South Korea's Hyundai Motor Announces Transformation into a Tech Company

en.Wedoany.com Reported - South Korea's Hyundai Motor Company has announced that it will no longer confine itself to the identity of a traditional automaker, but instead position itself as a technology enterprise encompassing robotics, autonomous driving, and artificial intelligence. Hyundai Motor Company's Global President and CEO Jose Munoz stated that Hyundai is not an ordinary original equipment manufacturer (OEM), but a technology company that also happens to be engaged in manufacturing.

Explaining this strategic transformation, Munoz pointed out that the Hyundai Group owns a vast portfolio of companies, including robotics firm Boston Dynamics, autonomous driving software companies 42Dot and Motional, as well as its Chinese joint venture Momenta. He also mentioned Hyundai's deal with Waymo involving tens of thousands of robotaxis, which will be produced in the United States and expanded globally. Additionally, Hyundai has an exclusive supply relationship with NVIDIA and a broad partnership with Amazon, covering online car sales, Alexa integration, and the use of Amazon Web Services. Munoz also listed other partners, including Santander, General Motors (GM), India's TBS, and the Middle East's Mubadala. The Hyundai Group also owns diversified businesses such as self-produced steel, container ships, and logistics, all of which contribute to the production and distribution of vehicles.

Munoz added that the Hyundai Group has over 50 affiliates, with businesses covering vertically integrated steel production, distribution through Glovis, advertising through Innocean, as well as factory robots, sales financing, and Rotem in the defense sector. He believes these technology investments not only help meet the needs of car buyers but also make Hyundai more attractive to investors and boost its stock price. Data shows that despite fluctuations in sales figures, Hyundai Motor Company's stock price has risen significantly over the past three years.