Hyundai buys Boston Dynamics to develop robotics
The Korean conglomerate intends to expand production, 20% of which should be in robotics.
The Korean company Hyundai Motor has acquired a majority stake in the American company Boston Dynamics. This was reported by the press service of the Japanese holding company SoftBank Group Corp. - the previous owner of the engineering brand.
The total cost of Boston Dynamics is estimated at $1.1 billion, i.e. Hyundai is investing about $880 million. Under the agreement, Hyundai Motor Group will hold an approximately 80% stake in Boston Dynamics and SoftBank, through one of its affiliates, will retain an approximately 20% stake in Boston Dynamics after the closing of the transaction. Hyundai Motor Group’s affiliates - Hyundai Motor Co., Hyundai Mobis Co., and Hyundai Glovis Co. - and Hyundai Motor Group Chairman Euisun Chung respectively participated in the acquisition.
Boston Dynamics appeared in 2012, and a year later it was bought by Google. In 2017, the corporation sold the engineering company to the Japanese SoftBank. Those have recently been experiencing financial difficulties, so the holding is forced to sell off part of its assets, and Hyundai Motor is just interested in expanding the robot production department.
Hyundai's purchase of Boston Dynamics was one of the steps in the transition to electric vehicles and autonomous cars. In them, the South Korean conglomerate, according to Nikkei Asia, plans to invest 40% more than the originally pledged spending - $55 billion over the next five years.
In addition to autonomous driving systems and electric vehicles, Hyundai intends to expand and split production. In the future, the company wants to associate only 50% with cars, while the production of robotics should grow to 20%.