After the meeting with the Treasury Secretary-designate, we returned to the hotel.
In the car, Han quietly processed his thoughts, and it wasn't until we entered the hotel that he spoke.
"Do you think the U.S. government will accept your conditions, Chairman? As Secretary Timothy indicated, it could be seen as betraying their supporters. And it's also something that might strike at America's pride."
"Still, it's better than letting the company go bankrupt, isn't it? It seems the U.S. government wants to save all three of the Big Three automakers. If we acquire just one, it significantly lessens their burden—they won't be able to simply refuse our offer."
The ball was now in the U.S. government's court.
For now, all we could do was wait and see what decision they would make.
"The next meeting will probably take a while. The cabinet isn't fully in place yet, so holding discussions will be difficult."
"Time is on our side, so we can wait patiently. Even if the Big Three received bailout funds, that money won't last more than a few months."
Han sank into deep thought. The atmosphere was starting to feel heavy, but just then, David walked in carrying a three-pack of beers, breaking the tension.
"Why so serious? We're all in the U.S. together—let's enjoy a cold drink!"
"Shall we? Han, stop worrying for now and have a beer."
Everyone except Captain Kang picked up a beer at the same time.
We deliberately avoided any discussion about the automaker and only talked about other business matters.
"Boss! But shouldn't we consider scaling back our investment in the battery company? Apparently, the losses are higher than expected."
"The battery market hasn't grown enough yet, so we're running at a loss. But once electric vehicles are commercialized, these setbacks will be quickly recovered."
"That will take at least ten years. I agree with David's assessment. I've been meaning to say this for a while: the smartphone market alone isn't enough to sustain the battery company."
The battery industry was relatively strong.
Sales were growing alongside the expanding smartphone market, and our battery company held a technological advantage, giving it a high market share.
So reducing investment could immediately cut losses.
But to prepare for the electric vehicle market, far superior batteries would be needed, so stopping investment was not an option.
"I partially agree with Han's point. The electric vehicle era will take at least ten years. So we need a business that can act as a bridge to sustain us during that time."
"Relying solely on smartphones and electronics isn't enough. We need a market that consumes batteries on a massive scale."
At Han's question, I glanced at Captain Kang.
A business idea had just come to mind—one that Kang, who already operated taxi and rental companies, could handle.
"Captain Kang, would you like to try a new business?"
"I'm ready to do anything you ask, Chairman."
"Are you familiar with something called the 'last mile'?"
"I've never heard of it."
"Workers who use public transportation usually have to walk from the station to their office. That distance is called the 'last mile.'"
I suddenly brought up a seemingly unrelated topic, leaving everyone looking at me with puzzled expressions.
"In some parts of Europe, local governments have implemented public bicycle programs to cover the last mile."
"It makes sense. Taking a taxi for such a short distance is impractical, so a bicycle would be convenient."
"There's an even more convenient way. Using electric bicycles or electric kickboards, people can reach their destinations quickly without pedaling."
The business I envisioned was centered on the last mile.
Before my return, rental services for small, personal mobility devices were already popular—allowing anyone to rent electric scooters or bikes through an app, pay a small fee, and quickly cover the last mile.
"It seems useful during busy commuting hours for work or school. But won't theft be a problem?"
"That issue can be solved through security systems. Let's launch the last-mile business not only in Korea but also in major cities in the U.S. and Europe."
"This doesn't sound like a bad business idea. But Taewoo Group doesn't have any departments for developing electric bikes or scooters."
Han's positive reaction was clear. He agreed because this was a way to reduce the losses of our battery company.
"Collaborate with a bicycle company for development. There are already many electric bikes and scooters on the market, so it should help."
"That could solve the problem, but initial business capital might be higher than expected. To deploy electric bikes and scooters in major cities, we'd need tens of thousands of units at minimum."
"The battery usage will increase, so we can recoup some of the cost. If the business goes well, cost recovery will be fast. Also, having electric bikes and scooters on the streets acts as a form of advertisement, doesn't it?"
Rental electric mobility devices were excellent promotional tools. People could try them at a low cost, and if they liked them, they might purchase their own later.
"I'd like to know the market size you're expecting for shared mobility devices."
"In Korea alone, the market could exceed 500 billion won. Including the U.S. and Europe, it could reach tens of trillions of won."
"Then it's definitely worth pursuing. Although the initial investment is high, it will boost the battery company's sales, so it's not a loss."
"Captain Kang, manage the Korean market entirely. For the U.S. and Europe, have David hire experts to handle it."
"I know the experts over there as well! But why wouldn't Taewoo Group handle this themselves? If the market can generate trillions in sales, wouldn't it be more profitable for Taewoo to do it directly?"
That wasn't an option.
