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Home Automobile

Hyundai Boosts Its Robotics Field Presence with Boston Dynamics

Minseo Park by Minseo Park
PUBLISHED: June 23, 2021 UPDATED: June 24, 2021
in Automobile, Hyundai, Tech Industry
0
Hyundai Motor finalized its robotics startup Boston Dynamic acquisition, aiming to leverage its robotics expertise to develop smart mobility solutions. / photo courtesy of Hyundai Motor Group
Hyundai Motor finalized its robotics startup Boston Dynamic acquisition, aiming to leverage its robotics expertise to develop smart mobility solutions. / photo courtesy of Hyundai Motor Group

Hyundai Motor finalized its robotics startup Boston Dynamic acquisition, aiming to leverage its robotics expertise to develop smart mobility solutions. / photo courtesy of Hyundai Motor Group

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 Dynamics’ 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 partners’ value chain would cover various areas, including robot component manufacturing and smart logistics technologies. Hyundai would also continue supporting Boston Dynamics’ 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 Group’s Chairman, plans to make robotics take up over 20% of Hyundai’s future business operations. Earlier, Chairman Chung visited Boston Dynamics and Motional’s US headquarters, strengthening relations with robotics companies and increasing business growth opportunities.

Since taking Hyundai’s top position last year, the Boston Dynamics acquisition marks Chairman Chung’s first buyout deal. Also, Chairman Chung further demonstrated his dedication to future mobility by acquiring 20% of Hyundai’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 Dynamics’ proficiency into its operations.

Check out other must-read articles from KoreaTechToday:

  • Hyundai Motor obtains 80 percent stake of Boston Dynamics
  • Hyundai’s Future Mobility Strategies to Focus On Autonomous Robotics
  • COMEUP 2020 Day 2: Robotics and AI in the Hospitality Industry
  • H Robotics Smart Remote Rehabilitation Solution Rebless Wins CES 2021
Tags: AcquisitionBoston DynamicsHyundai Motorrobotic startupRoboticssmart mobilitysoftbank

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