GM shows no plan for EV production in Korea

 A key GM official threw a wet blanket on the Korean auto industry that has hoped GM may manufacture electric vehicles in its two plants in Korea. Steve Kiefer, GM International President, said in a press conference on Nov 12 that GM Korea will launch 10 new EV models in Korea by 2025, but none will be made locally. Mr.Kiefer added GM Korea will launch a new crossover model in 2023 at its Changwon plant. The crossover model will be a key product  for GM Korea to sell locally as well as export to overseas, following the footsteps of Trailblazer SUVs that have been exported  over 100,000 units since its launch in 2020 at Bupyeong plant.  When closing its Gunsan plant in 2019, GM Korea made a commitment to the Korean government to invest 900 billion won($7.5B) in its Changwon plant for the next four years. 

GM models are respected by Korean, evidenced by the word "Gemucee"(제무시) coined during the Korean War. Wowed at the performance of GMC military trucks used in the mountainous Korean terrain, Koreans called anything that is about power, strength, durability, or reliability as Gemucee.  For example, "Mike Tyson is a real Gemucee to beat his opponents with 19 straight K.O.s." Or, "You must be a Gemucee to have 11 kids!"  A few of these Gemucee trucks are still active in Korea over 70 years after the Korean War. Korean consumers respect GM products.  Korea has a strong auto supplier base including EV battery companies like LG Chemical, so many hope GM CEO Mary Barra sends Mr.Santa Claus instead  for the next press interview in Seoul. 

Squid Game from Korea turns into a whale gain for Netflix

The Korean entertainment business has kept standing out in the world.  PSY taught 5 billion people how to horse dance.  The boy band  BTS is commanding an Army of millions of fans around the world.   The Parasite was the first foreign film to win  the best picture Academy Award in 2020.   Now  the turn for K-dramas.   The "Squid Game '' released on Netflix on  Sep 17  now ranks  No.1 in all the 83 nations where Netflix service is available   The New York Post reported that over 14 billion videos with the hashtag #SquidGame have appeared on Tik Tok since Sep 17. Ted Sanrandos, co-CEO of Netflix said 'Squid Game will definitely be our biggest non-English language show in the world, for sure."   The Squid Game revolves around 456 debt ridden players betting their lives to participate in a series of survival games planned by mysterious hosts, in which the last winner earns prize money of 45.6 billion Won( $38.7M)

I watched the Squid Game a week ago. Pretty harmful. The UN or WHO should ban it immediately for the health of people around the world for its addictive contents. Once your eyes are on it, there is no way you can get away from it for the next 9 hours, turning you into an instant insomniac, worse than a heart attack each time  a new  Louis Vuitton or Prada handbag pops up in your living room. 

 

LTW: Iran's Revolutionary Guards captures S. Korean oil tanker to get oil money back

Good morning,

While the whole Korean peninsula turned into Kor-beria with temp dropping to -24 Celsius, the coldest in 35 years, Iran seized a S.Korean oil tanker in Strait of Hormuz on Jan 4, holding 20 crew members. Though Iran cited environmental sea pollution by the tanker, it was clear Iran's move is aimed at pressuring S.Korean government to speed up the release of the 7 billion oil dollars S.Korea is holding to follow the U.S. sanction against Iran.  The two countries have been working on finding a solution such as paying with Covid 19 vaccines, but not much progress.  S.Korea immediately dispatched top officials to Tehran for dialogue, despite Iran's refusal to their entry. It is feared the seizure will last long as there is no easy solution under the current hostile U.S.-Iran relationship. S.Korea turned into a  shrimp caught between two fighting whales or suffering grass under fighting elephants.

There is only one street in Seoul named after a foreign city.  Tehran-ro. Ro meaning street.  One of the busiest streets in Seoul, Tehran- ro was named  so when President Park Jung-hee and Iran's King Pahlavi agreed to name a street for each capital city in 1977. Total of 3.7km (2.3mi) long, Tehran-ro stretches from Gangnam Station through Renaissance Hotel  to Samseong Station where  Intercontinental Hotel is located.  A must visit street when you are in Seoul with your family, but just don't get close to a large beige building next to the Intercontinental Hotel for peace in your family.  Hyundai Department Store filled with Prada, Louis Vuitton, Hermes, Gucci, Cartier, Tiffany, Rolex....

Regards,

H.S.

P.S: Hyundai Motor stocks jumped 19.2% on Jan 9, the highest daily pick-up since 1988, after news of talk with Apple. So confidential, even a key direct report to Hyundai Chairman was not aware of this deal. More to follow when the deal is finalized.