Hyundai Motor steps up physical AI push amid Chinese competition, stock slump
UIWANG, South Korea — Seeking to remain competitive against fast-growing Chinese automakers and find new sources of growth amid a sharp retreat in its share price, Hyundai Motor Group is stepping up its push into robotics and physical artificial intelligence (AI). The move comes as the world's third-largest automotive group faces growing pressure to improve profitability in its conventional…
In a bid to compete with rapidly expanding Chinese automakers and explore fresh avenues for growth amidst a significant decline in its share price, Hyundai Motor Group is intensifying its focus on robotics and physical artificial intelligence (AI), according to recent reports. This strategic shift is taking place as the world's third-largest automotive conglomerate faces mounting pressure to enhance profitability in its traditional vehicle manufacturing sector, owing to intensified competition in the global electric vehicle (EV) market, especially from budget-friendly Chinese alternatives.
Investors are also expressing skepticism about when Hyundai's substantial investments in robotics will begin yielding fruitful results. Following the unveiling of its Atlas humanoid robot by Hyundai's U.S. subsidiary, Boston Dynamics, at the Consumer Electronics Show (CES) in January, the company's shares surged more than double, peaking at a record closing high of 755,000 won ($565.2) in June.
However, the stock has since experienced a sharp decline, retracing near its pre-CES valuation, closing at 312,000 won on Friday. This downward trend is attributed to waning enthusiasm surrounding robotics, coupled with dwindling earnings and mounting apprehensions regarding the feasibility of commercializing this technology for profitable outcomes.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
