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Kamux Corporation’s Half Year Financial Report for January 1–June 30, 2024: Revenue decreased and adjusted operating profit decreased significantly, a weak Q2 in Sweden

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Kamux Corporation, Half Year Financial Report, 16.8.2024 at 9:00

ESPOO, Finland, Aug. 16, 2024 /PRNewswire/ — Kamux Corporation’s Half Year Financial Report for January 1—June 30, 2024: Revenue decreased and adjusted operating profit decreased significantly, a weak Q2 in Sweden.

This is a summary of Kamux Corporation’s Half Year Financial Report for January 1—June 30, 2024. The complete report is attached to this release and is also available at the company website at www.kamux.com.

The figures in parentheses refer to the comparison period, i.e., the same period in the previous year, unless stated otherwise.

April–June in brief

Revenue decreased by -0.9% and was EUR 252.6 million (255.0)Gross profit decreased by -6.1% to EUR 24.7 million (26.3), or 9.8% (10.3) of revenueAdjusted operating profit (EBIT) decreased by -41.3% to EUR 2.7 million (4.5), or 1.1% (1.8) of revenueOperating profit (EBIT) decreased by -45.9% and was EUR 2.1 million (3.9), or 0.8% (1.5) of revenueThe number of cars sold decreased by -1.0% to 17,037 cars (17,215)Like-for-like showroom revenue decreased by -5.7% (2.9)Basic and diluted earnings per share were EUR 0.00 (0.06)

January–June in brief

Revenue increased by 3.2%, totaling EUR 493.4 million (478.1)Gross profit increased by 4.3% to EUR 49.0 million (47.0), or 9.9% (9.8) of revenueAdjusted operating profit (EBIT) remained at the previous year’s level and was EUR 5.4 million (5.4), or 1.1% (1.1) of revenueOperating profit (EBIT) decreased by -1.8% to EUR 4.4 million (4.5), or 0.9% (0.9) of revenueThe number of cars sold increased by 2.0% to 33,174 cars (32,539)Like-for-like showroom revenue growth was 0.1% (-2.4)Basic and diluted earnings per share were EUR 0.03 (0.06)

Key Figures

EUR million

4−6/2024

4−6/2023

Change, %

1−6/2024

1−6/2023

Change, %

1−12/2023

Revenue

252.6

255.0

-0.9 %

493.4

478.1

3.2 %

1,002.1

Gross profit

24.7

26.3

-6.1 %

49.0

47.0

4.3 %

102.5

as percentage of revenue, %

9.8 %

10.3 %

9.9 %

9.8 %

10.2 %

Operating profit (EBIT)

2.1

3.9

-45.9 %

4.4

4.5

-1.8 %

15.8

as percentage of revenue, %

0.8 %

1.5 %

0.9 %

0.9 %

1.6 %

Adjusted operating profit*

2.7

4.5

-41.3 %

5.4

5.4

0.0 %

18.0

as percentage of revenue, %

1.1 %

1.8 %

1.1 %

1.1 %

1.8 %

Revenue from integrated services

13.6

12.4

9.2 %

26.9

23.9

12.4 %

53.0

as percentage of revenue, %

5.4 %

4.9 %

5.5 %

5.0 %

5.3 %

Number of cars sold

17,037

17,215

-1.0 %

33,174

32,539

2.0 %

68,257

Gross profit per sold car, EUR

1,449

1,527

-5.1 %

1,478

1,446

2.3 %

1,502

Sales growth of like-for-like showrooms, %

-5.7 %

2.9 %

0.1 %

-2.4 %

2.9 %

Net debt

75.8

79.3

-4.4 %

53.8

Inventories

140.1

133.6

4.9 %

117.2

Inventory turnover, days

53.1

58.0

-8.6 %

46.9

Capital expenditures

0.6

0.5

20.1 %

1.8

0.9

103.0 %

1.8

Average number of employees during the period

906

861

5.2 %

885

Return on equity (ROE), %

7.8 %

5.9 %

8.7 %

Return on investment (ROI), %

6.0 %

4.1 %

6.6 %

Equity ratio, %

45.0 %

46.5 %

51.9 %

Earnings per share, basic and diluted, EUR

0.00

0.06

-93.6 %

0.03

0.06

-43.0 %

0.24

*) Operating profit adjusted for special items related to strategic planning and consulting, taxes from previous financial years, own real estate operations and other items, totaling EUR 0.6 million for the second quarter of 2024 and EUR 1.0 million for 1−6/2024 (4−6/2023: EUR 0.6 million, 1−6/2023: EUR 0,9 million and 1−12/2023: EUR 2.2 million including also special items related to legal processes).

