Why did Hyundai buy Boston Dynamics?

Hyundai wanted to invest in more “mobility solutions,” and Softbank was able to flip Boston Dynamics for a tidy profit. The acquisition is pretty exciting for Boston Dynamics. While the company has been churning out industry-leading robotics work for years, it has all been pure research.

Does Hyundai Own Boston Dynamics?

T) said on Monday South Korea’s Hyundai Motor Group had completed the acquisition of robotics firm Boston Dynamics from the Japanese conglomerate.

Does Boston Dynamics have military contracts?

Google purchased Boston Dynamics in 2013 and cut short the company’s military contracting work to focus on research and development. Owning the company cost Google about $50 million annually, according to a person familiar with the matter who asked not to be identified discussing private information.

Is Boston Dynamics a defense contractor?

The tech giant stated that it would honor Boston Dynamics’ military contracts, but had no plans to enter into the world of military contracting itself. But whether Google wants to admit it or not, it is now a defense contractor. At least until the Boston Dynamics contracts expire.

What will Hyundai do with Boston Dynamics?

“Together, [Hyundai] and Boston Dynamics will create a robotics value chain, from robot component manufacturing to smart logistics solutions. Additionally, [Hyundai] will support Boston Dynamics’ continued expansion of its product line and global sales and service footprint.”

Which Hyundai stock owns Boston Dynamics?

Boston Dynamics, the robot maker familiar to many because of the amazing feats its machines do on YouTube videos, is now owned by a car maker. The question car investors are asking, of course, is why. Monday, Hyundai Motor (ticker: 005380. Korea) said it had purchased 80\% of the company from Softbank (9984.

How much did Hyundai pay for Boston Dynamics?

The deal was announced in December 2020. Hyundai paid about $880 million to acquire the controlling stake from Softbank, valuing Boston Dynamics at $1.1 billion. Hyundai is the third owner of Boston Dynamics in seven years.

Is Boston Dynamics going public?

Founded in 1992 after a spin-off from the prestigious Massachusetts Institute of Technology, Boston Dynamics remains private to date. In 2020, Boston Dynamics had launched sales of its first commercial robot Spot.

What is Hyundai doing with Boston Dynamics?

Hyundai this morning announced that it has completed its acquisition of Boston Dynamics. The deal, which values the innovative robotics company at $1.1 billion, was announced in late-2020. The South Korean automotive giant now owns a controlling interest in Boston Dynamics, previously belonging to SoftBank.