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❈ Hyundai Motor Buys 80% of Robotics Firm Boston Dynamics

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Hyundai Motor Group agreed to buy a controlling stake in Boston Dynamics in a deal that values the mobile robot firm at $1.1 billion. From a report: Hyundai Motor, along with some associated companies and Chairman Euisun Chung, will acquire an 80% interest in the U.S. robotics company from SoftBank Group, leaving the Japanese firm with a 20% share, the companies said in a statement Friday. The deal was first reported by Bloomberg News in November. South Korean conglomerate Hyundai Motor Group has been beefing up its research in robotics as it expands further into electric and autonomous vehicles. Carmaker Hyundai Motor plans to spend over 60 trillion won ($55 billion) in the next five years in these areas to become one of the world's leading auto manufacturers. The broader empire is also exploring practical uses for industrial robots. "The combination of the highly complementary technologies of Hyundai Motor Group and Boston Dynamics, and the continued partnership of SoftBank, will propel development and commercialization of advanced robots," the companies said, helping to create a "robotics value chain ranging from robot component manufacturing to smart logistics solutions."

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