registration taxes for no reason.
“What are you planning to do about Eunsung Motors?”
I gave a wry smile.
“What can I do about it?”
“No company can ignore OTK Company’s influence. Especially in the automotive sector.”
Chairman Im Jin-yong spoke as if giving advice.
“It will face difficulties for a while, but Eunsung Motors won’t collapse this much. If possible, it’s better to help where you can and take care of what matters.”
As I chuckled, he asked,
“Why do you say that?”
“Oh, it’s just that Hyun-joo said the same thing.”
While we talked, we walked around the garage, finishing looking at the cars.
Taek-gyu was still deep in thought.
“Is this what it feels like for the protagonist summoned to another world to choose weapons in a dragon’s lair?”
That’s an unnecessarily detailed analogy.
From across the garage, I heard Ellie’s shout.
“Come here for a moment!”
Sitting in a red Ferrari, Ellie smiled and said,
“What do you think of this Ferrari? I think it really suits me!”
***
Ellie ultimately decided on the Ferrari 458 Spider, and Taek-gyu chose the Lamborghini Aventador for Hyun-joo.
Will the two cost around 1 billion won together?
We immediately contacted Seosung Fire Insurance to get coverage.
Taek-gyu said,
“You can’t ask for a refund later.”
Chairman Im Jin-yong laughed and replied,
“Anyway, it’s a car you won’t even drive. I’ll send the title transfer papers to the company.”
We decided to have a staff member drive our old car back to the company.
After exchanging goodbyes with Chairman Im, we got into the car.
Ellie sat in the driver’s seat and started the engine.
The mileage was only about 300 kilometers. The caretakers likely took it for test drives occasionally, which explains it.
“It’s such a shame to just leave such a nice car parked.”
“Ellie can drive it a lot from now on.”
Ellie smiled happily, responding,
“Yes, I will.”
Once inside, I found the seat too low and uncomfortable. The interface didn’t support Korean, only displaying in English, and there was no heated seat, which is pretty common even in compact cars these days.
“Still, a Ferrari is a Ferrari.”
“Do you like it?”
Ellie nodded as if it was obvious.
“Of course, it’s a Ferrari.”
Well, if you’re looking for comfort, you should opt for a sedan.
Judging by her expression, she seems genuinely pleased. Behind us, Taek-gyu was eagerly following in the yellow Lamborghini.
I never thought I’d see Taek-gyu driving a Lamborghini in my lifetime.
Is he a symbol of a successful otaku?
As I pondered this, my phone rang.
I answered.
“Yes, Mom.”
[Did you happen to visit the memorial park?]
My father’s ashes are interred in a memorial park in Dongtan.
“No, why?”
[I went this morning, and there were flowers.]
“If I had gone, I would have told you.”
[No one is likely to visit your father. Did some relatives come by?]
“There’s no way.”
Since we chased them away, there’s been no contact.
[So, who could it be? Anyway, dress warmly; it’s cold outside.]
“Okay.”
As I hung up, one person crossed my mind.
Did they really visit my father?
Leaning back in my seat, I recalled the words of Hyun-joo and Chairman Im Jin-yong.
Is business just business?
What can I give and what can I receive?
In that moment, something popped into my head.
-Acquisition of CarOS Eunsung Truck-
***
I waited at the meeting place. After a while, a man opened the door and came in.
He looked much older than when we had met before. However, his expression seemed much lighter. He looked as if he had put down a heavy burden.
I greeted him and asked, “Have you really completely stepped away from management?”
The elderly man in front of me nodded with a smile.
“Of course. I should have stepped away much earlier, but I delayed due to my greed. Now, I plan to live comfortably in a place with good water and air. You may not understand yet, being yong, but at my age, it’s common to carry various illnesses.”
“…….”
So, is that why the chairmen summoned by the prosecution are all in wheelchairs?
When the fact that the airbag defect was concealed became known, public criticism of Eunsung Motors surged. Chairman Han Min-goo resigned to take responsibility, which somewhat eased public sentiment.
But that doesn’t mean the problem is completely resolved.
“It seems that Albert Management has been aggressively short-selling Eunsung Motors lately.”
Han Min-goo shook his head.
“I know, but we currently have no effective way to respond.”
The governance structure of conglomerates in our country is as complex as semiconductor circuits. This is also true for Eunsung Motors.
From listed subsidiaries to unlisted ones, the cyclical investment relationships are intricately intertwined, and there are several family businesses that are not even included as subsidiaries.
Eunsung Motors is primarily in manufacturing, but it also has financial services like Eunsung Capital and Eunsung Card. (Since cars are the second-largest asset after homes, most are purchased through installment plans or leases. For the company, selling cars while also providing financial services is a significant advantage.)
With strengthened separation of finance and industry, there is a need to cut the cyclical investment relationships during the succession of management rights and transition to a holding company system, but stock price drops and lack of funds are holding them back.
They need to recall the airbags, address delivery backlogs, resolve governance issues, and appease shareholder complaints.
“Frankly speaking, we are in a situation where we need help.”
I nodded.
“Indeed.”
“If there’s anything you want, could you please let me know?”
I said calmly.
“I would like you to consider splitting and selling the large truck division of Eunsung Motor.”
Eunsung Motor sells not only passenger cars like sedans and SUVs but also commercial vehicles such as large buses and trucks. Unlike its successful passenger cars globally, the commercial vehicle sector hasn’t seen significant returns on investment.
While the large bus segment shares some market presence with Daehwa Commercial Vehicles domestically, the large truck segment lags behind competitors like Scania, MAN, Volvo, and Mercedes-Benz, having only a minimal market share. (Eunsung Construction Machinery, which produces forklifts and excavators, is a subsidiary of Eunsung Heavy Industries and unrelated to the Eunsung Motor Group.)
From Eunsung Motor’s perspective, it likely views this division as a burden, so they would probably be willing to sell if the price is right.
