South Korean car manufacturer Hyundai has bought a controlling stake in robotic firm Boston Dynamics from SoftBank. The deal values the mobile robot firm at $1.1 billion. Additional financial details were not disclosed.
Post-closing, Hyundai holds an 80 percent stake in Boston Dynamics while SoftBank, through one of its affiliates, retains the remaining 20 percent stake.
Boston Dynamics is the established leader in developing agile, mobile robots that have been successfully integrated into business operations of many of the world’s leading industrial firms. Advanced robotics offer opportunities for rapid growth with the potential to positively impact society by making work safer and more productive.
By acquiring Boston Dynamics and securing a leading presence in the field of robotics, Hyundai is hoping to take another major step toward its strategic transformation into a Smart Mobility Solution Provider. To propel this transformation, Hyundai has invested substantially in the development of future technologies, including autonomous driving, artificial intelligence (AI), Urban Air Mobility (UAM), smart factories and robots.
In the field of robotics, Hyundai aims to develop advanced technologies that enhance people’s lives and promote safety, thereby realizing the progress for humanity.
The deal is also expected to allow Hyundai and Boston Dynamics to leverage each other’s respective strengths in manufacturing, logistics, construction and automation. Together, the two companies will create a robotics value chain, from robot component manufacturing to smart logistics solutions. Additionally, Hyundai will support Boston Dynamics’ continued expansion of its product line and global sales and service footprint.
Boston Dynamics launched sales of its first commercial robot, Spot in June of 2020 and now has hundreds of robots operating in a variety of industries, including power utilities, construction, manufacturing, oil and gas, and mining. The company also recently unveiled Stretch, its first commercial robot specifically designed for warehouse facilities and distribution centers.
The Group today also released a new video to reveal how it would further advance mobility for humanity incorporating Boston Dynamics’ expertise. The video is available on Hyundai’s youtube channel. You can also see it below: