Hyundai Buys Remaining Shares of Boston Dynamics; Automation Concerns Trigger Strike
Key Points
- 1. Hyundai became the sole owner of the company by also purchasing SoftBank's remaining 10 percent stake in Boston Dynamics.
- 2. Boston Dynamics' valuation in this acquisition was around five trillion won (a transaction worth approximately 300 million euros).
- 3. Atlas humanoid robots are planned to be used for logistics at the Georgia factory starting in 2028, and on the automotive assembly line by 2030.
- 4. The union, opposing automation, decided to hold a partial strike in July demanding a bonus equivalent to 30 percent of net profit.
By the Numbers
Hyundai Motor Group has taken full control of robotics company Boston Dynamics by purchasing SoftBank's remaining 10 percent stake. Building on its 80 percent stake held since 2021, the company aims to strengthen its high-tech asset structure and create strategic flexibility for a potential initial public offering (IPO) with this move.
However, this acquisition caused disappointment among investors on the Seoul Stock Exchange and led to heavy selling pressure on the shares. The transaction is estimated to be worth approximately 300 million euros (500 billion won), and Boston Dynamics' market value is believed to have reached five trillion won. Following the news breaking to the press, Hyundai shares lost more than 30 percent of their value.
The company plans to use Atlas humanoid robots at its factory in the US state of Georgia starting in 2028. The goal is to integrate these robots into automotive assembly processes by 2030. This automation strategy is being protested by the Hyundai union, which has concerns about job security, and the workers decided to begin partial strikes in the second half of July.
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Frequently Asked Questions
- 1. S: What percentage of Boston Dynamics did Hyundai own?
- C: Hyundai owned 80 percent of the company since 2021 and secured full control by acquiring the remaining 10 percent stake from SoftBank.
- 2. S: What was Boston Dynamics' valuation in this acquisition?
- C: Analysts estimate the transaction value at approximately 300 million euros (500 billion won), bringing the company's total market value to about five trillion won.
- 3. S: How did the automation plans affect the workers?
- C: Fearing that humanoid robots will replace the workforce, the Hyundai union decided to launch partial strike actions in the second half of July.
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- The Korea Herald (Biz)·