J.P. Morgan: Hyundai Motor Group reportedly prepares parts for ten thousand Atlas robots; JPMorgan sees momentum in humanoid robotics

What does the reported preparation of parts for ten thousand Atlas robots mean?

According to South Korean media, Hyundai Motor Group has notified South Korean suppliers to prepare parts for the production of 10 thousand Atlas humanoid robots. The companies concerned have not confirmed the report; JPMorgan says the direction is consistent with the group’s previously announced plan to expand humanoid robot production in 2028.
Under the allocation described in the report, Hyundai Mobis supplies joint actuators, hand grippers, headlights and main camera modules, while Samsung SDI and LG Energy Solution supply batteries; apart from Nvidia chipsets, the remaining components come from South Korean companies. If the reported preparation scale and supply arrangements materialize, they will create opportunities for South Korean supply-chain participants.

Aside from the Atlas supply-chain report, JPMorgan’s China robotics analyst upgraded Unitree Robotics by two notches, from underweight to overweight, on 25 October, citing an accelerating development curve for embodied AI and growing ecosystem value.
The bank believes the inflection point for embodied AI could arrive earlier than previously expected and that the risk-reward profile of early platform positioning has improved markedly; sector volatility will persist, however.

JPMorgan favors Hyundai Motor and Kia in the automotive and robotics sectors, rating both overweight. Its reasons include an improving mix of hybrid models, potential opportunities in robotics, progress in autonomous driving and shareholder returns.
The bank also believes that, as integrators of complete products, Hyundai Motor and Kia have stronger bargaining power in the automotive and robotics sectors.

In robotics components, JPMorgan’s top pick is Robotis, which it rates overweight: the company has more than 1000 customers, its relatively high operating margin reflects pricing power, and the bank is also positive on its sales growth prospects. The bank views Robotis’s agreement with Hugging Face to supply Microduck actuators as an example of research and development projects moving toward large-scale shipments.
Upcoming milestones include Hyundai Motor Group’s announcement of investment in a humanoid robot manufacturing facility in the fourth quarter of 2026, Tesla Optimus progress in 2027, and Robotis’s capacity expansion in Uzbekistan in the first half of the year. Whether China can convert production into commercial deployment in 2027–2028 is another condition the bank is watching.