Siasun Robot & Automation Company, which claims it is China’s leading industrial robot manufacturer, has reported a revenue increase of 82 per cent for the period from July to September, compared with the same period last year.
Siasun says in its filing that the company’s third-quarter revenue “surged this year as it benefited from China’s industrial rally”.
ShanghaiDaily.com, which is reporting the story, adds that Siasun generated annual growth of 50 per cent in new orders of its industrial robots and for its logistics offerings since December last year.
Over the first three quarters of this year, adds Shanghai Daily, Siasun’s revenue increased 35 per cent compared with last year to $253 million, and its net profit increased 10 per cent to $41 million.
The news website adds that China’s production of industrial robots increased by almost 70 per cent, quoting the National Bureau of Statistics.
Siasun recently became the first Chinese industrial robot manufacturer to join the US Robotics Industries Association.
The Chinese government has made it a priority to provide support to the country’s industrial automation equipment manufacturing sector.
So much so that the US has expressed concerns that Chinese government subsidies risk creating a situation of over-capacity, and prioritising production numbers over product quality.
US commerce secretary Wilbur Ross was quoted by the Financial Times criticising China’s “substantial subsidies for industrial automation”, adding that it was “an emerging threat to the US economy”.
After meetings with Chinese officials during a visit to the country, Ross said: “Overcapacity is a big problem already.
“For example in robotics, there apparently are something like 400 robotics companies in China right now and people in the industry tell me their estimate is that maybe 360 of those are in it to get the subsidies and tax breaks and are not really that serious about products.”