Tuopu Group (拓普集团), an auto parts maker and Telsa supplier, said it is branching out into robotic linear and rotary actuators, planning to ship 100,000 units a year and a million going forward.
The company, headquartered in Ningbo, a seaside city in eastern Zhejiang Province, said it recorded 4.99 billion yuan (US$700 million) in revenue in the third quarter of this year, up 15.82% year on year.
Net profit attributable to shareholders totaled 503 million yuan, edging up 0.43%.
Although revenue and profit both fell quarter on quarter, the company raked in 14.15 billion yuan in the first three quarters of this year, an increase of 27.45% over a year earlier.
Net profit attributable to shareholders leaped 32.13% from the same period last year to 1.597 billion yuan.
Robotic parts are a new growth segment Tuopu has been nurturing on the basis of its R&D capabilities and manufacturing experience in the field of automaking.
cnrobopedia reported earlier that it planned to invest US$700 million to build a factory in Mexico to manufacture the actuators necessary to the Tesla Bot, among other products from the carmaker.
The linear and rotary actuators the company makes are now available in small batches to clients, pending mass production due to begin in the first quarter of 2024.
According to estimates of Tuopu, initial orders could run to 100 units per week, before reaching 100,000 a year and further climbing to 1 million.
Tuopu said its robotic actuator cots some 10,000 yuan apiece and is in the infancy of a market with epic proportions.
The company looks to occupy a central place in the robotic industrial chain thanks to its accumulated strengths and manufacturing successes in automaking, it said on an earnings call.
A number of EV makers have announced their entry into robotics, with notable examples like Xpeng (小鹏) and BYD (比亚迪) either working on their humanoid robot prototypes or investing into robotic startups.
Besides, Tesla suppliers like Sanhua Group are also planning on a move into robotics, setting up operations in overseas markets like Mexico.