Hyundai Motor to buy robot maker Boston Dynamics from SoftBank

Hyundai Motor Group and its chairman have agreed to buy an 80% stake in Boston Dynamics from SoftBank Group Corp, Report says, citing foreign press.

The South Korean automaker group seeks to expand factory automation and design autonomous cars, drones, and robots.

On Friday, Hyundai Motor Group said the transaction values Boston Dynamics, the maker of a four-legged dog-like robot, at $1.1 billion, suggesting the automaker group and its chairman offered $880 million for the 80% stake.

The newly-promoted Hyundai Motor Group chairman Euisun Chung has pledged to reduce reliance on traditional car manufacturing, saying robotics would account for 20% of its 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.

Softbank Group CEO Masayoshi Son said the partnership with Hyundai would accelerate the robot maker’s commercialization path.