A Chinese company is replacing 90% of its workers with robots
REUTERS / Pete Sweeney Only 200 employees will remain out of the 1,800-person workforce at Shenzhen Evenwin Precision Technology.
The South China Morning Post recently reported that Shenzhen Evenwin Precision Technology, a manufacturing company that produces electronics, plans to replace 90% of its 1,800 employees with machines in the near future.
The 200 employees not receiving pink slips will take on a new role - overseeing the robotic workforce.
Shenzhen Evenwin, based out of Dongguan in the urban Pearl River Delta area of southern China, is not the only factory transitioning from a primarily human staff to a mechanical one.
Over the next three years, according to the Post, robots are poised to invade several manufacturing companies in the Pearl River Delta, also known as the "world's workshop" because of its abundance of factories.
Investments in robotics in southern China are set to hit a record high, the publication reports, as the area expects up to 1,500 of its industrial enterprises to begin replacing human workers with robots by 2016.
Next Story
Budget Impact: 10 stocks that stand to gain from FM’s announcements
Budget to boost confidence of global investors and rating agencies on the India story
Budget 2023-24: All you need to know about FM’s announcements on personal tax
It's Sitharaman's shortest-ever budget speech, during which PM thumped his desk 124 times
Some of Adani Group's debt funded capex projects are discretionary, can be deferred: ICRA
