Japan's SoftBank Corp. has announced on June 18, Thursday, that it has set up a joint venture with Chinese online shopping giant Alibaba Group Holding and electronics supplier Foxconn Technology, with the aim to sell its human-like robot Pepper around the world.
A joint statement released by the companies said that the robots--which the conglomerate envision to serve as baby-sitters, medical workers or even party companions--would be on sale to general consumers on June 20, Saturday, for 198,000 yen ($1,610.54) each plus monthly fees and insurance.
Softbank said that the waist-high robot can learn and express human emotions and were already used in stores including SoftBank's mobile phone shops.
Analysts, however, said that the plan for general sale would require greater investment, especially with Alibaba's involvement, although Foxconn already produces Pepper.
The robotics industry will help encourage scientific breakthroughs in areas such as medical treatment, public service, and intelligent homes, Alibaba's founder Jack Ma said.
In the joint venture named as Soft Bank Robotics Holdings Corp. (SBRH), SoftBank would have a 60-percent stake, while Alibaba and Taiwan-based Foxconn will each spend 14.5 billion yen for 20-percent stakes.
"The investment in the SBRH is expected to pave our way toward robotics industry and help us better explore opportunities in the intelligent field," Zhang Jianfeng, president of retail marketplaces at Alibaba, said in a press release emailed to the Global Times.
Alibaba will also provide research on robotics application and user experience together with SBRH, the statement said.
According to a report by McKinsey Global Institute, robotic technology is expected to make an economic impact of $1.7 trillion to $4.5 trillion by 2025.
In line with the central government "Made in China 2025" strategy, which focuses on five major projects including intelligence manufacturing, China is expected to become one of the largest robotics markets in the future.
SoftBank chief executive Masayoshi Son said that the partnership was a first step to becoming the leader in the robotics business.
"We will aim to be the no.1 robotics company," the SoftBank executive said.