China is making strides in the race against Elon Musk’s Tesla Inc. TSLA to develop battery-powered humanoid robots for use in electric vehicle (EV) assembly lines.
What Happened: The World Robot Conference in Beijing showcased humanoid robots from over two dozen Chinese companies, designed to operate in factories and warehouses. This push towards robotics is backed by President Xi Jinping’s policy of fostering “new productive forces” in technology, Reuters reported on Friday.
Both Beijing and Shanghai launched a $1.4 billion state-backed fund for robotics earlier this year. The robots displayed at the conference are built using components from domestic suppliers, some of whom also cater to the EV industry.
Goldman Sachs predicted in January that the global market for humanoid robots could reach $38 billion by 2035, with nearly 1.4 million shipments for consumer and industrial applications. The cost of materials to build these robots was estimated to be around $150,000 each in 2023, excluding R&D costs.
Shanghai Kepler Exploration Robotics, co-founded by CEO Hu Debo, is working on its fifth version of a worker robot for factory trials. Hu anticipates the sales price to be less than $30,000.
When Tesla launched its Shanghai factory in 2019, Chinese officials expected the EV pioneer to stimulate the local industry. Tesla’s Optimus robot, introduced in 2021, has had a similar effect, according to Hu.
Despite being outperformed by many Chinese humanoids at the conference, Optimus was one of the most popular exhibits.
A sign next to Optimus read, “Next year there will be more than 1,000 of my compatriots in the factory.”
Why It Matters: China has been viewing humanoid robots as catalysts for “disruptive innovation” and economic growth. The Beijing Humanoid Robot Innovation Centre, established with contributions from both private and state-owned entities, is focusing on creating a unified technology platform and industry standards.
China’s rapid advancements in artificial intelligence are significantly accelerating the development of humanoid robots. Local companies, such as Baidu, have introduced similar chatbots and AI models, further propelling progress in this field.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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