Hyundai Motor will buy a robotics company in the United States from SoftBank, a Japanese tech conglomerate, in a transaction that will help the South Korean automaker get closer to its goal of being a smart mobility company.
Hyundai Motor Group, South Korea’s largest automaker, revealed Friday that it would pay $1.1 billion to SoftBank for an 80 percent stake in Boston Dynamics. The Japanese firm already holds a 100 percent interest in the firm and will keep the remaining 20%.
Hyundai is preparing to invest in robotics and urban air mobility, with the goal of generating half of its revenue from the two emerging businesses. Last year, Hyundai Chairman Chung Euisun outlined his vision for a mobility solutions business, stating that half of the company’s revenues would be automotive, 30% would come from urban air mobility, and 20% would come from robotics.
“We are ecstatic to welcome Boston Dynamics, a global pioneer in mobile robots, to the Hyundai family.
This deal would bring together the capabilities of Hyundai Motor Group and Boston Dynamics to drive future mobility innovation.
Our union’s synergies open up promising new avenues for our businesses to achieve our mission of providing free and healthy movement as well as higher-level life experiences.
Chairman and CEO of SoftBank Group, Masayoshi Son, said, “Boston Dynamics is a pioneer in the field of intelligent robotics.
We’re ecstatic to be working with Hyundai, one of the world’s leading global mobility firms, to help them accelerate their commercialization efforts.
Boston Dynamics has a bright future ahead of it, and we remain committed to its progress.”