Results for: Manufacturing

The United States Department of Energy has approved a $362 million loan to CelLink Corp. to support the construction of a plant in Texas dedicated to manufacturing components for electric vehicle assembly. This financing, provided through the government’s Advanced Technology Vehicles Manufacturing loan program, aims to advance the development of lighter and more efficient flexible circuit wiring harnesses for various industries, including automotive. Once operational, the plant is estimated to produce enough wiring harnesses to contribute to the manufacturing of approximately 2.7 million electric vehicles annually, generating over 1,200 employment opportunities.

The 2024 Kearney Reshoring Index reveals a significant trend towards increased imports of goods made closer to home and a decline in imports from low-cost countries in Asia. The US is now importing less from mainland China and other Asian countries, while domestic manufacturing output remains stable. Nearshored production from Canada and Mexico is also gaining market share, with Mexico becoming the largest exporter to the US, surpassing mainland China for the first time since 2013. Despite challenges such as skilled worker shortages and infrastructure issues, investments in reshoring remain strong, with a growing number of companies considering the US for their manufacturing operations. The US self-sufficiency index (SSI) has also increased, indicating a shift towards buying American goods.

New orders for key U.S.-manufactured capital goods increased slightly in March, but remained subdued due to the impact of interest rate hikes and slowing business spending. Core capital goods orders, a gauge of business spending on equipment, rose by 0.2%, while shipments rebounded by 0.2%. Overall business spending on equipment is expected to have seen a modest gain in the first quarter, but manufacturing showed signs of recovery with a surge in orders for durable goods.

AI has revolutionized manufacturing by empowering companies with data-driven insights to optimize processes, predict maintenance needs, and drive innovation. From enhanced quality assurance to personalized product designs, manufacturers are leveraging AI-powered analytics to gain a competitive edge in the ever-evolving market. This article explores smart strategies and insights from industry experts on how to effectively harness AI for improved efficiency, safety, cost savings, and more.

Tesla Inc. (TSLA) has announced a timeline for the production of its electric semi-truck, with the first vehicles expected to roll out by 2026. According to Vice President of Vehicle Engineering, Lars Moravy, the engineering for the Tesla Semi is being finalized to enable high-volume production. The construction of a factory in Reno is underway, with the first ‘external customers’ expected to receive their vehicles in 2026.

Tesla has announced plans to accelerate its lineup of new electric vehicles, including more affordable models, according to a memo to investors on Tuesday. The previously scheduled 2025 production start date has been pushed forward, indicating an earlier launch for the new models. The company’s stock price surged over 9% in after-hours trading following the announcement. Tesla’s decision to bring forward its production plans comes amidst a challenging period, with declining US EV sales and increasing competition from Chinese rivals. First-quarter results released on Tuesday showed a 9% drop in vehicle deliveries and total revenue compared to the same period last year, marking the company’s first sales decline since 2020. Details of the new affordable vehicles and the extent of the production acceleration remain unknown. However, Tesla has stated its intention to reduce its ambitions for new manufacturing technology, opting instead to use a combination of new and existing engineering methods for the vehicles slated for delivery before mid-2025. The company also confirmed the development of its previously announced robotaxi vehicle using a ‘revolutionary ‘unboxed’ manufacturing strategy’, which will debut as the ‘Cybercab’.

MARK-PILOT, a leading provider of SaaS solutions for market-based spare parts pricing in the manufacturing sector, has secured a significant Series A funding round led by global software investor Insight Partners and existing investor Capnamic. The funds will fuel the company’s expansion in the US and strengthen its position as a global player in the manufacturing market. With its innovative PRICERADAR and PRICEGUIDE solutions, MARK-PILOT empowers manufacturers to maximize revenue, margins, and customer loyalty through transparent market pricing data. The company’s success has attracted the attention of top industry investors, demonstrating the viability of its business model and the significant impact it is making in the manufacturing industry.

Modine, a leader in thermal management solutions, has expanded its operations in Serbia with the opening of a new facility in Sremska. The facility will manufacture coils for commercial and residential heat pump applications, supporting the growing demand for energy-efficient heating and cooling solutions. Serbian Prime Minister-designate Milos Vucevic and U.S. Ambassador to Serbia Christopher Hill attended the grand opening ceremony.

According to the Federal Reserve, industrial production rose 0.4% in February and March 2024, following a 0.8% decline in January. However, the overall performance for the first quarter showed a decline at an annual rate of 1.8%. The manufacturing index from the Institute for Supply Management (ISM) indicated expansion in March, but the average for the quarter remained below 50%. Despite late-quarter growth in new orders, the Industrial Products sector is expected to report a 1.6% decline in top-line revenue for Q1 due to weak demand earlier in the quarter. The sector continues to face challenges from high inflation, raw material availability, and labor and trucking shortages. While supply chain improvements have been noted, companies are implementing cost-control measures and pursuing pricing actions to mitigate these challenges. Earnings for the first quarter are projected to decline 3.8% year over year. Some major industrial stocks, including Caterpillar (CAT), W.W. Grainger (GWW), Dover Corporation (DOV), Ball Corporation (BALL), and Avery Dennison (AVY), are expected to release their earnings during the week and will significantly impact market sentiment.

Wisconsin-based Plexus is closing its Gresham, Oregon factory, laying off 75 workers by mid-October. The company provides manufacturing services to industries including electronics, aerospace, and life sciences. Plexus did not provide a reason for the closure. Oregon’s unemployment rate has risen to 4.2% in March, with several employers announcing layoffs, including Intel’s planned closure near Beaverton.