![[주톡피아]”It is better to do without cooperation with Hyundai Motor Company and Apple”](https://image.edaily.co.kr/images/Photo/files/NP/S/2021/02/PS21021200299.jpg "[주톡피아]”It is better to do without cooperation with Hyundai Motor Company and Apple”")
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[이데일리 이광수 기자] There is high interest from domestic and foreign investors in the future mobility represented by self-driving electric vehicles.
The US Tesla stock price exceeded $1,000, opening the era of’thousandsla’ ($811.66 per share as of the 11th as of the end of last year), and the domestic stock market was heated up, with departments and other related stocks. The group is mentioned as a cooperative partner of Apple’s self-driving electric vehicle’Apple Car’, and not only the stock market but also the global automobile industry is excited.
‘Zootalkpia’, a YouTube channel specializing in eDaily stocks, met with Tae-bong Ko, head of the Hi Investment & Securities Research Center to hear about the current state of preparation for future mobility in Korea, represented by the Apple Car issue, and future technological changes such as digital transformation. Center head Goh is an industry-leading expert who has been active as an automotive analyst for over 20 years.
In the first part, we heard about the interpretation of what Hyundai Motor and Kia Motors announced on the 8th that “there is not a discussion on the development of autonomous vehicles with Apple” and how Korean companies respond to future mobility. Part 2 introduces technological changes surrounding mobility and countermeasures for investors.
“Corona 19 is digitally converted and compressed”
△ Reporter Lee Kwang-soo
You have recently published a book. ‘Technomics’ Map of Wealth’ I will ask you briefly as it seems to be related to the future talk. Please explain clearly what’technomics’ means.
△ Tae-bong Ko, Director of Hi Investment & Securities Research Center
There are not many of the center heads who cover their sectors. The work itself is overseeing the big picture, but there are people who take a top-down approach (approach) to investment economy or economy to research at securities companies. Those who have been watching the industry for over 20 years like me do a bottom up. Technomics has coined a new term by saying that technology drives the economy. Fortunately, there was no such term.
The stock market serves as a leading indicator of how the company in the middle of the real and the economy will change in the future as new technologies emerge when the economy collapses in every major period of change. When this company says,’What will I do in the future’, the trust is weak, but the technology is strengthened and the product line is sharpened, and the stock price rises greatly.
The story that finally came out at CES2021 this time is that during the recession, new technologies will be born and converged. When the economy recovers, this technology creates a powerful movement. With Corona 19, technology acceleration was faster than expected. Microsoft CEO Satya Narayana Nadella told me that a two-year digital transformation took place in two months. For example, it is said that after streaming video, all of the customers for 7 years in 5 months were gathered. I think that technology is very far away, the future we think is far away, but Corona has brought it very fast.
Usually, what we call stocks (stock prices) is an earnings times multiple. The stock price is based on how much money this company earns and how many times it earns the price-earnings ratio (PER). How was your performance during the Corona 19 period? I couldn’t spend, I couldn’t do anything because of the lockdown, and the earnings collapsed, but the stock price rose to a record high.
Apple wasn’t doing so badly. However, the performance rose slightly, but the market capitalization doubled from $1 trillion to $2 trillion. Earnings have been a variable until now, but PER has been fixed for a long time. Earnings slipped, but valuation became a variable. It was originally a constant.
Has it become a variable for all companies? Not really, tech companies, digital transformation. Green companies are very open to the top. Take only this amount of traditional cryptic semiconductors, as foundry companies like TSMC produce their own semiconductors and the stock price jumps like crazy. The foundry side believes that it can advance, and Samsung Electronics is also open to share prices.
In the case of consignment production (CMO), Big Pharma produced its own, but please make it, and CMO also has an open share price like TSMC foundry. Kakao and Naver platform companies have larger market caps than commercial banks combined, and when they acquired securities companies, 1 million people flocked to them in a short period of time. Platform companies are also open to the top. I said, “Would you like to become a traditional automobile company?” Suddenly, with new concepts such as mobility and robotics, the top 10 market caps opened up quite a bit.
