Hyundai Motor Group is taking over a U.S. robotics company, while moving into the robotics industry in earnest.
Hyundai Motor Group has reached an agreement to take over the 80 percent stake of Boston Dynamics, which valued at 1.1 billion U.S. dollars, from SoftBank Group, the company said on Friday.
Under the agreement, Hyundai Motor Group will have the 80 percent stake of the robot company and SoftBank will hold the remaining 20 percent. The South Korean conglomerate is investing about 960 billion won (about 879 million dollars). While Hyundai Motor takes 30 percent, Hyundai Mobis 20 percent, and Hyundai Glovis 10 percent, Hyundai Motor Chairman Chung Eui-sun is also purchasing the 20 percent stake, as part of his efforts to strengthen management of accountability. The acquisition will pass through regulatory process by related government agencies, before being completed as early as in the first half of next year.
Boston Dynamics is the developer of “BigDog,” a four-legged walking robotic dog for transportation in 2004. Analysts say the company boasts of the world’s most advanced technology overall, including automated driving (walking), recognition, and control.
With the global robotics market set to expand to hit 177.2 billion dollars by 2025, Hyundai Motor Group plans to make a foray into the logistic robotics market before developing service robots.
Do-Hyong Kim firstname.lastname@example.org