[Edaily Marketin Reporter LEE GEON-EOM ] Analysis suggests that the reason why Motional, Hyundai Motor Group’s autonomous driving joint venture, is showering its employees with restricted stock units (RSUs) despite accumulating losses in the trillions of won is that it represents a practical financial solution to retain talent while minimizing cash outflow.

The explanation is that in the autonomous driving market, where competition for talent is fierce, RSUs—which do not incur immediate cash outlays—are the best option for maintaining competitiveness and preserving R&D cash reserves needed for year-end commercialization.

According to the Financial Supervisory Service’s electronic disclosure system on the 29th, Motional’s cumulative net loss has surged annually since its establishment, reaching 3.3 trillion won as of the first quarter of this year. This is cited as the reason behind Motional’s active use of RSUs, a non-cash compensation tool.

Specifically, the figure rose sharply: △231.5 billion won in 2020, △516.2 billion won in 2021, △751.7 billion won in 2022, and △803.7 billion won in 2023. Although the company subsequently sought to improve cost efficiency, delays in commercialization led to net losses of △368.8 billion won in 2024, △502.1 billion won in 2025, and △135.0 billion won in the first quarter of 2026.

Motional continues to make massive R&D investments without generating any revenue in order to strengthen its competitiveness in autonomous driving. This is due to a structural limitation: Level 4 or higher fully autonomous driving technology cannot generate significant revenue from paid transportation services until it has proven absolute safety and received approval from regulatory authorities.

In the pre-commercialization phase, it is inevitable that astronomical amounts of upfront capital must be invested over several years to advance AI driving models, conduct road tests, and address regulatory requirements. Under these circumstances, as the competition for talent intensifies with global Big Tech giants—such as Google’s Waymo, Amazon’s Zoox, and Tesla—which possess massive capital reserves, analysts suggest it would have been difficult to match the compensation demands of key personnel using only cash-based incentives such as performance bonuses.

Furthermore, the decision to adopt RSUs rather than stock options is interpreted as a strategic move based on financial considerations. Given the nature of a privately held company, the value of stock options can easily be eroded depending on the exercise price and market conditions, potentially reducing their effectiveness as a talent incentive. In contrast, RSUs grant equity shares upon meeting certain conditions, creating a definite asset value; as such, they can exert a powerful talent lock-in effect without requiring cash outlay.

In particular, the departure of AI researchers and engineers—who are central to autonomous driving technology—directly leads to delays in technology development and a decline in corporate valuation. Motional’s recent move to hire an executive dedicated to managing RSUs is also interpreted as an extension of its strategy to safeguard key human capital and prevent a decline in corporate value, given the limited financial resources of a company currently operating at a loss.

Professor Lee Ho-geun of Daedeok University explained, “As competition in autonomous driving intensifies, Motional—which currently lacks an immediate revenue stream—is highly likely to actively utilize compensation tools such as RSUs.” He added, “Given the ongoing advancement of autonomous driving technology, Hyundai Motor Group’s investment in talent, including RSUs, is likely to expand.”