The battery is also (in Korea) 1st and 3rd place, and the stomach is open. Many Korean companies have exceeded the stock index of 3,000, with companies in the top 10 market caps surpassing traditional valuations. Tech drives the economy. Now, not the real economy, but only the index. I said it was a leading indicator. The big change in the stock index can be seen as a mirror if the real thing improved. Technomics can be viewed as a book about technology driving the economy.
“Hyundai Motor, a competitive partner… You have to take care of both the cause and the truth”
△ Reporter Lee Kwang-soo
As you said, technology companies are showing a lot of driving the economy. I’ll talk more about it in the future. I was going to ask you about the changes in technology and market that are changing around mobility, but before that, I couldn’t help but ask about this.
There was a public announcement that the negotiations for Apple Cars, which were negotiating with Hyundai Motor Group, were stopped. The words of the market officials are mixed and there are some words. How do you see the head of the center on these issues?
△ Tae-bong Ko, Director of Hi Investment & Securities Research Center
I am unfair. We are all victims of the stories that the media talked about. I remember getting a huge phone call when Apple said that. I replied that I didn’t hear, I didn’t know. But why do you think Apple is here? From then on, it is brain fiscal (inference).
That is, in fact, Hyundai Motor Company never tells parts makers what parts will be supplied to the next model. Not. The next car should be covered in a veil. When it starts to be revealed, it’s called a simple contact effect, right? When it starts to be exposed, the mystery and mystery fall off because I accept it familiarly. It is absolutely compulsory for this. But now Apple is worse than it was in Steve Jobs. It is a very strong group to give penalties when we talk about upcoming devices.
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Apple has been saying that it will do a car because it is called the’Titan Project’. A lot of designers showed me a car in the form of a mouse, and that was all speculation. Since Apple is the number one company in market capitalization, there are many things that are inflated. As soon as the Apple car came out, a huge portfolio was gathered. (But) Apple hasn’t said anything.
It doesn’t seem that Apple apparently ended the Titan Project. However, it is unlikely that we will make a hardware called’Apple Car’. What Apple has is perception, judgment, and control. The iPhone 12 alone contains a kind of small lidar called ToF (Time of Flight). Now, devices that can do augmented reality (AR) with smartphones will continue to appear. Apple is very strong in vision sensors. The parts manufacturers supplying here would be Korea.
Next, judgment, understanding of roads while deep learning through artificial intelligence (AI) based on big data, and commanding how the hardware car will move by giving orders. It’s about judgment. The judgment is to give orders such as’Catch the brake’ and’Do the steering at 15 degrees’. It is analyzed that the area of judgment is difficult for automakers and that Apple is expected to do well. Control, this is the control, but this is very good by automakers. Hyundai Motor also spent 2.4 trillion won to create Aptiv and JV. Most competitive in the world.
In the end, Apple does the judgment, and we have a lot of companies related to LG Innotek and Samsung Electro-Mechanics as well, so Apple knocks around in the form of manufacturer development and production (ODM) that asks to make a complete car with only judgment. It seems to be true.
The first thing any media said that Apple was here, and even if it didn’t, it wasn’t through Bloomberg, and there was no saying that Hyundai would do it. There was no mention of Apple or Hyundai Motor Company. It only comes from the media, so it only makes reasonable reasoning. I would also say that if the national interest is more important to the media, even if it is an exclusive article, it should be more patient.
Nevertheless, the article seems to have been very difficult for those who see it with high potential. Apple’s plans to release cars around 2025 in 2024 are when Robo Taxi is on the market.
△ Reporter Lee Kwang-soo
A robo taxi?
△ Tae-bong Ko, Director of Hi Investment & Securities Research Center
Level 4 of autonomous driving. Apple can jump in when real autonomous driving can make money while roaming. It means that electric cars and existing cars are based on self-driving rather than greed, so that a steady cash flow will be created.
