KOSPI · Autos · Apex of the group's circular ownership
Hyundai Motor Company
Korea's No.1 automaker and the apex of the group's circular ownership (Hyundai→Kia→Mobis→Hyundai), holding 35.17% of Kia and jointly running the shared E-GMP platform, battery sourcing and US Georgia production. 2024 revenue hit a record KRW 175.2tn with KRW 14.2tn operating profit (8.1% margin), and it multi-sources batteries across SK On and LG Energy Solution's Georgia JVs plus CATL to spread single-cell-supplier risk. Beyond vehicle volume it is scaling a robotics and autonomy axis through Boston Dynamics (100% owned), Motional and an NVIDIA AI factory — so read it as a capital-allocation vehicle for the group's electrification and robotics shift, not a bottom-of-cycle auto stock.
005380.KS Updated Jul 12, 2026 2 AI consumers· 2 recurring
Per the valuechain.wiki graph, Hyundai Motor Company is directly linked to 7 companies (6 supply, 0 revenue, 1 investment relationships) and reaches 64 companies within two hops; the links are backed by 18 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · KRW 175.2tn (2024 consolidated, record)
- Customer concentration · KRW 14.2tn OP (8.1% margin); $7.59B Metaplant plus battery JVs = $12.6B Georgia investment.
- Segments · Vehicles (4.14M wholesale) · Finance and others
Revenue from
- Auto-finance customers (Finance segment, Hyundai Capital) High confidence
The Finance segment supporting vehicle sales — installment finance, leasing and payment processing (Hyundai Capital) generate steady interest income from dealers and consumers. Downstream of the vehicle cycle, it cushions group profit when auto margins compress (symmetric to Kia's structure). - Global vehicle customers (Vehicle segment) High confidence
The core of Hyundai's results — the Vehicle segment selling passenger, RV and commercial vehicles across domestic, North American, European and other markets is the bulk of FY2025 revenue of KRW 145.6tn (consolidated KRW 186.3tn, OP KRW 11.5tn). With the US the largest export market, tariffs and incentives are the key margin variable; end consumers are many and anonymous.
Pays to
- SK온 (SK이노베이션) High confidence· Amount $5B · JV 투자
HSBMA US battery-cell JV (50:50, $5B total, Bartow County GA, 35GWh/yr for 300k EVs); cells go entirely into US-built Hyundai, Kia and Genesis EVs via Mobis packs.Mentions EN Analyst consensus (via Investing.com) Published May 1, 2026: Hyundai Motor analyst consensus (Buy): earnings modeled on US tariff easing 25%->15%Confirms EN Seoul Economic Daily Published Mar 27, 2026: Hyundai and SK On finalize US battery JV 'HSBMA'Confirms EN Hyundai Motor Group Published Apr 25, 2023: Hyundai Motor Group and SK On to establish US battery JV - LG Energy Solution High confidence· Amount $4.3B · 조지아 JV
Two battery-cell JVs: Bryan County GA ($4.3B, 50:50, 30GWh) and HLI Green Power Indonesia ($1.1B, Karawang, 10GWh, opened Jul 2024).Confirms EN Investment Monitor Published Jul 3, 2024: Hyundai and LG open Indonesia's first EV battery plantConfirms EN LG Energy Solution Published May 25, 2023: LGES and Hyundai to establish US battery JV ($4.3B) - onsemi (EliteSiC traction inverter) High confidence
Hyundai Motor Group adopts onsemi's EliteSiC power module for the traction inverter of its high-performance EVs (Kia EV6 GT and other E-GMP vehicles) — the SiC inverter is a key part lifting 800V drive efficiency and range.Confirms EN onsemi Published Jan 4, 2023: onsemi SiC power module for traction inverters selected for Hyundai Motor Group's high-performance EVs (Kia EV6 GT) - NVIDIA High confidence
Adopts Omniverse (factory digital twins), Isaac (robotics) and DRIVE Hyperion (Hyundai/Kia vehicles plus Motional), building an AI factory with 50,000 Blackwell GPUs (2025).Confirms EN NVIDIA Published Nov 1, 2025: Hyundai, Kia and NVIDIA expand autonomous-driving partnershipConfirms EN Hyundai Motor Group Published Jan 9, 2025: Hyundai Motor Group partners with NVIDIA on AI - Samsung Electronics High confidence
First Exynos Auto V920 (premium IVI) supply, plus Samsung Foundry won Hyundai's in-house autonomous-driving chip on 8nm (develop by 2028, mass production 2030).Confirms KO ZDNet Korea Published Jun 7, 2023: Samsung supplies Exynos Auto to Hyundai for the first time - CATL Medium confidence
CATL batteries in Kona EV and Niro EV (NCM) and Ray EV (LFP); CATL LFP planned for the new China-market Ioniq.
