Hyundai Motor Acquires 'Boston Dynamics' for 960 Billion KRW... Chairman Chung Euisun Invests 20% Directly

[Asia Economy Reporter Su-yeon Woo] Hyundai Motor Group is accelerating its robotics business by acquiring the global robot development company Boston Dynamics. Hyundai Motor Group is acquiring an 80% stake in Boston Dynamics for $880 million (approximately 960 billion KRW), and Chairman Chung Eui-sun is also directly investing in a 20% stake by contributing personal funds worth about 240 billion KRW.

On the 11th, Hyundai Motor Group announced that it has reached a final agreement to acquire a controlling stake in the U.S. robotics specialist company Boston Dynamics, valued at $1.1 billion, from SoftBank Group. As a result, Hyundai Motor Group will hold an 80% stake in Boston Dynamics, while SoftBank Group will retain a 20% stake.

Chairman Chung Eui-sun Directly Invests 20% Stake...Expresses Commitment to Expanding Robotics Business

Within Hyundai Motor Group, Hyundai Motor Company, Hyundai Mobis, Hyundai Glovis, and Chairman Chung Eui-sun will jointly participate. The final shareholding ratio is expected to be ▲Hyundai Motor Company 30% ▲Hyundai Mobis 20% ▲Hyundai Glovis 10% ▲Chairman Chung Eui-sun 20%.

Chairman Chung’s participation in the equity is intended to strengthen responsible management for future new businesses and to express a continuous commitment to investment. This strong commitment to the robotics business is also expected to help secure top global talent and attract excellent business partners.

Hyundai Motor Group decided on this acquisition anticipating rapid growth in the global robotics market driven by technological innovation and demand for robot automation. The acquisition is expected to enhance Hyundai Motor Group’s robotics development capabilities, including Boston Dynamics, and create synergies with autonomous vehicles, urban air mobility (UAM), and smart factory technologies.

Hyundai Motor Group’s mass production capabilities, R&D expertise, and global business network are expected to aid Boston Dynamics in product mass production and profitability improvement. Meanwhile, from the perspective of Hyundai Motor Group affiliates, it is anticipated that business areas can expand from entering the robotics market to smart logistics solutions in connection with Hyundai Mobis and Hyundai Glovis.

Spot, a quadruped robot developed by Boston Dynamics

On the day, Chairman Chung said, "I am very pleased to be able to work with Boston Dynamics, which possesses world-class robotics technology," emphasizing the significance of this acquisition by stating, "It will present a new path to realize Hyundai Motor Group’s vision of human happiness, freedom of movement, and a higher level of life experience value."

He added, "With Boston Dynamics’ robotics technology added to Hyundai Motor Group’s capabilities as a smart mobility solutions company, we will be able to lead innovation in future mobility. Amid global mega trends represented by aging populations and contactless environments, we will also play a role for humanity in public sectors such as safety, security, and healthcare."

SoftBank Group Chairman Masayoshi Son responded, saying, "I am thrilled to accelerate robot commercialization together with Hyundai Motor Group, a world-leading mobility company. The future of Boston Dynamics with Hyundai Motor Group is very bright, and SoftBank Group plans to continue investing in their success."

The final acquisition process, including contract signing and approval procedures from both the Korean and U.S. governments, is expected to be completed as early as the first half of next year.

Boston Dynamics Holds World-Class Technology in Logistics Robotics

Boston Dynamics is recognized for having the world’s best technology in comprehensive aspects essential for robot operation, including autonomous navigation (walking), perception, and control.

Founded in 1992 as a university venture by CEO Marc Raibert, who was a professor at Carnegie Mellon University and Massachusetts Institute of Technology, Boston Dynamics was acquired by Google in 2013 and by SoftBank Group in 2017.

In 2004, it gained attention by developing the quadruped transport robot "BigDog" in collaboration with NASA and Harvard University. Since then, it has unveiled quadruped robots such as "LittleDog," "Cheetah," and "Spot," which feature natural and fast movements with reduced weight.

Atlas, a bipedal walking robot developed by Boston Dynamics

Especially since 2016, Boston Dynamics has introduced the bipedal humanoid robot "Atlas," capable of walking upright like a human. Last year, it upgraded Atlas to perform advanced movements such as handstands and backflips, showcasing overwhelming technological prowess in robotics.

Last year, Boston Dynamics also expanded its robotics business by unveiling logistics robots such as "Pick," which can grasp and move objects, and "Handle," which has wheels and can autonomously carry items to destinations.

This content was produced with the assistance of AI translation services.