Apple is not a software or algorithm-only company, nor an online company. It means that we have been making devices in the offline area so far. I am thinking of installing a system that is advanced to Apple here with a high-quality car as the parent. As for the design, there is no compromise from Apple, so a complete model is expected.
In addition, Tesla’s first trial and error, manufacturing, dissimilar metal bonding problems, and the problem of stepping into the thumb are reasonably inferred that these are problems that the best automakers can overcome.
President Joe Biden came in and announced that only electric cars manufactured in the United States would be bought by government offices, but at least there must be a factory in the United States. In the case of Germany or Japan, it is questionable how to supply batteries. In Korea, batteries are supplied. There is also a factory in the US.
German and Japanese companies have superior assembly quality but lack digital DNA. It is the difference between whether or not there is a DNA called’Smart’ that companies that looked at home appliances like’Mille’ like an older brother are completely pushed out as smart home appliances and LG rises to the top of the world. China has no factories in the United States due to the trade conflict between the United States and China. Germany and Japan have factories in the United States. However, the second tier in Japan, led by battery supply and demand, digital DNA, and Toyota, has been negative for two years because there is no future smell. German companies, like Volkswagen, have delayed new cars for six months because large companies in the world fail to update information through software automatic over-the-air software upgrades (OTA).
It is a competitive and excellent vendor with reasonable reasoning. It’s also a great vendor. The three LG Telecom companies,,, have been partners for a long time. Apple knows better that Korean companies have a high understanding of digital. When looking at the quality of assembly, Genesis is first and Kia Motors takes second place, alternately ranking first and second. In the initial quality index, Korean cars overwhelmingly ranked first. Overall, it is possible to infer that it is attractive.
I don’t know if the Bloomberg news is true, but it’s a public announcement. The part that I stopped negotiating with Apple is that for the time being, the negotiations will sink below the surface. I still don’t know whether to do it or not. It can also be delivered to LG-Mag or Apple. Magna worked on the Titan Project together. When the possibility of collaboration between Hyundai and Kia was mentioned, it made me feel that I was staying in Korea. From the time of reasoning, I realized this time that the technology of globally Korea is attractive to Apple.
How was the (Hyundai Motor) stock price going before the Apple Car news came out? I kept going up (after the news) and changed the angle steeply. If you say you’re in the right place now, you just need to continue the line on that line. It doesn’t mean that the charm is halved when Apple says it doesn’t. It hasn’t changed that we are negotiating with many companies.
The most important thing to do with Apple is how much economies of scale can be realized for E-GMP. Volkswagen shares Ford, Toyota shares nine Japanese companies, and GM shares electric vehicle platforms with Honda. Should E-GMP be shared only by Hyundai and Kia? It means that it must be sold separately. If you become Apple, won’t it be different from a startup that sells a few units?
△ Reporter Lee Kwang-soo
Yes.
△ Taebong Ko, Director of Hi Investment & Securities Research Center
If it is a large quantity, it is enough to be able to pack a piece of paper. In terms of performance, Hyundai and Kia Motors are also at the level of technology recognized by Apple. I think it’s right to do it. However, in terms of Foxconn’s margin of only 1~2%, it’s better not to do that if we have to fall a lot of unfair, pressure or tackle demanded by Apple when we partner with Apple.
It’s a road that doesn’t go, so you have to get justification and profit at the same time. When it comes to 2024, it will be possible to make reasonable inferences while looking at the R&D cost or whether we would say’we actually negotiated.’ I don’t know whether to do it or not, but what can be caught with this issue is that it is attractive to the subjects at the top of the technology level and hierarchical structure, and there are many subjects who knock on us through two disclosures. Looking at other companies’ platform sharing, there must be a cost-effectiveness when realizing economies of scale, and if not necessarily Apple, if various actors demand our platform, you don’t need to be disappointed and it’s popular.
△ Reporter Lee Kwang-soo
This issue could serve as an opportunity for the Hyundai Motor Group to be recognized worldwide. The negotiations have gone under the water, so we have to watch it, but it would be good to consider the investors who (the high center director) said comprehensively.
