City
Epaper

Hyundai Motor buys US firm Boston Dynamics for $880 mn

By IANS | Published: June 21, 2021 3:21 PM

Seoul, June 21 Hyundai Motor Group said on Monday its three affiliates and its chief have acquired a controlling ...

Open in App

Seoul, June 21 Hyundai Motor Group said on Monday its three affiliates and its chief have acquired a controlling stake in US-based robotics firm Boston Dynamics for $880 million.

The investment is part of the South Korean automaking group's broader plans to strengthen its competitiveness in future mobility solutions.

In December, the board of directors at the three affiliates Hyundai Motor, Hyundai Mobis and Hyundai Glovis approved the plan to acquire a combined 80 percent stake in Boston Dynamics whose value is estimated at $1.1 billion, from Japanese investment firm SoftBank Group Capital Ltd and two individuals.

In the same month, Hyundai announced it will invest 60.1 trillion won by 2025 for future mobility to gain a bigger share in the rapidly evolving global automobile market, reports Yonhap news agency.

Hyundai Motor Group Chairman Chung Euisun last week visited Boston Dynamics in the US to discuss the latest robotics technology trends with its executives.

In December last year, the world's fifth-largest automotive group acquired an 80 percent stake in Boston Dynamics, which is famous for its dog-like robot Spot to leverage its robotics technology in other industrial areas.

Hyundai Motor said it plans to create synergy between robotics, autonomous vehicles, urban air mobility and smart factories to provide various mobility services both in private and public sectors.

Boston Dynamics is the established leader in developing agile, mobile robots that have been successfully integrated into various business operations.

The deal is also expected to allow Hyundai Motor Group and Boston Dynamics to leverage each other's respective strengths in manufacturing, logistics, construction and automation.

Boston Dynamics is also entering the logistics automation market with the industry leading Pick, a computer vision-based depalletizing solution, and was likely to introduce a mobile robot for warehouses this year.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: Chung Eui-sunusseoulBoston dynamicsHyundai motor group
Open in App

Related Stories

National‘Unwarranted, Unsubstantiated Claims’: India on the Washington Post Report Identifying RAW Official in Pannun Assassination Case

InternationalUS Shooting: Three Police Officers Shot Dead in Charlotte, North Carolina

InternationalTornado in US: Twisters Tear Across America's Heartland, Leaving Catastrophic Destruction in Many States; Disturbing Visuals Emerge

HealthBird Flu in US Cows: WHO Warns 'Extremely High' Mortality Rate in Humans As H5N1 Spreads to Milk

EntertainmentTaylor Swift's New Album 'The Tortured Poets Department' Breaks Records with Over 55.2 Crore First-Day Streams

Technology Realted Stories

TechnologyX briefly blocks Indian user’s account, Musk says ‘we must respect the laws of a country’

TechnologyStudy finds how dietary changes can treat pulmonary hypertension

TechnologyApple gives small developers a breather around new app store fee in EU

TechnologyReducing air pollution key to fight new diabetes cases in India: Doctors

TechnologyIBM expands software availability to 92 nations in AWS Marketplace including India