Bernstein analyst Eunice Lee is out with a fascinating note explaining why automakers are making a mad dash into the world of humanoid robotics, arguing that their manufacturing scale, supply-chain depth, and years of investment in autonomous driving give them a structural lead in the emerging physical-AI market.
Lee writes that automakers are also seeking new revenue streams beyond the core vehicle business, with humanoids poised to move from factory floors into the physical world across retail, security, public service, and eventually homes.
From Tesla and Hyundai to XPeng, Xiaomi, BYD, Geely, and Chery, automakers are quickly moving beyond EVs and into humanoids through in-house development, acquisitions, minority stakes, and strategic partnerships. Lee said this trend became visible in China, where multiple OEM-linked robots were showcased at the 2026 Beijing Auto Show.
“OEMs are entering humanoid robotics to boost productivity and unlock new revenue streams,” Lee wrote in the note.
She noted, “Automakers have several advantages across hardware, software, and scale. There is significant overlap between vehicle and humanoid components—motors, reducers, sensors —as well as manufacturing.”
Hellbound and Down 