# 현대차 (005380.KS)
> 국내 1위 완성차이자 현대차→기아→현대모비스→현대차로 이어지는 그룹 순환출자의 정점으로, 기아 지분 35.17%를 쥐고 E-GMP 플랫폼·배터리 조달·미국 조지아 생산을 함께 돌린다. 2024년 매출 175조2,312억원·영업이익 14조2,396억원(OPM 8.1%)으로 역대 최대를 찍었고, 배터리는 SK온·LG에너지솔루션 조지아 JV와 CATL로 멀티소싱해 특정 셀사 의존을 분산했다. 완성차 볼륨을 넘어 보스턴다이내믹스(100% 자회사)·모셔널·엔비디아 AI 팩토리로 로봇·자율주행 축을 키우는 중이라, 사이클 저점의 자동차주가 아니라 그룹 전동화·로보틱스 전환의 자본 배분처로 봐야 한다.
Canonical: https://valuechain.wiki/hyundai-motor-company · Updated: 2026-07-12T08:26:32.198856+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 현대차의 직접 연결 기업은 7곳(관계 기준 공급 6·매출 0·투자 1)이고, 사슬을 2차까지 넓히면 64곳에 닿는다. 링크의 근거 출처는 18건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: 175조2,312억원 (2024 연결, 역대 최대)
- 고객 집중도: 영업이익 14.2조(OPM 8.1%). 조지아 메타플랜트 $75.9억 단독 투자 — 배터리 JV 포함 조지아 총 $126억.
- 사업부문: 완성차 (도매 414만대), 금융·기타