Investments
- Motional (앱티브 JV) High confidence· Amount $475M · 2024 추가 투자
AV JV: additional $475M investment in May 2024 raised Hyundai's stake (Aptiv common equity cut from ~44% to ~15%); Ioniq 5 robotaxi launch pushed to 2026. - Boston Dynamics High confidence· Market share 100% · 2026 완전자회사
Acquired control from SoftBank in 2021 ($1.1B, 80%), then the remaining 9.65% for $325M in 2026 for full ownership; Atlas slated for the Georgia EV plant by 2028.Confirms EN Hyundai Motor Group Published Jun 21, 2021: Hyundai completes Boston Dynamics acquisition (80%) - Kia (35.17% stake) High confidence
Hyundai Motor is Kia's largest shareholder at 35.17%, one leg of the circular ownership (Hyundai→Kia→Mobis→Hyundai). The two automakers share the E-GMP platform, battery sourcing and US Georgia production, jointly carrying group volume.Confirms KO DART (Financial Supervisory Service) Published Mar 12, 2026: Kia FY2025 Annual Business Report (DART, filed 2026-03-12)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Hyundai Motor Company | 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 |
| Kia | benef1 | +3.1 | -13.8 | +54 | +3.7 | +60.1 | +0.9 |
| SK Innovation (SK On) | benef1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | -8.1 |
| LG Energy Solution | benef1 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Nebius Group | 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 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +135 |
| Unimicron | 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 |
| LS ELECTRIC | benef2 | -19.2 | +11.4 | +37.4 | +234.2 | +145 | +79.6 |
| Samsung Electronics | 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 Technologies | 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 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | 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 |
| Dai Nippon Printing | benef2 | +56.5 | +13.9 | +42.6 | +8.5 | +22.5 | +15.3 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| Hyundai Mobis | benef2 | -25.8 | -9.3 | +2.1 | +27.7 | +74.5 | +10 |
| Daejoo Electronic Materials | benef2 | +98.4 | -2.3 | -19.4 | +48.5 | -25.9 | +7.7 |
| Sociedad Química y Minera de Chile S.A. | benef2 | +6.8 | +71.8 | -18.3 | -39.4 | +89.2 | +7.6 |
| Yunnan Energy New Material (SEMCORP) | benef2 | +92.8 | -38.6 | -72.6 | -29.2 | +76.4 | +7.5 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| Umicore | 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 |
| Lotte Energy Materials | 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 |
| Hyundai Steel Company | benef2 | +2.7 | -9.3 | -2 | -28.7 | +38.8 | -12.7 |
| Ronbay Technology | benef2 | +96.6 | -39.1 | -63.6 | +12.3 | +47.7 | -12.9 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| LG Chem | 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 |
| L&F | 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 |
| POSCO Future M | benef2 | -17.7 | +97.6 | +16.3 | -43.6 | +56.5 | -32 |
| Advanced Nano Products | benef2 | +56.8 | +66.4 | +13.9 | -30.9 | +5.5 | -32.8 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
| Chunbo | benef2 | +40.4 | -7.3 | -65 | -55.6 | +59.1 | -37.6 |
| PNT (People & Technology) | benef2 | +62.2 | +11.6 | -17.8 | +12.2 | +31.1 | -39.8 |
| SK IE Technology | benef2 | · | -41.9 | +11.1 | -69 | +18.9 | -45.5 |
| EcoPro BM | benef2 | +79.2 | +23.9 | +113.5 | -38.6 | +77.1 | -47.6 |
| Enchem | benef2 | · | -37.4 | +173.9 | -20.5 | -26.1 | -76.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is not vehicle earnings but the pace of the group's electrification and robotics shift. Batteries are triple-sourced across SK On (Georgia HSBMA, 35GWh), LG Energy Solution (Georgia, Indonesia) and CATL to cut single-cell-supplier risk, and cells flow through Mobis packs into US-built Hyundai, Kia and Genesis EVs, internalizing value inside the circular-ownership structure. Layered on top, Samsung Foundry is building Hyundai's in-house autonomous-driving chip (8nm, mass production 2030), NVIDIA supplies Omniverse and DRIVE Hyperion, and Boston Dynamics (wholly owned in 2026) is slated to staff the Georgia plant — so the node is turning into a buyer of AI and robotics demand rather than a pure automaker. Watch how fast the $12.6bn Georgia commitment is recovered as margin under tariff/local-content rules, and whether pressure to unwind the circular ownership becomes a re-rating trigger.
Analysis generated from returns as of 2026-07-10