CEO Tapio Pajuharju:

“Despite the somewhat favorable development of the used car demand in all our operating countries, the second quarter was challenging for Kamux. The difficult sourcing market, and in particular the challenges in Sweden, were reflected in our revenue and profitability.

In Finland, the market slowed down in June, yet in Sweden and Germany, the market momentum remained mainly favorable throughout the quarter. The car sourcing market became increasingly difficult throughout the period in all of our operating countries, and we did not fully succeed in acquiring enough cars matching the demand. At Kamux, the good sales momentum continued in Germany, where the number of cars sold increased by almost 20%. In Finland, the number of cars sold remained at the same level as in the comparison period, and in Sweden the number of cars decreased substantially.

In Sweden, the second quarter had a good start, but June in particular was a major disappointment. We did not proceed in onboarding the new sellers as quickly as we had planned, and in addition, while the corrective actions related to previously detected misconduct have progressed as planned, they have required more effort and resources than expected. During August, it became evident that implementing the corrective actions has taken a toll and in order to speed up the commercial recovery, we needed to make a change in Kamux Sweden’s leadership. However, we believe that we will have a well-performing team in Sweden later this year and that all corrective actions will be completed gradually towards the end of the year. However, the challenge in Sweden has turned out to be bigger than previously estimated.

In Finland, we fell slightly below market development due to the challenged sourcing market in passenger cars. We have elected to maintain solid profitability, and we did succeed relatively well in maintaining our margin per sold car even in the substantially tightened sourcing market.

At the group level, the number of cars sold in the second quarter fell one percent below the comparison period due to the negative development in Sweden. The group’s revenue also fell by one percent, as the revenue growth in Finland and Germany was not high enough to offset the decrease in Sweden. In Finland, revenue grew mainly due to the slightly higher average price of cars sold. In Germany, revenue grew with the volume of cars sold, but on the other hand the average price of cars sold decreased as a result of the planned change in our offering. In Sweden, the average price of sold cars was lower than in the comparison period.

Gross profit decreased compared to the comparison period due to the negative development in Sweden. In Germany, gross profit developed favorably. In all our operating countries, gross profit was impacted by maintenance expenses which increased due to inflation. Sales of integrated services, especially Kamux Plus, developed favorably. Adjusted operating profit for the second quarter decreased compared to the comparison period and was EUR 2.7 million (EUR 4.5 million). Operating cash flow for January–June was EUR -14.2 million (EUR -16.2 million).

The sourcing market for used cars tightened in all our operating countries. Sales of new cars have been slow, and as a consequence the number of used cars entering the market is lower. At the same time, the market dynamics and competition have also changed, as many dealers who previously focused on new cars have invested noticeably more in used cars than before. In Sweden, the situation was further complicated due to the low exchange rate of the Swedish krona. This has made Sweden an attractive sourcing market for many eurozone countries.

During the past quarter, we have continued the dedicated and systematic implementation of our omnichannel strategy by upgrading our showrooms and web presence to match our concept, especially in Finland, but also in Sweden and Germany. We have also made several changes to our showroom network. On top of this, we decided to accelerate the measures defined in our strategy to improve the productivity and profitability of our operations. With the measures initiated during the second quarter, we target approximately EUR 5.0–7.0 million in annualized savings by the end of 2025. The measures are divided into two parts: In the first part, we will standardize indirect purchases, such as maintenance, washing, repairs and spare parts, and combine volumes. The second part includes the streamlining of the showroom network and own processes and organization. At the same time, we will continue to invest in growth, particularly by developing our webstore and showroom network.

Customer satisfaction is an important metric for us. The Net Promoter Score (NPS), where our long-term target is 60, decreased slightly in the second quarter and was 49 (51 in Q1) at the group level – still a very good level within the car industry. During the fall, we will continue actions dedicated to improving customer experience as well as upgrading our showrooms to match our concept. Due to the changes in the sourcing market, we are also accelerating our international sourcing activities and the standardization of car processing in order to get them ready for sale quicker, as well as to reduce costs.

I would like to once again express my warm thanks to all Kamux employees for their good work in a challenging market. I would also like to thank our customers and partners for their trust.”

Outlook for the year 2024 (unchanged)

Kamux expects its adjusted operating profit for 2024 to exceed its 2023 adjusted operating profit, which was EUR 18.0 million.

Significant events after the reporting period

On August 13, 2024, Kamux announced that Andy Rietschel, Kamux Sweden’s Managing Director and a member of the Group Management Team, leaves Kamux. The resignation was effective immediately. Aino Hökeberg, Kamux’s Chief Marketing and Concept Officer and a member of the Group Management Team, acts as the interim Managing Director of Kamux Sweden.

On August 9, 2024, Kamux announced that Marjo Nurmi, the Group’s Chief People and Sustainability Officer and a member of the Group Management Team, has decided to become an entrepreneur and will leave Kamux. She will continue in her current position and as a member of the Group Management Team until September 30, 2024.

On July 5, 2024, Kamux announced that Vesa Uotila, the Group’s Chief Business Development Officer and a member of the Group Management Team, had decided to leave Kamux in order to join private equity investor Sponsor Capital as a partner. He continued as Chief Business Development Officer and a member of the Group Management Team until August 7, 2024, and he will serve as an advisor to the company until the end of 2024.

Kamux Corporation’s financial reporting in 2024

The publication schedule for Kamux Corporation’s financial reporting in 2024 is as follows:

Interim Report for January—September 2024  November 8, 2024

News conference

News conference for investors, analysts and media will be held today, Friday, August 16, 2024, at Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2, Helsinki at 11:00 EEST. CEO Tapio Pajuharju and CFO Jukka Havia will present the Half Year Report.

The conference can be followed as a live webcast at https://kamux.videosync.fi/q2-2024

Participation by conference call:

You can access the teleconference by registering on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference. If you wish to ask a question, please dial *5 on your telephone keypad to enter the queue.

https://palvelu.flik.fi/teleconference/?id=50049836

For more information, please contact:
CEO Tapio Pajuharju, tel. +358 50 577 4200
CFO Jukka Havia, tel. +358 50 355 3757
Head of Communications & IR Katariina Hietaranta, tel. +358 50 557 6765

Kamux Corporation
Communications

Kamux is a retail chain specialized in preowned cars and related integrated services that has grown rapidly. Kamux combines online shopping with an extensive showroom network to provide its customers with a great service experience anytime, anywhere. In addition to digital channels, the company has a total of 74 car showrooms in Finland, Sweden and Germany. Since its founding in Hämeenlinna, Finland, in 2003 the company has sold over 500,000 used cars, 68,257 of which were sold in 2023. Kamux’s revenue in 2023 was EUR 1,002 million and its average number of employees was 885 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit www.kamux.com 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/kamux/r/kamux-corporation-s-half-year-financial-report-for-january-1-june-30–2024–revenue-decreased-and-ad,c4025073

The following files are available for download:

https://mb.cision.com/Main/17647/4025073/2947733.pdf

Kamux_Half Year Financial Report Q2 2024

 

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Tencent Brings Together AI and Games to Help Preserve and Share Cultural Heritage of New UNESCO Site in Jingdezhen

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July 25, 2026

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Tencent applies AI and games to protect, reconstruct, and promote one of the world’s oldest porcelain traditions at newly inscribed UNESCO siteDigital initiatives create a new model for technology-driven heritage preservation globally using a multimodal AI dataset, AI-assisted artifact restoration, and interactive virtual experiences

SHENZHEN, China, July 25, 2026 /PRNewswire/ — Tencent (00700.HK) today announced the launch of Digital Jingdezhen: Porcelain Craft Adventure, an AI-powered cultural heritage game that enables users to explore Jingdezhen’s porcelain-making traditions and experience traditional craft techniques through interactive play. The launch coincides with the inscription of the Jingdezhen Handicraft Porcelain Industry Sites on the United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage List.

