Hyundai Motor Group announced that it had finalized its acquisition of Boston Dynamics Inc., a US-based engineering and robotics firm. The South Korean automotive manufacturer successfully secured an ownership interest in Boston Dynamics from SoftBank Group, a Japanese holding company.
Leveraging Boston Dynamicsā€™ Strength in Robotics
Following the regulatory approvals and closing conditions, the Hyundai-Boston Dynamics deal valued at 1.25 trillion won ($1.1 billion). Currently, Hyundai has an 80% share in Boston Dynamics, while SoftBank holds the remaining 20% through one of its affiliates.
The acquisition would also enable the two companies to leverage their expertise in automation, construction, logistics, manufacturing, and more. As part of their plan to develop advanced robotics technologies, Hyundai and Boston Dynamics would establish a robotics-centered value chain.
Furthermore, the partnersā€™ value chain would cover various areas, including robot component manufacturing and smart logistics technologies. Hyundai would also continue supporting Boston Dynamicsā€™ global sales, product line, and service footprint expansion.
Transforming Into a Smart Mobility Solutions Provider
In December 2020, Hyundai acquired an 80% share in Boston Dynamics, accelerating its overarching expansion into the robotics industry. Thanks to its robotics firm acquisition, Hyundai established a leading presence in the robotics field, advancing its transition into a smart mobility solution provider.
Besides obtaining Boston Dynamics, Hyundai plans to boost its mobility solution provider transition by actively investing in future technology developments. In particular, Hyundai would increase its efforts in artificial intelligence (AI), autonomous driving, smart factories, and urban air mobility (UAM).
Over the recent years, Hyundai Motor showed an increasing interest in robotics and other automated technologies. Hyundai also shared that it would invest around 1.5 trillion won ($1.4 billion) in robotics-related ventures by 2025.
Moreover, Euisun Chung, Hyundai Motor Groupā€™s Chairman, plans to make robotics take up over 20% of Hyundaiā€™s future business operations. Earlier, Chairman Chung visited Boston Dynamics and Motionalā€™s US headquarters, strengthening relations with robotics companies and increasing business growth opportunities.
Since taking Hyundaiā€™s top position last year, the Boston Dynamics acquisition marks Chairman Chungā€™s first buyout deal. Also, Chairman Chung further demonstrated his dedication to future mobility by acquiring 20% of Hyundaiā€™s 80% Boston Dynamic share.
In addition to selecting robotics as a growth engine, Hyundai would increase its electric vehicle and hydrogen fuel cell operations. Hyundai also shared a new promotional video highlighting its mobility advancements while thoroughly integrating Boston Dynamicsā€™ proficiency into its operations.
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