[Auto] Hyundai acquires well-known company that develops robots to automate its plants

[FNX Magokiler]

This is Boston Dynamics, a firm that was born from the Massachusetts Institute of Technology in 1992. In the opinion of the president of Hyundai, robotics could mean 20% of the company's total business in the future.

The vehicle manufacturer Hyundai Motor Group reported that it reached an agreement to acquire a majority stake in the Boston Dynamics company, dedicated to the development and manufacture of robots, with the aim of expanding the automation of its plants. According to the South Korean giant, the purchase of this company will also be a boost in the design and development of the future autonomous cars, drones and robots of the company that seeks to become a broader mobility services provider. Hyundai Motor Group said the deal, which involves a new share issue, would give the company and its current boss, Euisun Chung, a combined 80% stake in Boston Dynamics, while Softbank, current owner of the tech company, will retain 20%.

 

 

The newly promoted president of Hyundai Motor Group, Euisun Chung, said after taking office that robotics could represent 20% of the company's business in the future and that automobile manufacturing would reach 50% of the total, while transportation urban air would represent the remaining 30%. Chung will own a 20% stake in Boston Dynamics, while Hyundai Motor and its affiliates Hyundai Mobis and Hyundai Glovis will have a combined 60% stake. Boston Dynamics, which spun off from the Massachusetts Institute of Technology in 1992, was bought by Google in 2013 and sold to SoftBank in 2017. Among its products is Spot, a robot shaped like a dog that can climb stairs. The firm is very high-profile, although it has had trouble building a commercial business. The transaction, subject to regulatory approvals and other customary conditions, is expected to close in June 2021.