ZURICH, Sept 12 (Reuters) - ABB has started construction of a new robotics factory in Shanghai, China, the Swiss engineering company said on Thursday, shrugging off concerns about a slowdown in the world’s second-largest economy.
ABB, which competes with Japan’s Fanuc Corp. and Germany’s Kuka in building industrial robots used in the automotive sector among others, is spending $150 million on the site which is due to open in early 2021.
The company predicts the global robot sales will grow from $80 billion at present to $130 billion by 2025. China is the world’s largest robotics market, buying a third of all industrial robots in 2017.
China’s second-quarter economic growth slowed to its weakest pace in at least 27 years as demand at home and abroad cooled in the face of a bruising trade war with the United States.
Reporting by John Revill, editing by Riham Alkousaa