Siemens invests 2 billion euros in production expansion and innovation

According to a press release from the German industrial conglomerate Siemens AG, the company plans to invest 2 billion euros in expanding production, innovation and ensuring stability.

The bulk of these funds will be used to expand production capacities, including the construction of new high-tech plants. One of these facilities will be built in Singapore to produce products for the growing markets of Southeast Asia.

In addition, it is planned to expand the «smart» plant in the Chinese city of Chengdu. Investments in these two projects will amount to about 200 million euros and 140 million euros, respectively.

Siemens also announced plans to invest in Europe and the United States. In fiscal year 2023, the company plans to increase investments in research and development by approximately 500 million euros, including financing projects in the field of artificial intelligence and industrial metaverses.

Over the past year, the capitalization of Siemens has grown by 61.5% and reached 129.73 billion euros.