“Our technologies address secular growth trends where our customers need our support to become more competitive, resilient and sustainable. Siemens is experiencing significantly above-market growth. Today we announce an investment strategy to boost future growth, drive innovation and increase resilience,” said Roland Busch, President and Chief Executive Officer of Siemens AG.
Increased investment worldwide is aimed at strengthening the Group’s leadership in digitisation, automation and sustainability, according to a press release.
In addition, there is an expected increase of around €0.5 billion in research and development (R&D), such as artificial intelligence and the industrial metaverse, in fiscal year 2023 versus prior year. This R&D is focused on strengthening Siemens’ leading position in core technologies including simulation, digital twins, artificial intelligence or power electronics, as well as supporting the development of the Siemens Xcelerator open digital business platform.
Artificial intelligence and metaverse
The company recently announced a partnership with Microsoft to speed up code generation for industry automation by using ChatGPT. With NVIDIA, Siemens is working to build the industrial metaverse to improve design, planning, production and operation of factories and infrastructures.
To meet growing demand in Southeast Asia, Siemens today announced an entirely new high-tech factory in Singapore, which will be developed using Siemens’ own leading digital twin and innovative, intelligent hardware technologies. Investment in the factory will be around €200 million. The plant will set a new standard for connectivity to showcase the possibilities of digitalization, as well as incorporating highly-automated manufacturing processes. The investment will create over 400 jobs.