Benzinga | Jul 12, 2021 07:35AM EDT

Sony Leans On Automation To Drive Digitization, Cut Costs: FT

* Sony Group Corp (NYSE:SONY) estimates the robots to take over its manufacturing lines of televisions, smartphones, and cameras as it shifts focus to services to drive sales, the Financial Times reports.

* It aims to raise its operating margin from 7.2% to 10%.

* The automation, along with a greater focus on online sales and data analysis, will help to reduce manufacturing costs and reduce defects.

* The initiative is estimated to cut costs by 70% at Sony's mainstay TV factory in Malaysia by FY23, compared with 2018. It also aims to employ robotics in smartphone and camera manufacturing in the future.

* Sony will employ artificial intelligence to analyze sales data and set manufacturing volume.

* It remains bullish on crystal LED displays for virtual video production and ball tracking technology for the sports entertainment industry. It also plans to target the entertainment space for cars.

* Price action: SONY shares traded higher by 2.21% at $104.30 premarket on the last check Monday.