The global automobile engine and part manufacturing market is poised for significant growth, projected to reach US$ 410.21 billion in 2024 and US$ 912.97 billion by 2034, driven by the rising popularity of electric vehicles and government incentives. North America and East Asia are key regions contributing to this expansion.
Automotive parts company LKQ (NASDAQ:LKQ) reported financial results for the first quarter of calendar year 2024 (Q1 CY2024), missing analysts’ expectations. Despite a 10.6% year-over-year increase in revenue to $3.70 billion, the company’s non-GAAP earnings per share (EPS) of $0.82 fell short of the estimated $0.95, marking a 13.8% miss. LKQ’s full-year guidance for adjusted EPS and free cash flow was maintained, while organic sales guidance was lowered.
Ohio Hemp Company and Heartland Industries have joined forces to cultivate hemp fiber for the production of automotive parts and other bioplastics. This partnership leverages the legalization of hemp in Ohio and the expertise of both companies in sustainable manufacturing.