## Annual stock return (as of 2026-07-10)
- 2021: -16.7%
- 2022: -4.7%
- 2023: +16.2%
- 2024: +12.3%
- 2025: +158.8%
- 2026 YTD: -7.8%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 현대차 | node | -16.7% | -4.7% | +16.2% | +12.3% | +158.8% | -7.8% |
| onsemi | benef1 | +107.5% | -8.2% | +33.9% | -24.5% | -14.1% | +77.2% |
| NVIDIA | benef1 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| CATL | benef1 | +67.4% | -21.4% | -40.6% | +74.5% | +39.4% | +1.2% |
| 기아 | benef1 | +3.1% | -13.8% | +54% | +3.7% | +60.1% | +0.9% |
| SK이노베이션(SK온) | benef1 | -22.9% | -22.4% | -26.2% | +8.9% | -10.6% | -8.1% |
| LG에너지솔루션 | benef1 | · | · | -26.9% | -7.6% | +13.1% | -18.1% |
| 키옥시아 | benef2 | · | · | · | · | +1082.1% | +260.5% |
| Micron Technology | benef2 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| Murata | benef2 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| 난야PCB | benef2 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| ASE테크놀로지 | benef2 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +167.6% |
| Nebius | benef2 | · | · | · | · | +202.2% | +162.4% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +148.2% |
| Ibiden | benef2 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +147.1% |
| SK하이닉스 | benef2 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 어플라이드 머티어리얼즈 | benef2 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 유니마이크론 | benef2 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +131.6% |
| Corning | benef2 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| Lumentum | benef2 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| LS일렉트릭 | benef2 | -19.2% | +11.4% | +37.4% | +234.2% | +145% | +79.6% |
| 삼성전자 | benef2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| Coherent | benef2 | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| Eoptolink | benef2 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| InnoLight | benef2 | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| Keysight | benef2 | +56.3% | -17.2% | -7% | +1% | +26.5% | +58.5% |
| Delta Electronics | benef2 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| Monolithic Power | benef2 | +35.5% | -27.8% | +79.8% | -5.6% | +54.5% | +49.8% |
| Analog Devices | benef2 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| TSMC | benef2 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| ABB | benef2 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| 페가트론 | benef2 | -5.9% | +0.6% | +35.3% | +21.2% | -23.8% | +24% |
| Luxshare | benef2 | -11.9% | -30.2% | -21.2% | +58.8% | +29.3% | +20.6% |
| Digital Realty | benef2 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| Amphenol | benef2 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| 다이닛폰인쇄 | benef2 | +56.5% | +13.9% | +42.6% | +8.5% | +22.5% | +15.3% |
| 위스트론 | benef2 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| 현대모비스 | benef2 | -25.8% | -9.3% | +2.1% | +27.7% | +74.5% | +10% |
| 대주전자재료 | benef2 | +98.4% | -2.3% | -19.4% | +48.5% | -25.9% | +7.7% |
| SQM | benef2 | +6.8% | +71.8% | -18.3% | -39.4% | +89.2% | +7.6% |
| Yunnan Energy (Enjie) | benef2 | +92.8% | -38.6% | -72.6% | -29.2% | +76.4% | +7.5% |
| KYEC | benef2 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| 유미코아 | benef2 | -27.5% | +5.9% | -37.1% | -51.4% | +111.6% | +2.4% |
| Tinci Materials | benef2 | +68.3% | +5.6% | -61.4% | -0.7% | +124.2% | -1% |
| BlackRock | benef2 | +29.4% | -20.4% | +17.9% | +29.3% | +6.6% | -2.1% |
| 롯데에너지머티리얼즈 | benef2 | +31.5% | -32.9% | -49.3% | -30% | +75.8% | -8.4% |
| Albemarle | benef2 | +59.8% | -6.6% | -32.8% | -39.5% | +67.7% | -10.4% |
| TE Connectivity | benef2 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| 현대제철 | benef2 | +2.7% | -9.3% | -2% | -28.7% | +38.8% | -12.7% |
| 룽바이커지(容百科技) | benef2 | +96.6% | -39.1% | -63.6% | +12.3% | +47.7% | -12.9% |
| Recursion Pharmaceuticals | benef2 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| LG화학 | benef2 | -29% | +9.7% | -36.6% | -45.3% | +31.2% | -14.4% |
| SKC | benef2 | +18.1% | -31.9% | -19.7% | +104.3% | -25.4% | -19.2% |
| 엘앤에프 | benef2 | +139.2% | +22.4% | -30.3% | -38.6% | +43.4% | -20.4% |
| Ganfeng Lithium | benef2 | +12% | -17.4% | -56.1% | +0.1% | +108.3% | -21.8% |
| 포스코퓨처엠 | benef2 | -17.7% | +97.6% | +16.3% | -43.6% | +56.5% | -32% |
| 나노신소재 | benef2 | +56.8% | +66.4% | +13.9% | -30.9% | +5.5% | -32.8% |
| BYD일렉트로닉스 | benef2 | -56.1% | +16% | -0.4% | +60.6% | -19.4% | -34.4% |
| 천보 | benef2 | +40.4% | -7.3% | -65% | -55.6% | +59.1% | -37.6% |
| 피엔티 | benef2 | +62.2% | +11.6% | -17.8% | +12.2% | +31.1% | -39.8% |
| SK아이이테크놀로지(SKIET) | benef2 | · | -41.9% | +11.1% | -69% | +18.9% | -45.5% |
| 에코프로비엠 | benef2 | +79.2% | +23.9% | +113.5% | -38.6% | +77.1% | -47.6% |
| 엔켐 | benef2 | · | -37.4% | +173.9% | -20.5% | -26.1% | -76.7% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| 이코르 | benef3 | +52.7% | -41.7% | +25.4% | -4.2% | -42.8% | +444.2% |
| 주성엔지니어링 | benef3 | +127.9% | -42.6% | +173.3% | -3.1% | +30.7% | +364.1% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +208% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| GlobalWafers | benef3 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| ACM Research | benef3 | +4.9% | -72.9% | +153.4% | -22.7% | +161.3% | +161.1% |
| AMD | benef3 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| Kulicke & Soffa | benef3 | +92.4% | -25.8% | +25.5% | -13.2% | -0.3% | +150.1% |
| 코후 | benef3 | -0.2% | -15.9% | +10.4% | -24.6% | -12.8% | +141.4% |
