이 기사는 2022년 01월 17일 07:41 thebell 에 표출된 기사입니다.

At this year’s CES in Las Vegas, South Korea’s Hyundai Motor Group has revealed its ambitions to become a leading player in the robotics market.

Appearing on the stage accompanied by Boston Dynamics’ four-legged robot named Spot, Hyundai Motor Group chairman Chung Eui-sun said that the conglomerate would expand future mobility solutions to “metamobility” by robotics.


There is speculation about why Chung put emphasis on robotics now at the world’s biggest tech show. There is no doubt that robotics technology – which is expected to generate synergies with other new businesses such as urban aerial mobility and smart factories – is one of the conglomerate’s future growth drivers. But some say it’s too early because there are no concrete results yet.

Industry experts connect the dots between Chung’s emphasis on robotics and the family-controlled conglomerate’s potential ownership restructuring.

While Chung took the reins of Hyundai Motor Group as chairman in October 2020, he needs to further strengthen his control over the conglomerate.

Chung owns a 2.62% stake in Hyundai Motor, the group’s the crown jewel, and a mere 0.32% stake in Hyundai Mobis, a key affiliate in the conglomerate’s ownership structure.

While he has maintained control over the conglomerate through a complex web of cross-shareholdings, this structure needs to be reformed because it’s not sustainable in the long term and in terms of regulatory compliance.


The ownership restructuring would require a huge amount of money. If Chung opts to purchase a combined 23.83% stake in Hyundai Mobis held by Kia Corp, Hyundai Steel and Hyundai Glovis, this would cost him nearly 6 trillion won ($5 billion) based on the closing price of 262,000 won apiece on January 10.

Potential IPO

Boston Dynamics could be the last piece of the puzzle in completing the conglomerate’s ownership restructuring.

Hyundai Motor Group bought 80% of the US robotics company for 956 billion won from Japan’s SoftBank Group two years ago. Hyundai Motor, Hyundai Mobis and Hyundai Glovis hold 30%, 20% and 10% stakes, respectively, while Chung owns a 20% stake in the robot maker.

The acquisition was to secure a leading presence in the field of robotics, Hyundai Motor Group said at the time, forecasting the robotics market to grow at an average annual rate of 32% to $177.2 billion by 2025.

The conglomerate also said that Chung’s stake purchase in the robot maker was intended to reinforce responsible management and make it clear that it was committed to continuing to invest in the technology.

Chung’s investment in Boston Dynamics, a rare move for him, drew attention from industry watchers, raising speculation about his bigger picture.

Boston Dynamics is expected to start preparations for an initial public offering in the coming years. If the company successfully goes public at a high valuation, Chung would be able to pocket big bucks, which could be used to buy shares in Hyundai Mobis. (Reporting by Su-jin Yoo)