By acquiring Boston Dynamics, the Group takes another major step toward its strategic transformation into a Smart Mobility Solution Provider
Hyundai Motor Group has said that it has acquired a controlling stake in US-based engineering and robotics firm Boston Dynamics for $880 million.
In December, the board of directors at the three affiliates — Hyundai Motor, Hyundai Mobis and Hyundai Glovis — approved the plan to acquire a combined 80 per cent stake in Boston Dynamics whose value is estimated at $1.1 billion, from Japanese investment firm SoftBank Group Capital Ltd and two individuals.
The company said in a statement that by acquiring Boston Dynamics and securing a leading presence in the field of robotics, the Group takes another major step toward its strategic transformation into a Smart Mobility Solution Provider.
To propel this transformation, the Group has invested substantially in the development of future technologies, including autonomous driving, artificial intelligence (AI), Urban Air Mobility (UAM), smart factories and robots.
South Korean news agency Yonhap had previously reported that the automotive group had announced that it will invest 60.1 trillion won by 2025 for future mobility to gain a bigger share in the rapidly evolving global automobile market.
The deal is also expected to allow the Group and Boston Dynamics to leverage each other’s respective strengths in manufacturing, logistics, construction and automation. Together, the Group and Boston Dynamics will create a robotics value chain, from robot component manufacturing to smart logistics solutions.
Additionally, the Group will support Boston Dynamics’ continued expansion of its product line and global sales and service footprint.
This acquisition follows Hyundai Motor Group Chairman Chung Euisun’s visit to the U.S. to review the Group’s strategies for future mobility and the direction of technological development, during which he has also met with Boston Dynamics’ executives to discuss the latest robotics technology trends.
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.
Boston Dynamics is also entering the logistics automation market with the industry-leading Pick, a computer vision-based depalletizing solution, and was likely to introduce a mobile robot for warehouses this year.