The Real EV Stock Bet: Why Boston Dynamics' Owner Hyundai Is Outpacing Tesla in Robotics

The electric vehicle market is witnessing a critical shift. While Tesla’s market valuation has climbed to nearly $1.5 trillion—largely driven by CEO Elon Musk’s ambitious robotics vision—a less talked-about EV stocks player is actually ahead in the game. Hyundai Motor Group, which owns Boston Dynamics, is quietly building a robotics empire that could reshape the automotive industry, and its stock valuation suggests investors are sleeping on a major opportunity.

Tesla’s recent focus has pivoted sharply. After two consecutive years of declining sales in its core EV business, the company has shifted investor attention toward autonomy: its robotaxi network and the Optimus humanoid robot. This narrative has been compelling enough to keep Tesla’s stock near all-time highs despite flat growth and shrinking profit margins. But there’s a problem—another robotics player already has superior hardware on the market.

Boston Dynamics Atlas: The Robot That’s Already Here

Boston Dynamics may not dominate headlines the way Tesla does, but its Atlas humanoid robot just won Best Robot at CES 2026, beating out several competitors including Tesla’s vision. The recognition from CNET’s expert panel of over 40 judges wasn’t arbitrary. According to their assessment, “The Atlas demonstrated a naturalistic walking gait that was hands-down the best of the humanoid robots at the show. The production-ready version is already scheduled for deployment in Hyundai manufacturing facilities, potentially assembling your next vehicle.”

This matters. While we’re still waiting for Tesla’s Optimus to reach consumers, Boston Dynamics is already in mass-production mode with tens of thousands of Atlas units set to work in Hyundai factories. The company has also partnered with Google DeepMind to integrate advanced foundation models into the robot’s capabilities, combining world-class hardware with cutting-edge AI.

Boston Dynamics’ product lineup extends beyond Atlas. The company has already commercialized Spot, a quadrupedal robot that launched in 2020, and developed Stretch, a warehouse automation robot designed to handle repetitive box-moving tasks. These aren’t concept videos—they’re working machines generating real revenue.

How Hyundai Became an Underrated EV Stock Play

Here’s where the investment math becomes interesting. Hyundai acquired an 80% stake in Boston Dynamics from Softbank in June 2021 for $1.1 billion. That valuation now looks prescient. Five years prior, Boston Dynamics was worth just $1 billion. Today, with Atlas winning industry awards and entering production, the robotics opportunity has multiplied.

Hyundai Motor Group—which includes Kia and Genesis—ranks as the world’s third-largest automaker behind Toyota and Volkswagen as of 2024. It’s also the third-largest EV producer globally, driven by the strong performance of its Ioniq electric vehicle line. These aren’t speculative metrics; Hyundai is already a powerhouse in traditional and electric automotive sectors.

Yet the stock trades at a price-to-earnings ratio of just 12, with a market cap around $90 billion. For context, Tesla commands a market cap nearly 17 times larger while facing slower growth and tighter margins. If Hyundai were listed on a major U.S. exchange instead of the Korea Exchange, analysts would likely be highlighting this valuation gap constantly.

Atlas vs. Optimus: The Technical Reality

A direct comparison between Boston Dynamics’ Atlas and Tesla’s Optimus remains difficult—neither is in consumer hands yet. But the evidence suggests Boston Dynamics holds the advantage in several critical areas. Atlas boasts superior mobility and agility, demonstrated through its CES showcase. More importantly, Boston Dynamics is moving from prototype to production while Tesla is still in development mode.

The robotics sector isn’t winner-take-all like smartphone markets. Multiple companies will succeed, but being first to market with a working product carries enormous value. Boston Dynamics is achieving that milestone while Tesla is still building. Tesla’s AI and software strengths are real, but Atlas has autonomous capabilities too, powered by its Google DeepMind partnership.

Why This Matters for EV Stocks Investors

The broader lesson is that the robotics revolution isn’t confined to Tesla. The entire automotive sector is racing toward automation. As a major automaker with both a thriving EV business and majority control of the robotics frontrunner, Hyundai offers diversified exposure to multiple growth drivers—without Tesla’s premium valuation.

Investors betting on the EV stocks space need to consider whether they’re chasing Tesla’s narrative or identifying actual value. Hyundai presents a genuine alternative: a company trading at reasonable valuations while leading in two transformative sectors simultaneously. The company has already deployed Atlas into its manufacturing ecosystem, creating a competitive moat that’s difficult to replicate.

Boston Dynamics’ journey from a $1 billion valuation to an industry leader demonstrates how quickly robotics can shift competitive dynamics. Hyundai’s ownership stake puts it in the center of this revolution. For investors seeking exposure to both electric vehicles and autonomous robotics without paying Tesla’s premium, the choice is becoming increasingly clear.