A Chinese company is replacing 90% of its workers with robots
one-third of jobs will be replaced by software, robots, and smart machines by 2025 - and it's already started in southern China.
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.
- Billionaire investor Mark Mobius says he's been able to get his money out of China, but investing in the country is still a 'dilemma' amid national security laws
- The Carnival cruise passenger who went overboard and remains missing was on his first cruise and it became his 'happy place,' his fiancée said
- The new Barbie movie used so much pink paint on set that it caused an international shortage, according to its production designer
- Attractiveness of gold depends on US Fed's moves, say analysts
- Coal India’s ₹4,000 crore offer for sale subscribed 4x times
- Nvidia's Jensen Huang started with a $10 million failure before shifting gears to become a $1 trillion company
- Meet the top Nifty50 performers in FY23
- Apple to declare the 12-inch MacBook as obsolete on June 30