Song Sun-jae

Hyundai Motor is no longer being valued as a pure auto company; the market is pricing it as a robotics company due to its ownership of Boston Dynamics. As a pure auto stock, Hyundai's valuation (PER 14x) is overvalued vs global peers (9x) and Toyota (11x). However, the massive potential of the humanoid robotics market (estimated at 1 quadrillion won vs 4 trillion won for autos) justifies a higher multiple. Near-term, the stock will be driven by robotics milestones: Tesla Optimus Gen3 launch (Q3 2025), Boston Dynamics production plant opening (Q3 2025), and SoftBank's put option decision (June-July 2025). Volatility is expected, but long-term investors should hold Hyundai Motor as a core robotics holding.