It was a business likely to earn harsh criticism. Users might enjoy it for convenience, but for pedestrians and drivers, shared mobility services were almost a disaster.
In a sense, this could be opening the gates of hell for the battery market.
Of course, the market would open eventually even without my involvement, but by stepping in, I had certainly accelerated its arrival.
I silently apologized in my heart to those who would suffer and proceeded with the shared mobility business.
***
A week had passed while planning the last-mile business.
By now, some reaction from the White House should have come, but there was nothing.
Instead, an unexpected response came from elsewhere.
"Boss, an article came out saying Taewoo Group is planning to acquire one of the Big Three U.S. automakers."
"Hmm… it's unlikely the news came from our side. Looks like the White House might be starting some media play."
The possibility that the leak came from Taewoo Group was extremely low. Only a tiny number of people knew the information, and leaking it would have no benefit.
"It seems likely that a politician opposing a Korean company acquiring a U.S. automaker leaked this."
"Let's read the article first."
Han handed me his laptop, and I focused intently, reading the article thoroughly.
"The article has a negative tone. As Han said, it seems the opposition is using media to influence public opinion."
"It even uses words designed to provoke American sentiment. Phrases like 'Korean company Taewoo Group devours America's pride, the auto industry' are explicitly written."
It was a blatant, provocative article. The intention to block Taewoo Group from acquiring a Big Three automaker was clear.
"How are the comments?"
"About 70% of them are negative."
"Only 70%? I expected over 90%."
"Many people lost their jobs during the Lehman crisis, so as long as the company is saved, they're fine with any foreign company acquiring it."
The response was much better than expected. Even without publishing any rebuttal, having 30% of commenters on our side was significant.
"Don't prepare a rebuttal article—just leave it be."
"The White House will certainly take notice. Leaving it as is could create a negative image."
"If such a minor article is enough to make them reject our proposal, then it's better to abandon the acquisition."
"Understood. We'll cancel the rebuttal article preparation."
Could it be because we didn't issue a rebuttal?
Every day, similar articles began appearing across various media outlets.
After enduring three more days of this, finally, the White House started to take action.
"Boss! We've received a call from the White House. They've requested that you attend a meeting tomorrow with key cabinet nominees, including the Secretary of the Treasury."
"Am I the only one who can attend?"
"Yes. Since it's a closed-door meeting, only you can go."
"It's about time to finalize the negotiations. If the conditions remain unsatisfactory tomorrow, I'll withdraw the acquisition offer."
"So, if the terms are acceptable, you might make a decision to acquire it tomorrow?"
"If the White House accepts all the conditions I've proposed, that could happen. But it doesn't have to be tomorrow; there are still plenty of opportunities."
This is only the second meeting.
To acquire a company that represents American pride in the auto industry, at least three rounds of persistent negotiation would normally be expected.
Of course, it would be great if a deal could be finalized tomorrow.
The meeting was taking place in a completely different atmosphere than before.
During the previous administration, I had held meetings with VIPs, the Federal Reserve, and Treasury officials, but those had all taken place in the Fed building.
Now, there was the pressure of the White House, and a majority of cabinet nominees were present.
As I entered the meeting room, the cabinet nominees stared at me silently.
Some looked as if they could devour me, likely the ones who had leaked information to the media.
"Let's begin the meeting. As you all know, this is Chairman Kim Min-jae of Taewoo Group. He has been invited today to discuss the acquisition of a Big Three auto company,"
Timothy, the nominee for Secretary of the Treasury, opened the meeting.
At the center, President Obama greeted me with an awkward smile, but before I could respond, sharp remarks started flying from all directions.
[Hmph, it's inconceivable for Taewoo Group to acquire a Big Three auto company. Taewoo Motors may have been making a name for itself lately, but it's still far from capable!]
[The auto industry is America's pride! How could one of the Big Three companies, representing American industry, be sold to a Korean company!?]
The words were identical, down to the smallest detail, to the media reports.
Suspicion had turned into certainty—but even knowing who had leaked the information wouldn't change anything.
"I have not yet decided to acquire a Big Three auto company. Measures such as the JOBS Act reform, plant relocations, strong union regulation, and restructuring must come first before I announce any acquisition intentions."
[Hmph, I agree with that. These are necessary steps to save the auto industry.]
[What are you saying! Don't you know who won this election thanks to?]
[So, are you planning to let the Big Three fail? Without change, they will collapse! That's why the President emphasized change in the inaugural address, isn't it?]
Those who had united to attack me just moments ago were now turning on each other.
Although they all agreed that selling an American auto company to a Korean firm was unacceptable, they differed on how the industry should change.
Exactly the situation I had hoped for.
If they fought among themselves, it would leave me more room to maneuver.