Midea taps demand for robotics
Print Edition
MIDEA Group plans to increase industrial robot production capacity by fourfolds to 100,000 units annually by 2024, the Shenzhen-listed firm said yesterday.
Midea will do so by building a new manufacturing and research plant in its headquarters in Shunde in Guangdong Province with expected annual production capacity of 75,000 units in 2024. Combined with Midea-Kuka’s current capacity, the annual production capacity will hit 100,000 units then, Midea said in a statement to the Shenzhen Stock Exchange.
Midea and Kuka, which the former acquired last year, also decided to set up three joint ventures to “ultimately boost a fast and comprehensive growth in the automation business”, to tap the rising demand in smart manufacturing, smart healthcare and smart logistics in China. The joint ventures will be equally owned by the two partners.
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