Vehicle body maker MS Autotech was expanding its collaboration with Hyundai Motor to develop an automatic guided vehicle (AGV), TheElec has learned.
AGVs are used in industrial sites to automatically carry loads between locations.
According to market research firm Mordor Intelligence, the North American market for AGV is expected to be worth US$2.7 billion by 2026.
MS Autotech co-invested in autonomous driving solution firm Mobyus & Value Chain with Sejong Industrial in 2016.
The vehicle body maker had acquired an 11.43% equity stake from the deal.
The company used this as a platform to start developing core components for AGVs in 2019.
Mobyus & Value Chain announced in July that it will collaborate with Hyundai Motor to apply AGVs at the automobile giant’s factories in Brazil.
Hyundai Motor is expected to expand its application of AGVs in its facilities.
Last year, MS Autotech recorded 1.21 trillion won in revenue and 26.8 billion won in operating income.
As of the third quarter this year, it had recorded 1.15 trillion won in revenue in 2021, an increase of 35.19% over the same time period.