Hyundai AutoEver to Invest KRW 114.6 Billion in AI Infrastructure Joint Venture, Secure 26% Stake

[Financial News] Hyundai AutoEver will invest KRW 114.6 billion in a joint venture to pursue businesses in AI data centers and GPU services.
The plan is to build AI computing infrastructure with the Saemangeum area as its base and enter the GPUaaS (GPU as a Service) and cloud computing services businesses.
Hyundai AutoEver disclosed that its board of directors met on the 30th and decided to acquire 1,146,080 shares in the provisionally named 'HMG AI Factory.' The acquisition price is KRW 114,608,000,000, equivalent to 6.1% of Hyundai AutoEver's equity capital of KRW 1,874,718,900,000. Its stake after the acquisition will be 26%.
The investment is intended to build and operate AI computing infrastructure, including graphics processing units (GPUs), at an AI data center in the Saemangeum area.
Hyundai AutoEver plans to pursue a business providing GPUaaS and cloud computing services through the joint venture. Until the data center is completed, it plans to use other locations.
HMG AI Factory, the target of the investment, is a company scheduled to be newly established in November. The company name in the disclosure is provisional and may be changed later. Following its establishment and the capital contribution, it is expected to become an affiliate of Hyundai AutoEver.
The capital contribution will be paid in six installments from 2026 through 2031. The scheduled acquisition date listed in the disclosure is December 31, 2031, based on the completion of the final contribution. The number of shares to be acquired, the amount, and the final stake, among other details, may change as the company is established and additional contributions are made.
Hyundai AutoEver delegated to its CEO the authority to determine and execute details related to the transaction. The disclosure states that no separate agreements, such as put options, were entered into.

[email protected] Kang Jung-mo Reporter