Rainbow Robotics, a robotics firm based in South Korea, announced in a regulatory filing on Tuesday that Samsung Electronics had become its largest stakeholder.
TakeAway Points:
- Samsung Electronics became the largest shareholder of South Korea’s Rainbow Robotics, the robotics company said in a regulatory filing on Tuesday.
- A Chinese electric car manufacturer announced on Tuesday that the company plans to hire over 6,000 employees by 2025.
- Huawei (HWT.UL) reduced the cost of a number of high-end gadgets, including smartphones, by up to 3,000 yuan ($411) on one of the most popular e-commerce sites in China.
- Meanwhile, the U.S. automaker Tesla’s megafactory in Shanghai should be completed, according to Tesla China.
Samsung Electronics becomes largest shareholder of South Korea’s Rainbow Robotics
Samsung, which had previously invested in the robotics company, newly took a 267 billion won ($181 million) stake, the filing said.
With the acquisition, Samsung is also establishing a Future Robotics Office reporting directly to the CEO, the tech giant said in a separate statement.
Prior to the deal, Samsung Electronics was the second-biggest shareholder of Rainbow Robotics, holding a 14.71% stake, or about 2.85 million shares, in the company.
Previously, the largest shareholder was the firm’s founder, Oh Jun-ho and associated entities.
China’s Xpeng plans to hire more than 6,000 workers in 2025
Chinese electric vehicle maker Xpeng will hire more than 6,000 workers in 2025, founder and CEO He Xiaopeng said on Tuesday.
He expects market competition to be more intense in 2025, with a price war to begin in January, according to an internal letter reviewed by Reuters.
According to the report, the company has entered 30 countries and regions, aiming to expand its global footprint to more than 60 markets in 2025. He said in the letter dated Tuesday.
Huawei cuts prices of a variety of high-end devices
Huawei (HWT.UL) cut the prices of a variety of high-end devices, including mobile phones, by up to 3,000 yuan ($411) over the weekend on one of China’s leading e-commerce platforms, it said in a post on its official Weibo social media account on Sunday.
In a JD.com “Super Brand Day” promotion running from Saturday evening through to midnight on Sunday, Huawei offered discounts on its smartphones, headphones, watches and tablets, the post showed.
Tesla’s Shanghai megafactory to complete construction by end of year
U.S. carmaker Tesla’s megafactory in Shanghai is expected to finish construction by the end of this year, according to Tesla China.
The factory, which broke ground in late May, will be dedicated to manufacturing the company’s energy storage batteries, Megapack. Mass production is planned for the first quarter of 2025, with an initial output of 10,000 units annually, equal to around 40 GWh of energy storage.
Covering an area of approximately 200,000 square meters, the new plant represents a total investment of around 1.45 billion yuan (about 201.76 million U.S. dollars), according to the administration of Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone.
According to the report, the megafactory is the first of its kind built by Tesla outside the United States and the company’s second plant in Shanghai, following the inauguration of its gigafactory in 2019.
