Hyundai Motor Group is buying SoftBank's stake in Boston Dynamics to make the robotics firm a wholly owned subsidiary. Decision-making and execution in the robotics business are expected to speed up, accelerating the commercialization of physical artificial intelligence (AI), including the humanoid "Atlas." The move also removes an obstacle to Boston Dynamics' initial public offering (IPO).
Hyundai Motor (005380) Group said on the 16th that it exercised a put option (a right to sell common shares) earlier this month for the 9.65% stake in Boston Dynamics held by SoftBank. When Hyundai Motor Group acquired its stake in Boston Dynamics in 2021, it signed a contract requiring it to buy SoftBank's remaining stake if the company failed to go public within five years.
While the specific terms of the contract were not disclosed, the industry believes Hyundai Motor Group acquired SoftBank's 9.65% stake in Boston Dynamics for $325 million (about 487.5 billion won). Before the SoftBank stake acquisition, HMG Global, owned by Hyundai Motor, Kia (000270), and Hyundai Mobis (012330), held a 56.3% stake in Boston Dynamics, Hyundai Motor Group Chairman Euisun Chung held 22.5%, and Hyundai Glovis held 11.25%. The SoftBank stake is likely to be distributed among them at the same ratios.
Hyundai Motor Group has been reviewing an expansion of its investment cooperation with Boston Dynamics to strengthen its robotics business. The aim is to accelerate robot development, mass production, external cooperation, and factory deployment amid intensifying global competition for robotics supremacy. Tesla is reportedly set to begin mass production of its humanoid "Optimus" at the end of this year. Hyundai Motor Group plans to deploy Atlas at its Metaplant in Georgia, U.S., in 2028.
Boston Dynamics has been strengthening its position as a leading company by unveiling a series of high-level robot technologies. On the 5th, Atlas performed by delivering the match ball to a referee during halftime of the Brazil-Norway round of 16 match of the "FIFA World Cup 2026" held at a stadium in New Jersey, New York. In May, it moved a small refrigerator weighing 23 kilograms onto a table, demonstrating both the full-body control required at work sites and the ability to handle external objects.
"We will continue to strengthen the competitiveness of our robotics business with Boston Dynamics and create synergy," a Hyundai Motor Group official said. "We will realize manufacturing innovation, build a global robot ecosystem, and expand a future industrial ecosystem that organically combines robotics, AI, and energy."
