The CEO of Swedish-Swiss multinational robotics firm ABB, Bjorn Rosengren, said he has been “disappointed” by the state of the Chinese market. Rosengren then added, that he had expected conditions to improve but find the current situation challenging for the company.
“China is not really developing as we hoped in the beginning of the year,” said Rosengren when speaking with CNBC. The CEO stated that ABB has been impacted by a “softening” in China’s property sector.
“We are pretty pessimistic at the moment,” said Rosengren.
“We thought in the beginning of the year that we should see some recovery from the Covid period, but I think everybody has been pretty disappointed. I think it will be challenging for the rest of the year.”
ABB is one of the largest companies globally working with robotics within industrial manufacturing. ABB states, that the company is still market leader within robotics in China. The company is accounting for more than 90% of sales from locally-made products, solutions and services in China. Still, ABB has reported a decline on orders in China at 9% in the second quarter of 2023.
Source: cnbc.com
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