Boston Dynamics formally joins Hyundai Motor Group

U.S. robotics unicorn Boston Dynamics has formally joined South Korean Hyundai Motor Group.

Hyundai Motor Group announced Monday it has completed the acquisition of 80 percent stake in the Boston-based robotics developer from Japan’s SoftBank, who stays as the second shareholder with a 20 percent.

The Korean ownership costing $1.1 billion breaks down to 30 percent with Hyundai Motor Co., 20 percent with Hyundai Mobis Co., 10 percent with Hyundai Glovis Co., and 20 percent with Chairman Chung Euisun.

Hyundai Motor Group will expedite group-wide efforts to bolster robotics technology capability amid expectations for the rapid growth of the global robotics market on a rise in demand for technical innovation and automation.

Hyundai Motor Group expects the robotics technology will create synergy in its existing businesses for future growth, especially for mobility technologies like self-driving cars, urban air mobility and smart factory. It is also planning to focus to incorporate the newly added unit’s robotics technology in manufacturing, logistics and construction.

Chung during his business trip to the U.S. last week toured the headquarters of Boston Dynamics and examined its signature inventions including the four-legged robot dog “Spot,” adult-size humanoid “Atlas” and versatile mobile robot “Stretch” designed to work in warehouses.

He envisioned a society where people are able to focus on more productive and creative work while robots help scheduling and other less important jobs in a livestreamed video conference with employees of the group families in March.

Shares of Hyundai Motor closed 3.43 percent higher at 241,000 won ($212.92) in Seoul trading on Tuesday, Hyundai Mobis 3.34 percent up at 294,000 won, and Hyundai Glovis 1.47 percent up at 207,500 won.

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