Digital Jingdezhen is part of a broader cultural innovation initiative that applies Tencent’s AI and game technologies. Guided by Tencent’s vision of “Tech for Good”, the initiative leverages digital preservation to keep Jingdezhen’s thousand-year-old porcelain culture alive and relevant today, creating a living heritage with sustainable value and broad public engagement, and building a model that could be carried to heritage sites around the world.

Digital Preservation: Restoring and Unlocking Heritage with AI

Jingdezhen has a thousand years of living heritage; centuries of tradition are still active in its kilns today. To preserve this legacy, a cornerstone of the project was the Jingdezhen Porcelain Cultural Heritage Multimodal AI Dataset.

Over decades, historical records, heritage information, and craft specifications have accumulated into a massive volume of data. Tencent applied Optical Character Recognition (OCR), Natural Language Processing (NLP), and knowledge graph technologies to transform these dispersed materials into structured digital resources that can be analyzed, extracted, verified, and traced back to their original sources.

The dataset contains more than 30,000 documentary records, over 5,000 ceramic gene specimens, and data on nearly 1,000 representative ceramic artifacts in collections worldwide. It provides a digital foundation for cultural research, exhibition development, public interpretation and AI-powered heritage applications.

Building on this foundation, Tencent has developed a range of industry- and public-facing applications, including the Jingdezhen Ancient Ceramics Gene Database, the World Ceramics Interactive Map, and the Digital Jingdezhen AI Companion, providing researchers, heritage professionals, and the public with innovative AI-powered tools to explore and understand porcelain heritage.

Digital Activation: Bringing Jingdezhen’s Porcelain Heritage to Life Through AI and Games

To bring the public closer to Jingdezhen and its porcelain-making traditions, Digital Jingdezhen: Porcelain Craft Adventure utilizes AI-assisted Procedural Content Generation (PCG) to create the first large-scale digital recreation of the city’s five major porcelain heritage sites and historical production scenes. By rapidly mapping out town layouts and automatically generating architectural structures, decorative elements, and pedestrians, the technology brings Jingdezhen’s historic townscape back to life in the digital world.

The game also features high-quality AI digital humans built on large language models and the Jingdezhen Porcelain Cultural Heritage Multimodal AI Dataset. Through AI voice-driven facial expressions and Tencent Games’ proprietary animation technology, it creates warm, human-centered interactive experiences that make historical knowledge tangible and relatable. At the same time, AI-powered 3D generation allows users to quickly transform an uploaded image into a 3D porcelain form, lowering the barrier to participation and enabling anyone to turn creative inspiration into tangible ceramic forms in the digital space.

Continuing Heritage: Mobilizing the Community

Ensuring the longevity of Jingdezhen’s legacy requires active public participation. Tencent developed the Digital Heritage Guardian (Jingdezhen), a volunteer program built within the Weixin ecosystem. The program enables the public to support the upkeep and stewardship of physical heritage sites, creating a practical channel for community involvement in heritage protection.

“Our work in Jingdezhen is a testament to how ‘AI for Good’ can breathe new life into ancient traditions,” said Zhan Shu, Head of Digital Culture Lab, Tencent. “Working alongside dedicated heritage experts, we have contributed our capabilities in AI and digital technologies to unlock decades of dormant archives for this incredible new UNESCO site. We are proud to help bridge the gap between the thousand-year porcelain heritage and the digital era, creating new ways for the global public to connect with Jingdezhen’s living history, and a model for heritage sites worldwide.”

For media queries, please contact: gc@tencent.com

About Tencent

Tencent is a global technology and entertainment company focused on creating connections and experiences that matter. Founded in 1998, Tencent is driven by its mission to create “Value for Users” and apply “Tech for Good.”

Tencent’s communication and social services connect more than one billion people around the world, helping them to keep in touch with friends and family, access transportation, pay for daily necessities, and even be entertained. Tencent also develops and publishes some of the world’s most popular video games and other high-quality digital content, delivering rich and immersive interactive entertainment experiences. Tencent also offers a range of services such as cloud computing and other enterprise services to support our clients’ digital transformation and business growth. Headquartered in Shenzhen, Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since June 2004.

