Korea Auto Parts & Robotics Navigating the world of SDVs and robotics; initiate coverage of Mobis (N) and Mando (UW),u/g Autoever to N

Research evidence excerpt

Korea Auto Parts & Robotics Navigating the world of SDVs and robotics; initiate coverage of Mobis (N) and Mando (UW),u/g Autoever to N

J P M O R G A N Asia Pacific Equity Research

19 June 2026

Korea Auto Parts & Robotics

Navigating the world of SDVs and robotics: Initiate on

Mobis (N) and Mando (UW),u/g Autoever to N

The shift to software-defined vehicle (SDV) architecture is reallocating value toward Korean Autos

ACauto OEMs, which are increasingly orchestrating hardware/software integration and Sonny Lee

owning the software layer, taking parts suppliers’ addressable profit pools in legacy (82-2) 758 5716

hardware categories. We expect Hyundai Mobis’ (Mobis) and HL Mando’s (Mando) sonny.lee@jpmorgan.com

OE parts margins to remain lackluster, while Hyundai Autoever’s (Autoever) in- Seri Yoon

vehicle software is better positioned given its role in software-stack development and (82-2) 758 5704

upgrades. Robotics will drive exponential supply chain growth, but while actuators seri.yoon@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

(~50% of BOM) may see near-term tightness, longer-term risks include OEMs Branch

building a commoditized component ecosystem and Chinese competition - we prefer

software (robot fleet management, etc.) as a more durable profit pool where Autoever

should benefit. We upgrade Autoever to Neutral and initiate on Mobis (Neutral) and

Mando (Underweight). We prefer auto OEMs Hyundai Motor (HMC)/Kia (both OW)

over parts suppliers as OEM discretion rises across autos and robotics.

• Shift to SDV architecture reallocates value capture toward auto OEMs. As

cars become more centralized with software-enabled systems, OEMs are

increasingly becoming the orchestrators of hardware/software integration.