△ Tae-bong Ko, Director of Hi Investment & Securities Research Center
I hope that the press will also take advantage of this opportunity to think about the national interests a lot. Looking at Bloomberg, he quit because he was angry about what he was talking about in Korea.
△ Reporter Lee Kwang-soo
Yes. There is also such a story.
△ Tae-bong Ko, Director of Hi Investment & Securities Research Center
If you’re going to get mad like that… are there so many companies? I don’t think I’m going to get angry because there are only a few companies that meet these conditions. I don’t think I’ll be dragged by Apple, and I think I need the dignity of saying don’t want to do it.
“Korean companies should unite like the Avengers and respond to Tesla”
△ Reporter Lee Kwang-soo
Apart from patriotism, are you saying that it became an issue that allowed Hyundai Motor Group to evaluate it as a partner that can cooperate with big tech companies?
△ Tae-bong Ko, Director of Hi Investment & Securities Research Center
I have been talking about it through newspaper articles since about 5 years ago. If you look at the comments below, you’ve been repeating the same story like this, “That’s about that friend again.” We talk a lot about’Korean Avengers’.
I talked about smart appliances for a while. LG quit the MC (smartphone) business, but since it made a smart phone, I knew how to understand AP for communication, how communication works, and how to operate it through an app. You can make a smartphone, experience A to Z, and put it in a refrigerator, a smart function, or a washing machine. In terms of household appliances and white appliances, GE, made by Edison, a home appliance company with 100 years of tradition, was strong. Suddenly, at some point, why did it go out of sight? Consumers are asking for something smart.
Likewise, cars become smart. I will explain the smartization a little. We get the signal from analog. When driving, what you see with the naked eye is taken as an analog signal. They improvise judgment that they have to stand because they have things. The analogue is a natural waveform. It is digital to simulate this. It is digital that the waveform is taken very closely with 0 and 1. It’s usually called digitization. Converting 0 and 1 to binary. It is the commercialization of the digital 0 and 1 that have been changed. LP boards and cassette tapes were physical areas by magnetism. However, I succeeded in substituting 0 and 1, and it was an MP3-like file, and the next question was how to do the storage medium.
However, as memory capacity increases, semiconductors become smarter, and machine learning emerges, structured and unstructured data obtained from this. Until now, it was all abandoned. It’s worth using, but I didn’t know. In fact, about 95% of dark data is useless. For usable 5% data, so is placer harvesting. 5% of the data is pure data, and there are things that humanity has not even thought of. Using it is digital transformation. When this digital transformation becomes, you become a cognitive-judgment-controller.
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△ Reporter Lee Kwang-soo
Is it based on big data?
△ Tae-bong Ko, Director of Hi Investment & Securities Research Center
It becomes smart. Smartization can be considered as unmanned. Robots are smart machines, cars are smart cars. It’s a judgment if it’s smart. The hardware itself can think, judge and command. It’s a big change in cars. So, if Hyundai Motors feels that way or if it smells of technology as other companies see, there are many good neighbors around us.
Tesla is considered an alien life when it comes to the Avengers. The relationship between Captain America and Iron Man was not good until now. When extraterrestrial life comes, we have to rally. We have never been through. It’s obvious a competitor in the automobile industry. GM Toyota, Volkswagen. They say they make something next year, we make this much. There was a part that went together.
Tesla doesn’t have a recognized president. It’s not the original player. (Tesla) OTA with connectivity and firmware. As Windows version is up, it is updated, and the software coordinates the hardware. I haven’t been able to. I adjust the brakes and the motors. In simple terms, it was sold at 210 km, but this time it is increased to 220 km through OTA. You can also adjust the braking distance. Since there is such a part, it is updatable. You can evolve this car.
△ Reporter Lee Kwang-soo
Is it possible with only software?
