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Hyundai Motor and its chairman buy 80% of the shares of the robot manufacturer Boston Dynamics
Hyundai Motor Group has agreed with Japanese conglomerate SoftBank Group to buy 80% of shares in robot manufacturer Boston Dynamics, which it owns. The automaker said Boston Dynamics was valued at $ 1.1 billion, suggesting that it offered SoftBank Group $ 880 million for an 80% stake in Boston Dynamics.
REUTERS / Kim Kyung-Hoon
The deal will allow Hyundai to use Boston Dynamics robotic technology to expand manufacturing automation in its car factories, as well as to develop autonomous vehicles such as self-driving cars, drones and delivery robots, analysts said.
The deal comes after Hyundai Motor Group Chairman Euisun Chung pledges to reduce the corporation’s reliance on traditional car manufacturing. He stated that robotics will account for 20% of its future business, while car production will take up 50% of the business and another 30% will come from urban airmobility.
Combining the capabilities of Hyundai Motor Group and Boston Dynamics will put the automaker at the forefront of future mobility innovation, Chung said.
Chung will personally own 20% of Boston Dynamics, while Hyundai Motor and its subsidiaries Hyundai Mobis and Hyundai Glovis will receive a combined 60% of the robot manufacturer.