| MKS Instruments | benef3 | +16.4% | -51% | +22.6% | +2.2% | +54.4% | +131% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Arteris | benef3 | · | -79.6% | +37% | +73% | +52.1% | +124.3% |
| FormFactor | benef3 | +6.3% | -51.4% | +87.6% | +5.5% | +26.8% | +110.7% |
| 케이씨텍 | benef3 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +108.1% |
| 램리서치 | benef3 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +104.6% |
| Onto Innovation | benef3 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| 대덕전자 | benef3 | +64.2% | -0.3% | +13.3% | -22.7% | +250.2% | +92.1% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| Tower Semiconductor | benef3 | +53.7% | +8.9% | -29.4% | +68.8% | +128% | +89.7% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| ASMPT | benef3 | -29% | -12.4% | +21.8% | -4.8% | +47.6% | +82% |
| Resonac | benef3 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| MACOM | benef3 | +42.3% | -19.6% | +47.6% | +39.8% | +31.8% | +80.1% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 퀴니티 일렉트로닉스 | benef3 | · | · | · | · | · | +76.3% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| Kokusai Electric | benef3 | · | · | · | -35.4% | +165.3% | +70% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Global Unichip | benef3 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| Ajinomoto | benef3 | +31% | +36% | +44.5% | +4% | +14.1% | +63.7% |
| 후성 | benef3 | +59.9% | -33.5% | -34.5% | -39.1% | +67.4% | +62.2% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Fujimi | benef3 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 유진테크 | benef3 | +28.1% | -45.1% | +64.1% | -12.6% | +202.5% | +49.5% |
| Montage Technology | benef3 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| 어드밴스드에너지 | benef3 | -5.7% | -5.4% | +27.5% | +6.6% | +81.6% | +47.2% |
| 기가바이트 | benef3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| 삼성E&A | benef3 | +74.5% | +20% | -13.7% | -15.9% | +76.7% | +43.2% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Camtek | benef3 | +110.1% | -52.3% | +215.9% | +18.3% | +31.7% | +35.2% |
| Ebara | benef3 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| SMC Corporation | benef3 | +0.9% | +4.5% | +28.6% | -28% | +4.2% | +26.6% |
| 파워텍 (PTI) | benef3 | +4.8% | -7.5% | +86% | -16% | +128.6% | +26% |
| Linde | benef3 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| 에어프로덕츠 | benef3 | +13.8% | +3.9% | -9% | +8.1% | -12.7% | +23.7% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| 미쓰비시전기 | benef3 | -8.1% | +2.5% | +58.7% | +19.1% | +91% | +21.3% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| 스미토모화학 | benef3 | +19.6% | -9.1% | -27.7% | -2.2% | +43.9% | +16% |
| Broadcom | benef3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| 네패스 | benef3 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +15.1% |
| 알파벳 (구글) | benef3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Merck KGaA | benef3 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| Air Liquide | benef3 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef3 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 원익IPS | benef3 | -19.7% | -19.8% | -0.2% | -25.5% | +408.8% | +9.3% |
| Siemens Energy | benef3 | -35.4% | -2.7% | -27% | +314.2% | +149.9% | +5.7% |
| 한미반도체 | benef3 | +98.5% | -21.7% | +313.1% | +93.7% | +87.9% | +5.5% |
| 하나마이크론 | benef3 | +109% | -41% | +143.5% | -52.4% | +269.3% | +5.3% |
| Fabrinet | benef3 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| 소프트뱅크그룹 | benef3 | +10.2% | +9.9% | +39.2% | +6.5% | +8.5% | +3.2% |
| 코보 | benef3 | -5.9% | -42% | +24.2% | -37.9% | +20.8% | +1.5% |
| 이오테크닉스 | benef3 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| 아이에스시 | benef3 | +43.2% | +14.2% | +116.5% | -11.9% | +126.8% | +0.3% |
| 티씨케이 | benef3 | -10.1% | -16.9% | +2.8% | -28.7% | +225.7% | -2.5% |
| 호야 | benef3 | +10.8% | -3% | +34.4% | +11.3% | +24.9% | -2.9% |
| HD Hyundai Electric | benef3 | +4.2% | +132.5% | +159.4% | +300.5% | +120.2% | -3.7% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| 캐논 | benef3 | +22.5% | +11.1% | +46.4% | +27% | -3.2% | -5.6% |
| LG디스플레이 | benef3 | -6.8% | -30.9% | -8.5% | -20.6% | +26.2% | -5.7% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| POSCO홀딩스 | benef3 | +13.9% | +19.9% | +43% | -37.3% | +38.3% | -8.8% |
| 파크시스템스 | benef3 | +25.1% | +1.6% | +41.6% | +37.3% | +28.9% | -11.2% |
| BYD | benef3 | -6.5% | +10.5% | -28.5% | +58.9% | +8.7% | -12.7% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |
| 동진쎄미켐 | benef3 | +28.1% | -13.7% | +16.1% | -42.8% | +160.1% | -15.8% |
| 마이크로소프트 | benef3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 코스모신소재 | benef3 | +121.4% | +48.7% | +128.9% | -60.4% | -3.4% | -22.5% |
| 유니테스트 | benef3 | +23.4% | -57.8% | +11.3% | -1.6% | +6.8% | -24.8% |
| 롯데케미칼 | benef3 | -22.5% | -3.6% | -24.4% | -56.1% | +50.1% | -25.4% |
| Oracle | benef3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| 이엔에프테크놀로지 | benef3 | -32.9% | -23.6% | +1.3% | -16.1% | +204.6% | -28.4% |
| 리노공업 | benef3 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| SFA반도체 | benef3 | -5.8% | -34.1% | +48.7% | -48.7% | +139.8% | -31.8% |
| 솔브레인 | benef3 | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -35.9% |
| 에코프로머티리얼즈 | benef3 | · | · | · | -52.5% | -4.9% | -43.6% |
| 에코프로 | benef3 | -5.1% | +94.5% | +309.5% | -39.2% | +172.1% | -47.1% |
| 에스앤에스텍 | benef3 | -17.3% | -5% | +45.8% | -31.2% | +210.8% | -47.5% |

투자 논점은 '완성차 실적'이 아니라 그룹 전동화·로보틱스 전환의 속도다. 배터리를 SK온(조지아 HSBMA 35GWh)·LG에너지솔루션(조지아·인도네시아)·CATL로 3원화해 단일 셀 공급사 리스크를 낮췄고, 셀은 현대모비스 팩을 거쳐 현대·기아·제네시스 미국 EV로 흘러 순환출자 구조 안에서 부가가치를 내부화한다. 여기에 삼성 파운드리가 자체 자율주행칩(8나노, 2030 양산)을, 엔비디아가 옴니버스·드라이브 하이퍼리온을, 보스턴다이내믹스(2026년 100% 완전자회사)가 조지아 공장 로봇을 대는 축이 겹치며 자동차사가 아니라 AI·로봇 수요를 사들이는 노드로 성격이 바뀌고 있다. 관전 포인트는 조지아 총 126억 달러 투자가 관세·현지생산 요건 아래 마진으로 회수되는 속도와, 순환출자 해소 압력이 재평가 트리거로 작동하는지다. (analysis as of 2026-07-10)

## Money in · revenue from (2)
### 차량할부금융 고객 (금융부문·현대캐피탈) (high)
- note: 완성차 판매를 뒷받침하는 금융부문 — 차량 할부금융·리스·결제대행(현대캐피탈 등)이 딜러·소비자를 대상으로 안정적 이자수익을 낸다. 차량 판매 사이클에 종속되나, 완성차 마진이 눌릴 때 그룹 수익을 완충하는 축(기아 구조와 대칭).
- [confirms] 금융감독원 전자공시(DART) (KO, filing, published 2026-03-18) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001394: "금융부문: 차량할부금융·결제대행업(현대캐피탈 등) 운영(사업보고서)."

### 글로벌 완성차 고객 (차량부문) (high)
- note: 현대차 실적의 본체 — 승용·RV·소형/대형상용을 내수·북미·유럽·기타 시장에 판매하는 차량부문이 FY2025 매출 145.6조원(연결 총매출 186.3조·영업익 11.5조)의 대부분을 차지한다. 미국이 최대 수출시장이라 관세·인센티브가 마진의 핵심 변수이며, 최종 소비자는 다수·익명이다.
- [confirms] 금융감독원 전자공시(DART) (KO, filing, published 2026-03-18) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001394: "차량부문 매출 145,631,818백만원; 연결 매출 186.3조·영업이익 11.5조(FY2025)."

