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

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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.

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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.

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

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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.