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SOURCE Tencent

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Hyundai Motor Group Executive Chair Euisun Chung Announces Physical AI Vision at San Francisco AI Summit

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July 25, 2026

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Hyundai Motor Group shares roadmap for realizing its Physical AI vision and collaboration strategy with global tech leaders at the San Francisco AI SummitExecutive Chair Euisun Chung presented, “Hyundai Motor Group is evolving beyond the traditional boundaries of automotive manufacturing to become a Physical AI solution company,” adding, “The ultimate Physical AI vision we pursue is the realization of integrated intelligence at the city level”The Group to leverage manufacturing competitiveness and leading robotics capabilities centered on Boston Dynamics, while establishing a data flywheel system connecting real-world operational data with continuous AI model advancementThe Group to leverage strategic partnerships with global technology leaders, including NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMindThe Group to collaborate with NVIDIA to develop a Robot Reference Platform that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities

… The initiative to support Korea’s Physical AI industry through an open ecosystem

The Group to cultivate strategic domestic hubs through investments in Saemangeum AI Valley and future advanced industries in Korea’s Yeongnam region

SAN FRANCISCO, July 25, 2026 /PRNewswire/ — Hyundai Motor Group (the Group) Executive Chair Euisun Chung today outlined the Group’s vision and strategy for Physical AI at the San Francisco AI Summit held in San Francisco, California.

The event brought together approximately 150 attendees, including Executive Chair Chung, business leaders from major Korean companies, executives from leading U.S. technology firms, startup representatives and students.

At the summit, Executive Chair Chung presented the Group’s roadmap for advancing Physical AI and outlined strategic collaboration plans with global technology leaders.

“Hyundai Motor Group is evolving beyond the traditional boundaries of automotive manufacturing by expanding into autonomous driving, robotics and AI Defined Factories, accelerating our transformation into a Physical AI solution company.” — Hyundai Motor Group Executive Chair Euisun Chung

Accelerating the Transition to a Physical AI Solution Company

Hyundai Motor Group’s Physical AI vision extends beyond intelligent devices such as vehicles and robots to intelligent spaces, including AI factories where AI seamlessly connects and optimizes entire operations. Ultimately, the Group envisions integrated intelligence at the city level, where urban infrastructure is organically connected and operated through AI.

A key differentiator for the Group is its ability to create a data flywheel that continuously connects real-world operations with AI advancement. Drawing on extensive experience in large-scale manufacturing, mobility, robotics and service operations, the Group is positioned to deploy, refine and scale Physical AI technologies in real industrial environments.

Executive Chair Chung also outlined strategic partnerships with leading technology companies, including NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMind, to further advance Physical AI capabilities.

By combining Hyundai Motor Group’s manufacturing competitiveness, mobility and robotics technologies and extensive operational data with the AI infrastructure and algorithm capabilities of global technology leaders, the Group aims to help foster a new innovation ecosystem for the Physical AI era.

Executive Chair Chung also introduced initiatives designed to support the growth of Korea’s robotics and AI ecosystem, including the development of a Robot Reference Platform with NVIDIA that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities, as well as investments in initiatives such as the Saemangeum AI Valley.

Physical AI Vision: From Intelligent Devices to Integrated Intelligence at the City Level

During the summit, Executive Chair Chung presented Hyundai Motor Group’s Physical AI vision.

“The ultimate Physical AI vision Hyundai Motor Group pursues begins with intelligent devices such as vehicles and robots, expands to intelligent spaces such as AI factories, and ultimately realizes integrated intelligence at the city level, where urban infrastructure is seamlessly connected and operated.” — Hyundai Motor Group Executive Chair Chung

The Group’s vision begins with intelligent devices, where AI capabilities enhance vehicles and robots. It then expands to intelligent spaces, including AI factories where AI autonomously integrates logistics, production and quality management across entire operations.

Ultimately, Hyundai Motor Group envisions city-level intelligence, where critical infrastructure and assets — including energy, mobility and robotics systems — are connected and optimized in real time.

Executive Chair Chung also highlighted the Group’s key strengths in realizing its Physical AI vision:

World-class manufacturing competitiveness: Hyundai Motor Group has built extensive expertise through decades of operating global manufacturing facilities, managing quality systems and optimizing supply chains. This foundation enables the Group to apply AI technologies to products, processes and services while rapidly validating and scaling innovations in real-world environments.Leading robotics capabilities: Hyundai Motor Group has established robotics as a key pillar of its future business portfolio. Boston Dynamics’ quadruped robot Spot®, logistics robot Stretch®, and Hyundai Motor Group Robotics LAB’s next-generation mobile robot platform MobED are recognized for combining technological competitiveness with real-world applicability.

