Hyundai Mobis bets on robotics as Atlas mass production looms
According to media reports on Monday, Hyundai Mobis recently shared its plans with its institutional investors to consider supplying 'actuators,' the mechanical systems that convert electrical energy into motion, for Atlas. These components will allow the robot to replicate the movement of human joints and muscles, enabling it to perform precision tasks such as assembling car parts.
The company is expected to supply actuators by 2028, which is in line with Hyundai Motor Group's plan to mass produce Atlas by 2028. By the end of this year, the carmaker looks to deploy the humanoid in its key global production sites, including the Hyundai Motor Group Innovation Center in Singapore and Hyundai Motor Group Metaplant America.
'Robotics is one of the strategies of applying our core electrification technologies to future businesses,' said a Hyundai Mobis official, who declined to disclose specifics, citing confidentiality.
Hyundai Mobis is reportedly developing approximately 30 types of actuators, which account for more than half of the production cost of humanoid robots. These actuators will likely consist of 3-in-1 systems with motors that convert electrical energy into torque, precision-control reducers and controllers that adjust the robot's movements.
Industry insiders indicate that Hyundai Mobis' foray into robotics signals Hyundai Motor's revamped commitment to advance its humanoid initiative. The carmaker is looking to list Boston Dynamics on the New York Stock Exchange, which requires demonstrating a technological edge over its competitors. According to Morgan Stanley, there are currently more than 100 publicly listed companies worldwide that develop humanoid robots, with more than half of these being Chinese firms.
Earlier this year, Hyundai Motor vowed to accelerate its robotics business by forging a strategic partnership with Nvidia, the US chip giant, to create artificial intelligence-based robots as well as virtual environments for training robots.
'In the long term, the introduction of Atlas could offer a solution to mitigate the rising labor costs resulting from the expansion of Hyundai Motor's overseas production centers, including those in the US,' said Kim Pil-su, a car engineering professor at Daelim University.
In 2021, Hyundai Motor Group acquired an 80 percent stake in Boston Dynamics for approximately 1 trillion won ($ 712.5 million). While its sales revenue rose from 78.2 billion won in 2022 to 91 billion won in 2023, its net loss also expanded from 255.1 billion won to 334.8 billion won in the same period. Due to its declining profitability, its US market debut has been repeatedly postponed, sources said. To secure funding, the carmaker has undertaken four rounds of capital increases since 2022.
Meanwhile, the global humanoid industry is anticipated to experience significant growth, primarily driven by the burgeoning AI market. According to MarketsandMarkets, an India-based market tracker, it is projected to expand to $13.3 billion by 2029 from last year's $2 billion.
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