"Hyundai Motor Has a Favorable FX and Tariff Base; New Model Momentum in Q4": Mirae Asset Securities

[Financial News] Hyundai Motor Company is expected to face unavoidable strike-related pressure in the third and fourth quarters, but its foreign exchange and tariff base remains favorable. The company is also likely to gain upward momentum from volume recovery and new models, including the Hyundai Ioniq 3, starting in the fourth quarter.
According to Mirae Asset Securities on the 31st, the results of Hyundai Motor Company's recent 2026 CEO Investor Day showed little that was newly notable in robotics and software-defined vehicles (SDV), but momentum still remains.
Analyst Kim Jin-seok said, "The impact of the strike in the third quarter is unavoidable, but the foreign exchange and tariff base is favorable." He added, "From the fourth quarter, the low base and expected volume recovery should create a new-model momentum phase, including the Hyundai Ioniq 3."
Kim also noted, "Robot momentum remains intact. U.S. robot policy is showing a trend of tighter restrictions on China and incentives for local production." He added, "Boston Dynamics will also need additional funding given its financial structure. The Saemangeum data center applied for architectural review in September and is moving toward construction in March 2027."
At the CEO Investor Day, Hyundai Motor Company said it is maintaining its goal of starting robot production in 2028 and keeping its annual production target at 30,000 units. It also presented an initial volume target of 25,000 units and said it aims to expand the site for the Robot Metaplant Application Center (RMAC) in the United States to 10 times its current size.
During the Q&A session, Hyundai Motor Company said its role in the robot business is not to operate it directly, but to support Boston Dynamics.
On SDV and autonomous driving, Hyundai Motor Company said it plans to complete SDV testing this year and finish preparations for mass production by the end of next year. It also outlined a plan to begin launch and sales in early 2028.
On robotaxis, Hyundai Motor Company said it has begun supplying the Hyundai Ioniq 5 to Waymo LLC. It also said its subsidiary Motional, which is working with Uber Technologies, Inc., aims to launch a robotaxi in Las Vegas by the end of next year.

[email protected] Kim Hak-jae Reporter