8,000 in the queue.
That was the number of people waiting on the Apple Car pre-order site I refreshed before leaving work.
It was a queue reminiscent of booking train tickets during a holiday rush, and I arrived at the office early that morning, filled with anticipation.
I wasn't the only one excited.
President Han Jeong-hoon and the planning director were already waiting for me, and even before I entered the chairman's office, they brought good news.
"Chairman! Yesterday alone, over 10,000 people in Korea placed reservations. And globally, there are more than 100,000 reservations!"
"According to U.S. intelligence, there are even agencies now handling Apple Car pre-orders on behalf of customers."
100,000 in a single day?
I had expected results beyond imagination, but I never thought it would reach 100,000.
I wanted to cheer out loud, but I forced myself to stay calm and collected.
"Even though there are 100,000 pre-orders, the actual purchase rate likely won't exceed 50%. Most of them could be placeholders."
"Even if 50% are placeholders, at this pace, more than 200,000 customers will make reservations within a month. That means at least 100,000 actual purchases, enough to sell all units in production."
No matter how negatively I tried to reason, the indicators were too strong.
The number of Apple Cars that could be produced by the launch date was 100,000 units.
Yet, in a single day, pre-orders had already reached 100,000—guaranteeing that actual sales would exceed production.
"On the launch day, we'll see how many pre-orders are placeholders. How about Tesla's response?"
"In some ways, the reaction is even stronger than when the Apple Car was released. Perhaps because the Apple Car drew attention to the EV market, all U.S. media extensively covered Tesla. Especially since Tesla is launching models not available in the Apple Car lineup, reports are framing it as non-competitive."
It wasn't only Tesla that stood to gain.
The more interest there was in electric cars, the more Apple Car sales would rise as well.
Tesla had taken over the momentum, carrying forward a market buzz that might otherwise have fizzled out.
"I'm glad Tesla's response is positive."
"Perhaps because of that, Tesla is showing signs of planning an IPO on the Nasdaq soon."
"That's a bit early. I thought the IPO would happen next year."
The CEO of Tesla was Musk.
Although I was a major shareholder, I left management to him.
He had even mentioned plans to list Tesla on the Nasdaq during a previous meeting.
"It may be early, but now could actually be a good time to go public. The higher the anticipation, the higher the stock price, right?"
"That's true. Expectations are at their peak right before a product release, more so than after the product is actually out."
Musk certainly knew how to smell money.
He instinctively understood that going public on the Nasdaq now would maximize the IPO price.
My stake might decrease slightly, but it wouldn't make a big difference.
I could maintain my ownership by buying some shares back through a fintech bank, so it posed no real problem.
"Also, if Tesla receives a high valuation through the IPO, it will help sustain public interest in electric cars."
"I should contact Musk first. Please step out for a moment."
President Han and the planning director left the chairman's office.
Before the door even closed, I dialed Musk's number.
[Mr. Kim! What brings you to call at this hour?]
"I heard some good news and wanted to confirm. Are you preparing for a Nasdaq listing?"
[Wow! As expected, Mr. Kim. You seem to know despite our secret preparations. I've only consulted a few experts about the IPO. I intended to discuss it with you before proceeding. If you oppose, I'm willing to postpone the listing.]
Would Musk really postpone the IPO just because I opposed it?
It was possible if I presented a compelling reason to persuade him, but in all likelihood, he would simply push it through.
There was no need to strain our relationship by opposing him unnecessarily.
Besides, the timing of the Nasdaq listing wasn't bad, so there wasn't even a reason to object.
"I've left all decision-making authority for Tesla to you. If you want to go public, you can proceed."
[Don't just say that—please tell me whether you think this is the right decision.]
"It seems like a very good time to have Tesla valued highly."
[Hearing that from you, Mr. Kim, makes me feel much more at ease. We'll begin the Nasdaq listing process immediately! And I'll take steps to maintain the current share structure as much as possible.]
Musk even cared about my stake.
It was a needless worry. I was more than capable of taking care of my own interests.
"Don't worry about that—just focus on the Nasdaq listing."
[Still, we can't upset the top investor.]
"If new shares are issued, I'll purchase them, so don't worry. That way, Tesla's stock price will rise even higher."
[Thank you! Then I'll start the Nasdaq listing without hesitation.]
The brief call with Musk ended.
I summoned President Han, who had been waiting, into the chairman's office.
"Musk is going ahead with the Nasdaq listing soon. Move a few fintech banks and paper companies to buy the new shares. Just enough to maintain our current stake."
"That doesn't even require a fintech bank. Using a few paper companies is enough to acquire the shares."
"But wouldn't it look better if a reputable bank bought the shares? At least there would be some media coverage."
"That's true. If a fintech bank buys Tesla shares, the stock price will rise even further."
There were multiple ways to drive the stock price up.
But even without employing such methods, Tesla's stock would rise, so I only intended to subtly use the fintech bank's name.
