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Hyundai pays more than £800m for controlling interest in robotics company

Time 5 months ago

Hyundai has agreed a deal with SoftBank to acquire a controlling interest in robotics company Boston Dynamics for $1.1bn (£822m).

In a statement, the businesses revealed that they envision ‘the transformation of human life’ with Boston Dynamics’ robot technology and Hyundai’s mobility expertise.

Hyundai Motor Group will hold an approximately 80% stake in Boston Dynamics and SoftBank.

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ThIS acquisition is another major step for Hyundai in its strategic transformation into a smart mobility solution provider.

Euisun Chung, chairman of Hyundai Motor Group, said: ‘We are delighted to have Boston Dynamics, a world leader in mobile robots, join the Hyundai team.

‘This transaction will unite capabilities of Hyundai Motor Group and Boston Dynamics to spearhead innovation in future mobility.

‘The synergies created by our union offer exciting new pathways for our companies to realise our goal – providing free and safe movement and higher plane of life experiences for humanity.

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‘We will also contribute to the society by enhancing its safety, security, public health amid global trends of aging society and digital transformation.’

Boston Dynamics launched sales of its first commercial robot, Spot, in June of 2020.

It has since sold hundreds of robots in a variety of industries, such as power utilities, construction, manufacturing, oil and gas, and mining.

Robert Playter, CEO of Boston Dynamics, said: ‘Boston Dynamics’ commercial business has grown rapidly as we’ve brought to market the first robot that can automate repetitive and dangerous tasks in workplaces designed for human-level mobility.

‘We and Hyundai share a view of the transformational power of mobility and look forward to working together to accelerate our plans to enable the world with cutting edge automation, and to continue to solve the world’s hardest robotics challenges for our customers.’

Masayoshi Son, chairman and CEO of SoftBank Group, added: ‘Boston Dynamics is at the heart of smart robotics.

‘We are thrilled to partner with Hyundai, one of the world’s leading global mobility companies, to accelerate the company’s path to commercialisation.

‘Boston Dynamics has a very bright future and we remain invested in the company’s success.’

Rebecca Chaplin's avatar

Rebecca has been a motoring and business journalist since 2014, previously writing and presenting for titles such as the Press Association, Auto Express and Car Buyer. She has worked in many roles for Car Dealer Magazine’s publisher Blackball Media including head of editorial.

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