Hyundai Motor Group buys robot maker Boston Dynamics in a $1.1 billion deal

Photo: Trimble
Share to friends

Hyundai Motor Group and its chairman have signed a $1.1 billion deal with SoftBank Group Corp to personal a controlling stake in the robotics design firm, Boston Dynamics.

The South Korean automaker stated on Friday the deal would assist it broaden operations into designing self-driving automobiles, drones and supply robots because it seeks to cut back reliance on conventional automobile manufacturing.

The deal, which entails a new concern of shares, would give Hyundai and its chairman a mixed 80% stake in Boston Dynamics – about $880 million, whereas Softbank will retain 20% stake or $220 million.

READ ALSO  U.S retail large, Macy's has lost nearly 60% of its stock market worth. Here is what they said

Euisun Chung, the newly promoted Chairman of Hyundai Motor Group stated robot manufacturing would account for 20% of the corporate’s future enterprise, whereas conventional car-manufacturing would account for 50% and concrete air transport would make up the remaining 30%.

According to the phrases of the deal, Chung will personal a 20% stake in Boston Dynamics, whereas Hyundai Motor and its associates Hyundai Mobis and Hyundai Glovis will personal a mixed 60% stake.

Softbank Group CEO Masayoshi Son stated the deal with Hyundai would speed up Boston Dynamics path to commercialisation.

Boston Dynamics, which was based in 1992 as a spin-off from the Massachusetts Institute of Technology, was purchased by Google in 2013 and bought to SoftBank in 2017.

READ ALSO  Trump gives support for Microsoft to buy the Chinese video-sharing app TikTok

The firm manufactures a collection of dynamic highly-mobile robots, together with Spot, a dog-like robot that may climb stairs, Atlas, and Handle.

Watch the creepy robot dog patrol park in Singapore

 

Boston Dynamics gained media consideration by way of its merchandise, though it has struggled to make income. The firm reported a web lack of $103 million for the fiscal 12 months ending in March 2020, widening its losses by greater than 60% from a 12 months earlier.