In particular, the humanoid robot Atlas® is emerging as a representative example of Physical AI, supporting and collaborating with people across manufacturing, logistics and mobility environments.

Establishing a data flywheel system: Hyundai Motor Group is establishing a data flywheel system that leverages data generated across manufacturing operations, vehicles, logistics systems and robotics demonstrations to continuously advance AI models. Enhanced algorithms are then reapplied to real-world operations, creating a virtuous cycle that improves performance and strengthens Physical AI capabilities.

Accelerating the Future of Physical AI Through Partnerships with Global Tech Leaders

Executive Chair Chung also outlined concrete initiatives to position Hyundai Motor Group as a leader in human-centered Physical AI through strategic collaborations with NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMind.

“By combining Hyundai Motor Group’s strengths in manufacturing, robotics and data with the capabilities of global technology leaders, we can help create a new innovation ecosystem for the Physical AI era.” — Hyundai Motor Group Executive Chair Euisun Chung

NVIDIA – Advancing Physical AI infrastructure and talent development

Hyundai Motor Group is expanding collaboration with NVIDIA to strengthen Physical AI infrastructure and cultivate AI talent. Building on a supply agreement for 50,000 NVIDIA Blackwell GPUs and a memorandum of understanding signed last year to advance Korea’s Physical AI capabilities, the Group is pursuing a range of initiatives, including the establishment of Hyundai Motor Group Robot Application Center, as well as various collaborations aimed at strengthening Korea’s Physical AI infrastructure and AI talent ecosystem, including the NVIDIA’s AI Technology Center.

In manufacturing, the Group is leveraging NVIDIA’s platform to create more sophisticated digital twins of production facilities, enhancing process design, operational optimization and validation efficiency. The collaboration also includes the integration of NVIDIA’s autonomous driving solutions, including automotive semiconductors, sensors and architecture, with Hyundai Motor Group vehicle platforms.

Waymo – Strengthening autonomous driving collaboration

Hyundai Motor Group continues to strengthen its strategic partnership with Waymo in the autonomous driving sector to support the development of a safe and innovative autonomous driving ecosystem. Autonomous driving vehicles require a wide range of specialized capabilities, including redundant systems for steering, braking, power and communications, dedicated features such as power-operated doors, as well as enhanced functional safety and cybersecurity technologies.

Hyundai Motor Group plans to produce IONIQ 5 vehicles with specific autonomous-ready modifications at Hyundai Motor Group Metaplant America (HMGMA) in Georgia.

Google DeepMind – Accelerating next-generation humanoid robotics

Boston Dynamics has established a strategic partnership with Google DeepMind to accelerate the development of next-generation humanoid robots. Advanced AI models and training systems are essential for robots to perform complex tasks in real-world environments and collaborate effectively with people. Through this partnership, Boston Dynamics robots are expected to achieve greater autonomy and adapt more effectively to complex operating environments.

Hyundai Motor Group plans to establish a robot production facility in the U.S. with an annual capacity of up to 30,000 units by 2028. The Atlas humanoid robot will first be deployed at production facilities including HMGMA before broader deployment is expanded through phased validation.

Building an Open Ecosystem Through the Robot Reference Platform and Continued Investment in Korea’s Physical AI Future

Executive Chair Chung also outlined initiatives aimed at supporting the growth of Korea’s Physical AI ecosystem through open collaboration and continued investment.

“The outcomes of collaboration with global technology leaders should contribute to the growth of Korea’s Physical AI industry. To that end, Hyundai Motor Group plans to foster an open ecosystem that supports innovation in robotics and AI technologies.” — Hyundai Motor Group Executive Chair Euisun Chung

Key initiatives to build an open ecosystem for robotics and AI innovation include:

Robot Reference Platform: Hyundai Motor Group and NVIDIA are collaborating to develop a Robot Reference Platform that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities.

The platform will provide research robot models to universities, research institutes and startups, helping foster an open ecosystem that supports technological innovation and the development of Physical AI talent while contributing to the broader growth of Korea’s robotics and AI industries. 

