Hyundai forays into robotics by completing acquisition of Boston Dynamics from SoftBank | Mint
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Business News/ Auto News / Hyundai forays into robotics by completing acquisition of Boston Dynamics from SoftBank
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Hyundai forays into robotics by completing acquisition of Boston Dynamics from SoftBank

Hyundai claims that it will establish a robotics value chain, from robot component manufacturing to smart logistics solutions

The deal is expected to help both companies leverage each other’s respective strengthsPremium
The deal is expected to help both companies leverage each other’s respective strengths

Hyundai Motor Group, Boston Dynamics, Inc. and SoftBank Group Corp. announced the completion of Hyundai's acquisition of a controlling interest in Boston Dynamics from SoftBank, following the receipt of regulatory approvals and other customary closing conditions. The deal valued the mobile robot firm at $1.1 billion. However, particulars of the deal were not disclosed.

Post-closing, Hyundai Motor Group holds an 80% stake in Boston Dynamics and SoftBank, through one of its affiliates, retains the remaining 20% stake.

Also Read: Boston Dynamics dog robot 'Spot' learns new tricks

Boston Dynamics is popular for developing agile, mobile robots that have been successfully integrated into business operations of many of the world’s leading industrial firms.

Hyundai claims that by acquiring Boston Dynamics the company has established its strategic transformation into a Smart Mobility Solution Provider.

Hyundai has announced that it has invested substantially in the development of future technologies, including autonomous driving, artificial intelligence (AI), Urban Air Mobility (UAM), smart factories and robots.

By entering the field of robotics, the company aims to develop advanced technologies that enhance people's lives and promote safety.

The deal is expected to help both companies leverage each other’s respective strengths in manufacturing, logistics, construction and automation.

Hyundai claims that it will establish a robotics value chain, from robot component manufacturing to smart logistics solutions. Additionally, Hyundai will support Boston Dynamics' expansion of its product line and global sales and service footprint.

Boston Dynamics launched sales of its first commercial robot, Spot in June 2020 and now has robots operating in a variety of industries, including power utilities, construction, manufacturing, oil and gas, and mining. The company also recently unveiled Stretch, its first commercial robot specifically designed for warehouse facilities and distribution centers.

The Group today also released a new video to reveal how it would further advance mobility for humanity incorporating Boston Dynamics’ expertise.

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Published: 21 Jun 2021, 08:08 PM IST
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