Robotics giant ABB 'pretty pessimistic' on China: 'It will be challenging for the rest of the year'
Publishing timestamp: 2023-09-01 01:45:39
Summary
ABB's CEO, Bjorn Rosengren, expressed disappointment in the state of the Chinese market, particularly in the real estate sector. He expects challenging conditions for the rest of the year due to the decline in Chinese real estate development and the heavy debts faced by the sector. Despite the weakness in China, ABB sees growth opportunities in the global electric mobility sector. The company is planning an IPO for its e-mobility business and believes there is high potential for growth in the push towards a green energy future. However, ABB's e-mobility division has faced challenges due to deteriorating macroeconomic conditions.
Sentiment: NEUTRAL
Tickers: ABB.N-CH,
Keywords: energy, markets, technology, abb ltd, business news, enterprise, breaking news: markets, breaking news: technology,
Source: https://www.cnbc.com/2023/09/01/the-ceo-of-robotics-giant-abb-is-pretty-pessimistic-on-china.html