"How are the battery companies doing these days? The deficits must have reduced significantly, right?"
"Thanks to the shared mobility business, a lot of electric batteries are being sold, and large numbers of chargers are being sold to build electric vehicle infrastructure. Starting this quarter, profits are expected."
Taewoo, Kia, and even Tesla.
The competitive structure had emerged partly because I held large stakes in all these companies, but also because I monopolized the batteries going into them, fueling competition.
"As long as the electric vehicle market takes off properly, batteries will become a solid cash cow."
"We need to see profits for at least five years to recoup the investments made so far."
"The electric vehicle market will last longer than five years, so don't worry. Also, invest most of the profits back into technological development."
"We already possess superior technology compared to any battery company in the world. The technological gap is at least two levels ahead."
"Maintaining this gap is key to monopolizing the battery market. There's no need to cut corners or reduce R&D just to make money now—that would be self-destructive."
There was a known pattern of companies that succeeded through technology eventually failing.
When an expert or engineer developed innovative technology and grew the company, management focused only on numbers would come in and cut investments.
For a year or two, profits might soar, but eventually the technological gap would shrink, allowing competitors to take market share.
Unless the company was being sold to another firm, such a strategy was never advantageous in the long term.
"Understood. Oh! And I heard that Taewoo Semiconductor's sales have increased significantly. Since electric cars use at least three to seven times more semiconductors than internal combustion vehicles, they're reportedly ecstatic over there."
"They wouldn't be ecstatic for no reason. Semiconductor production for electronics and automobiles often requires completely different manufacturing facilities."
In many cases, existing semiconductor facilities had to be retrofitted to produce automotive semiconductors.
Semiconductors are made on round wafers—smartphone wafers were 12 inches, but automotive wafers were 8 inches.
"I don't know the details of Taewoo Semiconductor, but I heard the management team has been handling it with on-the-spot measures."
"Just tell them to hang on a little longer. The semiconductor plant in Gyeonggi Province will be completed soon, and from then on, we plan to build a dedicated automotive semiconductor factory."
"Automotive semiconductors have low profitability. Each unit is only worth about $2. To make a dedicated automotive semiconductor factory profitable, at least 4 million electric cars need to be sold annually."
President Han wasn't very familiar with semiconductors.
But he was a master of numbers, and he quickly calculated profitability in no time.
"The day will come when we sell a million units in a year. Not just Taewoo, Kai, and Tesla, but when most automobile manufacturers enter the electric vehicle market, we could be selling ten million units or more."
"So you plan to build the automotive semiconductor ecosystem now in preparation for that day."
"Since we're making profits from smartphones, the semiconductor factory can absorb some short-term losses and still hold up."
The day of shortage in automotive semiconductors was inevitable.
When that time came, automotive semiconductors would become so valuable that they could be used as strategic weapons.
Therefore, preparing in advance would give Taewoo Semiconductor and the Taewoo Group a decisive advantage.
"I'll discuss with the planning department and arrange a meeting with Taewoo Semiconductor's management."
"I'm sorry for making you deal with issues from other affiliates on top of all the work at Taewoo Securities."
"Not at all!"
"You need to know about the other affiliates too if you want to rise higher, so pay a little extra attention."
There was only one position higher than Taewoo Securities.
The chairman was the highest, but that seat wasn't available to him.
That left only the vice-chairman position.
From the moment President Han was called to Taewoo Securities, I had the vice-chairman role in mind.
Of course, not immediately.
But within ten years, unless he made a major mistake, the vice-chairman position would be his.
President Han was well aware of this, which was why he didn't complain about the heavy workload.
On the contrary, he seemed pleased and even eager to take on more responsibility.
"I'll finish discussions with the planning department today and visit Taewoo Semiconductor first thing tomorrow."
"Don't rush too much."
"I'll proceed meticulously and swiftly! If we start right now, there's plenty of time."
President Han's eyes were already set on the vice-chairman position.
Even though I tried to stop him, he practically ran out of the chairman's office toward the planning department.
***
A month had passed.
Tesla had finally gone public on the Nasdaq.
Upon hearing the news, President Han rushed into the chairman's office and immediately began reporting.
"Tesla's response is extremely enthusiastic. The IPO was priced high at $17, and it's already up 12%, surpassing $19."
"The listing progressed quickly, and the stock price is climbing rapidly as well."
"Tesla was already a company closely watched on the Nasdaq, and thanks to Musk's reputation and your support behind the scenes, the IPO happened swiftly."
Tesla's stock price was skyrocketing.
That also meant the value of the Tesla shares I held was increasing dramatically.
"Watch how high it goes today. It should rise at least 30%."
"Judging by the current response, it could reach even greater heights. I'll keep monitoring it closely."
Could this be called a historic moment?
I felt as though this might be the very instant when the frenzy of the electric vehicle market truly began.