Seoul: The market capitalisation of Hyundai Motor on Tuesday touched above the 100 trillion-won ($67.7 billion) level for the first time on Tuesday, backed by growing investor optimism over its robotics and autonomous driving initiatives, industry watchers said.
The share price of Hyundai Motor rose as high as 496,500 won in early trading, briefly lifting the company's market capitalization to more than 101.66 trillion won, reports Yonhap news agency.
The gains, however, were reversed in afternoon trading, with the company's share price closing 0.21 percent lower at 479,000 won, bringing its market capitalization to 98.9 trillion won.
Industry watchers said expectations surrounding Hyundai Motor's robotics strategy have been a key driver behind the company's recent price surge. Boston Dynamics, the group's U.S.-based robotics affiliate, recently unveiled its next-generation humanoid robot, Atlas, and laid out its artificial intelligence (AI) robotics road map.
Hyundai Motor's autonomous driving strategy has also been cited as a key factor.
Motional, a U.S. joint venture of Hyundai Motor, plans to commercialize a fully driverless Level 4 robotaxi service in Las Vegas by the end of 2026.
Market watchers noted that investors have begun to recognize the commercialization potential of humanoid robotics for Hyundai Motor.
"As preparations for commercialization accelerate, momentum (for Hyundai) is expected to extend through 2028," Hanwha Investment & Securities said in a recent report.
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Meanwhile, South Korean stocks ended lower on Tuesday to snap their 12-day winning streak as investors cashed in gains in major chipmakers and automakers. The local currency fell against the U.S. dollar.
After a choppy session, the Korea Composite Stock Price Index (KOSPI) fell 18.91 points, or 0.39 percent, to finish at 4,885.75, after touching an all-time intraday high of 4,935.48. The index had been on a steady rise for 12 consecutive sessions through Monday, gaining more than 16 percent.
Auto shares also fell. Leading carmaker Hyundai Motor dropped 0.21 per cent to 479,000 won, and affiliate Kia fell 3.3 per cent to 163,900 won.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
