Hyundai completes its acquisition of Boston Dynamics
Hyundai Motor Group has completed its acquisition of a controlling interest in Boston Dynamics from SoftBank. The deal valued the mobile robot firm at USD 1.1 billion.
Post-closing, the Hyundai holds an 80% stake in Boston Dynamics and SoftBank, through one of its affiliates, retains the remaining 20% stake. Boston Dynamics has made a name for its self developing agile, mobile robots that have been successfully integrated into business operations around the world. By acquiring Boston Dynamics and securing a strong presence in the field of robotics, Hyundai 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. In the field of robotics, Hyundai aims to develop advanced technologies that "enhance people's lives" and "promote safety". 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 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, the four legged yellow robot seen in various videos from the company, 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.