## Money out · pays to (6)
### SK온 (SK이노베이션) (high)  → /sk-innovation.md
- metric: 금액 $5B · JV 투자
- note: 미국 배터리 셀 JV 'HSBMA'(50:50, 총 $50억, 조지아 바토우, 연 35GWh=EV 30만대분). 셀은 현대모비스 팩으로 현대·기아·제네시스 미국 생산 EV에 전량 공급.
- [mentions] 증권가 컨센서스 (EN, research, published 2026-05-01) https://www.investing.com/equities/hyundai-motor-consensus-estimates: "증권가: 미국 관세 25%→15% 완화 가정하 실적 전망, 매수 컨센서스."
- [confirms] 서울경제(영문) (EN, news, published 2026-03-27) https://en.sedaily.com/finance/2026/03/27/hyundai-motor-group-sk-on-finalize-us-battery-jv-name-as: "The two companies invested a total of $5 billion and hold equal 50% stakes... supplied entirely to Hyundai, Kia and Genesis EVs manufactured in the US."
- [confirms] 금융감독원 전자공시(DART) (KO, filing, published 2026-03-18) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001394: "현대차 사업보고서: 배터리 조달(SK온 등) 및 그룹 조달 구조."
- [confirms] Hyundai Newsroom (EN, ir, published 2025-03-26) https://www.hyundainews.com/releases/4407: "Group investment in Georgia related to HMGMA and battery JVs with LGES and SK On is $12.6 billion, including $7.59 billion in the Metaplant itself."
- [confirms] 현대자동차 (KO, ir, published 2025-01-23) https://www.hyundai.co.kr/news/CONT0000000000168675: "2024년 매출 175조2,312억원·영업이익 14조2,396억원(OPM 8.1%)."
- [confirms] 현대차그룹 (EN, ir, published 2023-04-25) https://www.hyundai.com/worldwide/en/newsroom/detail/hyundai-motor-group-and-sk-on-to-establish-ev-battery-cell-production-joint-venture-in-us-0000000237: "The new plant is expected to start manufacturing in H2 2025 with 35 GWh annual capacity, sufficient for 300,000 EVs."

### LG에너지솔루션 (high)  → /lg-energy-solution.md
- metric: 금액 $4.3B · 조지아 JV
- note: 배터리 셀 JV 2건 — 조지아 브라이언 카운티 $43억(50:50, 연 30GWh) + 인도네시아 HLI그린파워 $11억(카라왕, 연 10GWh, 2024.7 준공).
- [confirms] Investment Monitor (EN, news, published 2024-07-03) https://www.investmentmonitor.ai/news/hyundai-and-lg-opens-ev-battery-facility-in-indonesia/: "Inaugurated a $1.1bn EV battery cell facility in Karawang, Indonesia (HLI Green Power)."
- [confirms] LG에너지솔루션 (EN, ir, published 2023-05-25) https://news.lgensol.com/company-news/press-releases/1780/: "A new battery cell JV in Bryan County, Georgia with total investment over USD 4.3 billion, 50/50 stakes."

### 온세미 (EliteSiC 트랙션 인버터) (high)  → /onsemi.md
- note: 현대차그룹은 고성능 EV(기아 EV6 GT 등 E-GMP)의 트랙션 인버터에 온세미 EliteSiC 전력모듈을 채택 — SiC 인버터가 800V 구동 효율·주행거리를 높이는 핵심 부품.
- [confirms] onsemi (EN, news, published 2023-01-04) https://investor.onsemi.com/news-releases/news-release-details/onsemi-silicon-carbide-power-module-traction-inverters-selected: "현대차그룹 고성능 EV 트랙션 인버터에 온세미 SiC 모듈 선정(기아 EV6 GT)."

### NVIDIA (high)  → /nvidia.md
- note: 옴니버스(공장 디지털트윈)·아이작(로봇)·DRIVE Hyperion(현대·기아 차량+모셔널) 채택, 블랙웰 GPU 5만개 규모 AI 팩토리 구축(2025).
- [confirms] NVIDIA (EN, ir, published 2025-11-01) https://nvidianews.nvidia.com/news/hyundai-motor-kia-autonomous-driving: "Hyundai will integrate NVIDIA DRIVE Hyperion in select Hyundai and Kia vehicles, including robotaxis through Motional."
- [confirms] 현대차그룹 (EN, ir, published 2025-01-09) https://www.hyundai.com/worldwide/en/newsroom/detail/hyundai-motor-group-partners-with-nvidia-to-accelerate-development-of-ai-solutions-for-future-mobility-0000000893: "The Group will utilize NVIDIA Omniverse for digital twins of its factories and NVIDIA Isaac to develop AI robots."

### 삼성전자 (high)  → /samsung-electronics.md
- note: 엑시노스 오토 V920(프리미엄 IVI) 첫 공급 + 삼성 파운드리가 현대차 자체 자율주행칩 8나노 수주(2028 개발·2030 양산).
- [confirms] ZDNet Korea (KO, news, published 2025-10-17) https://zdnet.co.kr/view/?no=20251016145235: "삼성 파운드리가 현대차 자체 개발 자율주행칩을 8나노로 양산 — 2028 개발 완료·2030 양산 목표."
- [confirms] ZDNet Korea (KO, news, published 2023-06-07) https://zdnet.co.kr/view/?no=20230607123510: "삼성전자는 현대차에 프리미엄 IVI용 엑시노스 오토 V920을 공급 — 양사 반도체 첫 협력."

### CATL (mid)  → /catl.md
- note: 코나EV·니로EV(NCM)·레이EV(LFP)에 CATL 배터리 채택, 중국 출시 아이오닉 신차에도 CATL LFP 예정.
- [mentions] 블로터 (KO, news, published 2024-08-01) https://www.bloter.net/news/articleView.html?idxno=660381: "현대차그룹은 코나EV·니로EV에 CATL NCM, 레이EV에 CATL LFP를 탑재했다. 중국 출시 신형 아이오닉에 CATL LFP 탑재 계획."

## Investments (3)
### Motional (앱티브 JV) (high)
- metric: 금액 $475M · 2024 추가 투자
- note: 자율주행 JV — 2024년 5월 $4.75억 추가 투자로 지분 확대(앱티브 보통주 44%→약 15%). 아이오닉5 로보택시 상용화는 2026년으로 연기.
- [confirms] SEC EDGAR (EN, filing, published 2024-11-01) https://www.sec.gov/Archives/edgar/data/1521332/000152133224000073/aptv-20240930.htm: "On May 2, 2024, Hyundai invested $475 million in Motional for an additional 11.7% common equity interest, reducing Aptiv's interest from ~44% to ~15%."

### Boston Dynamics (high)
- metric: 점유율 100% · 2026 완전자회사
- note: 2021년 소프트뱅크로부터 지배지분 인수($11억, 80%) 후 2026년 잔여 9.65%를 $3.25억에 인수해 100% 완전자회사화. 아틀라스를 2028년 조지아 EV 공장에 투입 예정.
- [confirms] KED Global (EN, news, published 2026-06-21) https://www.kedglobal.com/robotics/newsView/ked202606210001: "Hyundai to acquire SoftBank's remaining 9.65% for $325 million, making Boston Dynamics wholly owned."
- [confirms] 현대차그룹 (EN, ir, published 2021-06-21) https://www.hyundai.com/worldwide/en/newsroom/detail/hyundai-motor-group-completes-acquisition-of-boston-dynamics-from-softbank-0000000516: "Hyundai holds an 80% stake in Boston Dynamics (deal valued ~$1.1 billion)."

### 기아 (지분 35.17%) (high)  → /kia.md
- note: 현대차가 기아 지분 35.17%를 보유한 최대주주로, 순환출자(현대차→기아→현대모비스→현대차)의 한 변이다. 두 완성차사는 E-GMP 플랫폼·배터리 조달·미국 조지아 생산을 공유해 그룹 볼륨을 함께 책임진다.
- [confirms] 금융감독원 전자공시(DART) (KO, filing, published 2026-03-12) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001224: "기아 사업보고서: 최대주주 현대자동차㈜ 35.17%."

## 질문별 엔드포인트
- 누가 현대차의 고객인가? 현대차의 매출은 어디서 오는가? → https://valuechain.wiki/hyundai-motor-company/customers.md
- 현대차의 주요 공급사는 어디인가? 현대차의 비용은 누구에게 가는가? → https://valuechain.wiki/hyundai-motor-company/suppliers.md
- 현대차 주가가 움직이면 누가 수혜를 보는가? 현대차의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/hyundai-motor-company/ripple.md
- 증권가가 보는 현대차: 목표주가와 투자의견은? → https://valuechain.wiki/hyundai-motor-company/consensus.md

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