△ Taebong Ko, Director of Hi Investment & Securities Research Center
In addition to software, hardware 1.0, 2.0, and 3.0 were released. In short, it changed from hardware 2.0 to 3.0, as if making an assembly PC in Yongsan, but a genius named Jim Calla was fighting Nvidia at the time at Tesla. We made it because we wanted to make it ourselves. So I made hardware 3.0, and it has 21 times higher skill than 2.0. It means that you can change the slot again. Now 4.0 comes out. TSMC will make it with 7-nano process. Your skills will increase by 3 times. Which car would you choose between that and the not?
Software 1.0 is human labeling. Software 2.0 creates data in the cloud so you can associate yourself with it. However, the long tail risk, 80%, has a large number of cases, so it was directly determined by AI. After training for a year, a lot of it has been supplemented. Tesla thinks that if it evolves to some extent and the number of individuals increases, it becomes a robot taxi. When it comes to software 2.0 and 4.0, it will be another quantum jump. It was reported in the newspaper that Samsung Electronics and 5nm process work together. Tesla continues to see the next step.
Another sharing economy. Uber, Rift, and Dedichus were difficult after the corona. I ask, but I think it increases as Corona 19 gets better. There have been big changes during this period. Tesla is right in front of the robot taxi. The moment it becomes a Robo Taxi, it operates a service called Tesla Network. It means that if the government doesn’t allow it, they will sit down like Uber. That’s how it starts. When the robo taxi is complete, you will be in the parking lot for an hour to work and an hour to work and 22 hours to work. If you activate the Tesla network revenue, it will appear in the app. It is possible to go to Gwanghwamun or Seodaemun in front of the Chinese New Year and receive the bill, and 70% will be inserted into the borrower’s bankbook, and 30% will be remitted to the Tesla network. It means to create a steady cache.
Then it was revealed on Battery Day, but it was going to lower the $140 per cloud tower to $53 to $120. I’m going to cut off the battery tower and use it as a car post. Is to make it part of the car structure. (Tesla) is the most advanced in electric vehicles. It is called CASE (Connectivity, Autonomous, Shared&service, Electric), but it is possible to implement CASE simultaneously. Because the update is possible.
△ Reporter Lee Kwang-soo
Is it still possible?
△ Tae-bong Ko, Director of Hi Investment & Securities Research Center
The car you buy now can continue to evolve into a robo taxi. In the end, the Avengers have to gather. There are countries with and without Moil Avengers. In Korea, Samsung, LG, and SK are grateful. On the online side, Naver and Naver Labs are really great companies. The same goes for kakao. Hyundai Motor Company created an AI voice recognition system with Kakao. There are many nearby neighbors who can do what Hyundai Motors cannot do.
It used to be Dokgodai. Hyundai Motor, which had been stubborn over the past four years, formed the Avengers in many fields over a year. Seeing the chairmen shaking hands, some of you think that the rich people are more than just a social gathering, but tears fell from my position of crying out for the Avengers. I think that Korea is finally uniting, and the Avengers are uniting in response to alien life.
It was impossible when I was Chairman Chung Mong-koo and Lee Kun-hee. Now the 2nd and 3rd generations have an open mind (because they’re doing it), so I think Korea jumped. I attend a lot of government meetings, but they are open a lot. There are a lot of young people who studied hard. It is open. It is strict and not stuffy. These people study hard. Public servants are younger than I thought. From that point of view, it seems like I’m talking about the government, the company, and the positive, but in the past, there were a lot of stuffiness, but now, it’s a good thing that the words communicate. We are taking action now. It is a fact that there are more countries that cannot do it than countries that can do it.
In the case of Japan, it is impossible to change because of the traditional water polo. It is not open. Germany Industry 4.0 is also trying to recruit big data by relying on technology. The digital side is not open like Korea. Assembly quality and craftsmanship are still emphasized, but in Korea, these things are in balance. So, if we only say that we are working together, of course, we will be weaker than Silicon Valley and the Chinese government drive, but I think the Alliance (of Korean conglomerates) can be a force to respond to their financial power and talent.
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※ The interview video of Ko Tae-bong, head of Hi Investment & Securities Research Center, can be viewed on the YouTube channel’Zootalkpia’.