FANUC profits up nearly 5% in Q2
FANUC opened its headquarters in Aguascalientes, Mexico in July 2022. | Source: FANUC America FANUC recently closed its April-June quarter with a net profit of 42.1 billion yen, around $313 million, a nearly 5% increase from last year. The company said it had strong demand for its robots in lithium-ion battery plants, due to growth in the electric vehicle market, and in the logistics and food industries. FANUC’s sales increased 14% to 211.5 billion yen, over $1.5 billion. While FANUC’s sales overall increased, the company did see a 12% drop in sales to China, one of the company’s biggest markets. Shanghai’s recent COVID-19 lockdown delayed product deliveries, but FANUC president Kenji Yamaguchi said during the earnings call that demand in China has not changed before or after the lockdown. FANUC isn’t alone in facing struggles in China, however. There have been reports of major layoffs at Pudu Robotics , a Chinese developer of commercial service robots. Pudu’s CEO, Tao Zhan...