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…
SEOUL, South Korea — In a bid to counter the surge of Chinese automakers and revive its ailing share price, Hyundai Motor Group is intensifying its focus on robotics and physical AI, according to wire material. This strategic shift comes as the global auto giant, the world's third-largest vehicle manufacturer, grapples with the need to boost profitability in its traditional car manufacturing business, amidst mounting competition in the electric vehicle sector, particularly from budget-friendly Chinese alternatives.
Investors are anxiously awaiting signs of a return on investment for Hyundai's significant investments in robotics. The company's shares saw a substantial boost following the unveiling of Atlas, Hyundai's humanoid robot developed by its U.S. subsidiary, Boston Dynamics, at the Consumer Electronics Show (CES) in January. The stock reached a peak of 755,000 won ($565.2) in June, a record high.
However, the share price has since plummeted to approximately 312,000 won by Friday, a significant drop from its peak, as the initial excitement over robotics wanes due to weak earnings and doubts about how soon the technology can become profitable.
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.
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