[E-Daily Reporter KIM YOON-JEONG ] HyundaiMotor’s stock price, which had surged on expectations surrounding physical artificial intelligence (AI) and robotics, has recently fallen to the 400,000 won range, leading to mixed assessments from the securities industry. While some view that the “future business premium” has already been largely factored into the stock price, others predict that core business performance will recover in the second half of the year, driven by new vehicle launches and expanded production in the U.S.

According to MP Doctor ( HyundaiMotor(005380)), the stock closed at 502,000 won during regular trading on the 6th, up 2.03% (10,000 won) from the previous trading day. This is approximately 33% lower than the all-time high closing price of 750,000 won recorded on the 1st of last month.
◇Stock Price Soared on Physical AI Expectations… Now Back Around 500,000 Won
HyundaiMotor’s stock price, which was in the high 200,000 won range at the end of last year, rose rapidly in January of this year as expectations for Physical AI gained traction following CES. It subsequently fluctuated between 400,000 and 500,000 won before reaching an all-time high of 750,000 won (based on the closing price on the 1st of last month) at the end of May, driven by anticipation of NVIDIA CEO Jensen Huang’s visit to South Korea and expectations for robotics and manufacturing AI. However, the stock subsequently turned downward amid concerns over the company’s core business performance, falling to 492,000 won at the close on the 3rd before recovering to the 500,000 won mark today.
Expectations for the robotics business are cited as a key factor driving HyundaiMotor’s stock price rise. Through Boston Dynamics (BD), HyundaiMotor Group is pushing for the commercialization of the humanoid robot Atlas and is set to launch the U.S. Robotics Learning Center (RMAC) this coming August. This reflects expectations that HyundaiMotor’s competitiveness in manufacturing AI will be strengthened once the infrastructure for robot data collection, training, and validation is established.
The fact that HyundaiMotor Group possesses capabilities in finished vehicle production, logistics, software-defined vehicles (SDVs), and robotics is also cited as a key differentiator. Given its ability to build a manufacturing AI ecosystem that connects data from vehicles, factories, and robots, some argue that HyundaiMotor should be viewed not merely as an automaker but as a manufacturing AI platform.
◇Will Q2 Mark the Low Point for Core Business Performance?…BD’s Future Also a Variable
However, in the short term, concerns are growing regarding the performance of its core automotive business. With a slowdown in global sales, increased research and development (R&D) investment, and labor union wage negotiations all converging, there is a possibility that second-quarter earnings will fall short of market expectations.
HANWHA INVESTMENT & SECURITIES projected that second-quarter sales volumes would fall short of previous forecasts due to slowing global demand and supply disruptions caused by a fire at a supplier facility last March. While sales of eco-friendly vehicles continued to rise, the growth rate for hybrid vehicles slowed, and the decline in sales of plug-in hybrids (PHEVs) and battery electric vehicles (BEVs) widened, according to the analysis.
There are also forecasts that the outlook will change starting in the second half of the year. Analysts suggest that improved performance will be driven by the launch of new models, expanded sales in the U.S. and European markets, an increased share of eco-friendly vehicles, and reduced tariff burdens resulting from expanded local production in North America.
Kim Seong-rae, an analyst at HANWHA INVESTMENT & SECURITIES, stated, “Starting in the third quarter, when new models are launched, sales volume is expected to expand in key markets such as the U.S. and Europe, and the share of eco-friendly vehicles will increase, leading to a recovery in revenue and profits.” He added, “In the second half of the year, profitability is expected to improve as the impact of tariffs gradually eases due to expanded local production in North America.”
On the other hand, some analysts suggest that during the recent sharp rise in the stock price, expectations for the robotics business—rather than the company’s core operations—have been heavily factored into its corporate value. Last month, Yuanta Securities Korea raised HyundaiMotor’s target price from 600,000 won to 690,000 won but downgraded its investment rating from “Buy” to “Hold.”
Kim Yong-min, an analyst at Yuanta Securities Korea, analyzed, “HyundaiMotor’s stock price rise this year is based on expectations for the growth of BD’s global humanoid market rather than a revaluation of its existing new automotive businesses,” adding, “A valuation premium arose as the value of these new businesses—which are not yet impacting profits—was assessed based on the core business’s earnings.”