[Click e-Stock] "Hyundai AutoEver Expected to Oversee Robot Control"

On June 26, Daishin Securities analyzed that Hyundai AutoEver is highly likely to be responsible for robot control and training (deep learning) within Hyundai Motor Group's factories.

Kim Guiyeon, a researcher at Daishin Securities, stated, "Interest in the Boston Dynamics (BD) value chain, which is the robot affiliate within Hyundai Motor Group, continues to grow," and explained, "Since it is an unlisted affiliate in which Chairman Chung Euisun holds a 22% stake, expectations for a restructuring of the group's governance are also rising."

He added, "At the BD town hall meeting last April, it was announced that tens of thousands of BD robots would be deployed at Hyundai Motor Group's global factories," and noted, "This has heightened expectations for mass production benefits."

He emphasized, "While various companies are being mentioned in relation to BD robot hardware such as modules, actuators, and motors, Hyundai AutoEver stands out in the software domain."

Researcher Kim analyzed, "As Hyundai AutoEver is the system integration (SI) company for Hyundai Motor Group, it is highly likely to be responsible for both training the robots required to perform their roles within the factories and the integrated control of the deployed robots."

He explained, "Although it is difficult to make specific sales estimates since the unit price (P) and deployment volume (Q) of BD robots have not yet been determined, the SI business, which adds an appropriate margin to the input cost, generally does not have a large profit leverage effect. However, as more advanced technologies are applied, the scale of each project is expected to increase."

Researcher Kim stated, "If we assume that 1% of the production workforce at the three major Hyundai Motor Group companies is replaced by robots and that 40% of the existing labor cost is paid, Hyundai AutoEver's robot sales would amount to more than 450 billion KRW." He further emphasized, "Last year, the total labor cost of the major listed affiliates of Hyundai Motor Group was 31.9 trillion KRW, so even if only 1% per year is converted to robot-related SI sales, it would amount to about 320 billion KRW annually."