Supporting universities, research institutes and startups: The Robot Reference Platform is expected to provide universities, research institutes and startups with a standardized hardware and software environment, enabling them to more easily develop and validate Physical AI technologies. The initiative aims to help address challenges faced by organizations with innovative ideas but limited access to commercialization opportunities and validation infrastructure.

Hyundai Motor Group is also continuing large-scale investments aimed at driving the next leap forward in Korea’s industrial and technology ecosystem. Continued investments in Korea’s industrial and technology ecosystem include:

Saemangeum AI Valley: In the Saemangeum region of Jeonbuk State, the Group is developing Saemangeum AI Valley, which includes an approximate KRW 9 trillion investment in AI data centers, robotics manufacturing clusters, electrolyzer plants and AI hydrogen city infrastructure. 

In particular, the robotics manufacturing cluster will serve not only as a production base for the Group’s own robotics products, but also as a robotics foundry that provides manufacturing services for small and medium-sized enterprises that lack manufacturing expertise.

Advanced industrial hubs in the Yeongnam region: Hyundai Motor Group plans to invest a total of KRW 42 trillion over the next decade to foster advanced industrial hubs focused on AI-driven manufacturing, future aerospace industries and sustainable energy infrastructure.

Through these initiatives, Hyundai Motor Group aims to strengthen key foundations for the Physical AI era, including data and energy infrastructure, robotics production capabilities and real-world validation capabilities. The Group also expects these investments to contribute to enhanced industrial competitiveness, balanced regional development, job creation and broader economic vitality in Korea.

About Hyundai Motor Group

Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication, and the will to take on any challenges, we strive to create a better future for all.

More information about Hyundai Motor Group can be found at: http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Newsroom, Genesis Newsroom

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SOURCE Hyundai Motor Company

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Reliance Digital Brings Samsung’s Latest Galaxy Z Fold8 Series and Galaxy Z Flip8 to Stores Across India

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July 25, 2026

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Be among the first to own the new Samsung Galaxy Z Fold8 series and Galaxy Z Flip8. Customers can now pre-order the latest Galaxy foldables at Reliance Digital, with EMIs starting at ₹6000/month.

MUMBAI, India, July 25, 2026 /PRNewswire/ — Reliance Digital, India’s leading consumer electronics retailer, today announced the availability of Samsung’s latest generation of foldable smartphones – the Galaxy Z Fold8 Ultra, Galaxy Z Fold8 and Galaxy Z Flip8. Designed to deliver the next evolution of Galaxy AI, powerful performance and iconic foldable innovation, Samsung’s newest line-up is now available across Reliance Digital stores and online.

Built around Samsung’s vision of making AI more intuitive and personal, the new Galaxy foldables combine immersive displays, premium craftsmanship and intelligent experiences that seamlessly adapt to the way users work, create and stay connected.

Leading the line-up is the Galaxy Z Fold8 Ultra, Samsung’s most premium foldable yet. Featuring an expansive 8-inch Dynamic AMOLED 2X main display, a flagship 200MP camera, the latest Snapdragon® 8 Elite Gen 5 for Galaxy processor and a 5,000mAh battery, the device is engineered for users who demand the ultimate in productivity, creativity and entertainment. It is available in Graphite, Cream and Violet Shadow,.

The Galaxy Z Fold8 brings Samsung’s signature foldable experience in a more compact form factor, featuring a 7.6-inch Dynamic AMOLED 2X main display, a redesigned wider cover screen, Galaxy AI-powered multitasking and flagship-grade performance. Customers can choose from Lavender, Graphite and Cream colour options.

Completing the line-up is the Galaxy Z Flip8, Samsung’s most stylish foldable smartphone, designed for users who want flagship performance in a compact, pocket-friendly form. Equipped with a vibrant 6.9-inch Dynamic AMOLED 2X display, an enhanced FlexWindow, a 50MP camera system and Galaxy AI experiences, the Flip8 effortlessly blends fashion with functionality.

Customers can visit their nearest Reliance Digital store to experience the new foldables first-hand with guidance from Reliance Digital’s Tech Dosts, compare models, explore exclusive launch offers and Pre-order the Galaxy device that best fits their lifestyle. The complete Galaxy Z Fold8 series and Galaxy Z Flip8 are also available through Reliance Digital’s online platform, ensuring customers can be among the first to own Samsung’s latest foldable innovations.

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