Hyundai Motor, Kia, and Hyundai Mobis Establish 'Boston Dynamics AI' in the US

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Motor Company announced on the 12th that it will establish the Boston Dynamics AI Institute (tentative name) with an investment of 275.9 billion KRW to secure AI capabilities, a future growth engine for new businesses. This amount corresponds to 0.33% of its equity capital.

Hyundai Motor plans to make a cash investment in the establishment of the Boston Dynamics AI Institute, and its shareholding after the investment will be 47.5%.

Hyundai Motor explained, "This is a transaction in which our affiliates, Hyundai Mobis Co., Ltd., Kia Corporation, and Boston Dynamics, Inc. will make cash investments to acquire all shares of the issuing company established in the state of Massachusetts, USA."

Meanwhile, Kia will make a cash investment of 165.569 billion KRW in this research center. Its shareholding after the investment will be 28.5%. Hyundai Mobis will invest 110.379 billion KRW in cash, with a shareholding of 19.0% after the investment.