Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Hyundai Motor to buy robot maker Boston Dynamics from SoftBank

Hyundai Motor to buy robot maker Boston Dynamics from SoftBank

Hyundai Motor Group units and its chairman have agreed to buy an 80% stake in robot maker Boston Dynamics from SoftBank Group Corp, Hyundai Motor Group said on Friday.

Hyundai said the deal values the robot firm at $1.1 billion, suggesting the automaker group offered $880 million for the 80% stake.

Hyundai can leverage robot technology to expand automation at its unionized car factories, as well as design autonomous vehicles like self-driving cars, drones and delivery robots, analysts said.

The new stake comes after newly promoted Hyundai Motor Group chairman Euisun Chung pledged to reduce reliance on traditional car manufacturing, saying robotics would account for 20% of the company’s future business, with car-making taking up 50%, followed by urban air mobility at 30%.

Chung will own a 20% stake in Boston Dynamics, while Hyundai Motor and its affiliates, Hyundai Mobis and Hyundai Glovis, will hold a combined 60% stake.

“The transaction will unite capabilities of Hyundai Motor Group and Boston Dynamics to spearhead innovation in future mobility,” Chung said in a statement.

Boston Dynamics, which was spun out from the Massachusetts Institute of Technology in 1992, was bought by Google in 2013 and sold to SoftBank in 2017.

The company’s products include Spot, a four-legged dog-like robot that can climb stairs, and have gained media attention even as it struggled to build a commercial business.

Clients include Ford Motor Co, which leased two Spot robots in July as part of a pilot program.

“Hyundai needs to prove that Boston Dynamics can be commercially successful and is capable of competing with cheaper Chinese rivals,” said Koh Tae-bong, an analyst at Hi Investment & Securities.

‘Innovation race’


Last year, Ford Motor said that it was partnering with walking robot maker Agility Robotics as it designs a planned fleet of self-driving delivery vans that will drop packages at the doorsteps of people’s homes.

The deal is the latest pullback by SoftBank from operating businesses as CEO Masayoshi Son focuses on investing.

It also marks the fading of SoftBank’s robotics ambitions, which were talked up by Son, and leaves the group’s own rump robotics business, which includes humanoid robot Pepper, looking increasingly isolated.

For Hyundai, this is the latest in a flurry of deals under Chung, who pledged to transform the automaker into a mobility provider, amid threats from electric carmaker Tesla and tech firms with ride-sharing, self-driving and other technologies.

“Automakers are in an innovation race. Hyundai is a late-comer to the race, and it seems that they want to showcase that they can do it, rather than trying to generate money from the robot business,” said mobility consultant Cha Doo-won.

Hyundai Motor has developed a wearable robot to reduce fatigue for factory workers and ran pilot programs at its U.S. plants.

In January, Hyundai Motor announced it had partnered with Uber to develop electric air taxis, but the U.S. firm said this week it would sell its loss-making flying taxi unit to Joby Aviation, an electric passenger aircraft developer.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
×