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Manufacturing Facility

All articles tagged with #manufacturing facility

businesstechnology1 year ago

"Elon Musk's Potential India Visit: Implications for Tesla's Future"

Elon Musk is rumored to be visiting India this month and is expected to announce plans for a Tesla factory in the country. This follows India's recent compromise to greatly reduce import duties for a limited number of electric vehicles, provided the automaker makes a significant investment and commitment to build an electric vehicle factory in India. If confirmed, this move could mark Tesla's entry into the Indian automotive market and further its global expansion.

via Electrek.co|
#businesstechnology#electric-vehicles#elon-musk
business-finance1 year ago

Canoo Inc. Faces Financial Struggles: Revenue Disappoints, Stock Tumbles

Canoo Inc. announced its financial results for the fourth quarter and fiscal year 2023, revealing a 45% improvement in annual adjusted EBITDA and a reduction in capital expenditures. The company also secured a USPS agreement, started commercial fleet customer deliveries, and acquired advanced manufacturing assets at discounted prices. Additionally, Canoo's Oklahoma City manufacturing facility was designated as a Foreign Trade Zone, enabling international expansion and estimated cost savings. The company expects annual revenue of $50 million to $100 million in 2024 and plans to continue seeking opportunities to acquire distressed assets.

via GlobeNewswire|
#advanced-mobility#business-finance#canoo-inc
business1 year ago

Blommer Chocolate to Close Downtown Chicago Factory

Blommer Chocolate, the largest cocoa processor in North America, is closing its Chicago manufacturing plant due to increasing operating costs and production reliability issues. The company plans to invest $100 million in its remaining facilities in Pennsylvania, California, and Ontario, while expanding its research and development center in downtown Chicago. Blommer's ownership group, Fuji Oil Holdings, will further invest in research and development to enhance the customer experience. The company aims to evolve and fortify relationships with its customers, promising to become the most trusted business partner for all stakeholders.

via WGN TV Chicago|
#blommer-chocolate#business#chicago
business1 year ago

"Canoo (GOEV) Stock Skyrockets as Oklahoma City Manufacturing Facility Receives Key Approval"

Canoo Inc.'s Oklahoma City manufacturing facility has been approved as a Foreign Trade Zone (FTZ) by the U.S. Department of Commerce, allowing for the elimination of customs duties on vehicles sold overseas and deferral of duties on imported parts used in vehicles sold domestically. The FTZ designation is expected to enhance profitability for international sales and improve working capital for domestic sales, while also creating and protecting American manufacturing jobs. Canoo plans to expand its manufacturing footprint in Oklahoma and aims to bring more supply partners closer to its facilities, supporting its mission to bring electric vehicles to everyone.

via GlobeNewswire|
#business#canoo-inc#electric-vehicles
business1 year ago

"AstraZeneca's $300M Investment Boosts Cell Therapy Manufacturing in Rockville"

AstraZeneca plans to invest $300 million in a new manufacturing facility in Rockville, Maryland, creating 150 new jobs and focusing initially on T-cell therapies for clinical trials. The facility is expected to be operational in 2026 and will receive a conditional loan from the state's department of commerce. This investment will further strengthen AstraZeneca's presence in Montgomery County, where it already has a large scientific campus.

via WTOP|
#astrazeneca#business#investment
technology2 years ago

Joby Aviation to Establish Electric Air Taxi Factory in Dayton, Ohio, Paving the Way for a Revolutionary Flying Experience

Electric air taxi company Joby Aviation plans to build its first scaled manufacturing facility in Dayton, Ohio, creating up to 2,000 jobs and kickstarting a new era in aviation manufacturing and aerial mobility. The facility, expected to be completed in 2025, will have the capacity to produce 500 aircraft per year. Joby's air taxis are designed to transport a pilot and four passengers at speeds of up to 200 mph, with a range of 100 miles and a quiet noise profile. The company aims to operate these aircraft as part of aerial ridesharing networks in cities worldwide, starting in 2025.

via Fox Business|
#aerial-mobility#dayton#electric-air-taxi
business2 years ago

Tesla in Talks with Saudi Arabia for EV Factory: WSJ

Saudi Arabia is reportedly in early talks with Tesla to establish a manufacturing facility in the kingdom, as the country seeks to diversify its economy away from oil. The discussions come after Turkish President Tayyip Erdogan asked Elon Musk to build a vehicle factory in Turkey. Saudi Arabia has been enticing Tesla with the opportunity to purchase metals and minerals needed for its electric vehicles from countries like the Democratic Republic of Congo. The kingdom's sovereign wealth fund is also a major investor in Lucid Group, a Tesla competitor. Tesla aims to select a location for a new factory by the end of 2023 and has a goal to sell 20 million vehicles per year by 2030.

via Reuters|
#business#electric-vehicles#ev-factory
business2 years ago

Foxconn Industrial Internet refutes Tamil Nadu deal signing

Foxconn Industrial Internet, a subsidiary of Foxconn, has denied signing any agreement to invest $194.6 million in Tamil Nadu, India. The government of Tamil Nadu had announced a deal with Foxconn for a new electronic components manufacturing facility that would create 6,000 jobs. However, FII stated that they did not sign any investment agreement and had previously refuted similar rumors. Foxconn has not yet responded to the report.

via Reuters India|
#business#foxconn#investment
crime2 years ago

San Jose Man Arrested for Possession of Over 100 Pounds of Explosives.

A 48-year-old San Jose man was arrested for reckless possession of destructive devices and precursor materials after authorities found more than 100 pounds of explosive-making materials, assembly equipment, and completed explosives at his home and business. Officers found what appeared to be a "manufacturing facility for illegally made destructive devices" while responding to a reported commercial burglary. The devices found were not standard M-80 fireworks and had sometimes two to three times the normal charge of powder.

via NBC Bay Area|
#arrest#crime#explosives
accidents2 years ago

Fatal Explosion at Newburyport Manufacturing Facility Leaves One Dead and Others Injured

A worker was killed and four others were injured in a "violent explosion" at a pharmaceutical manufacturing facility in Newburyport, Massachusetts. The explosion caused major structural damage to the building, preventing firefighters and rescue crews from entering until Thursday evening. The cause of the blast is still under investigation. This is the same building where a series of explosions happened in February 2020.

via Boston 25 News|
#accidents#explosion#manufacturing-facility
electric-vehicles2 years ago

Canoo secures Oklahoma manufacturing facility for EV production.

Canoo has signed a long-term lease with AFV Partners to use its vehicle manufacturing facility in Oklahoma City, where it will operate a full and final assembly line for its flagship Lifestyle Vehicles (LVs). The newly leased site will help Canoo employ over 500 Oklahomans who will operate the startup’s full and final assembly lines, body shop, paint shop, quality control, and vehicle testing/validation. Canoo continues to explore diversified funding sources to stay afloat and achieve long-promised scaled production in Oklahoma.

via Electrek|
#canoo#electric-vehicles#ev-startup
business2 years ago

Tesla's Q1 Margin and Stock Performance Under Scrutiny.

Tesla's Q1 earnings report next week will be closely watched following recent price cuts, with a stronger-than-expected result indicating cost strength and lower input costs, while an in-line or lower outcome could suggest over-capacity or product aging. Markets have not yet priced in the latter scenario, according to Citi analyst Itay Michaeli. Meanwhile, Tesla plans to build a new battery manufacturing facility in Shanghai.

via Seeking Alpha|
#business#gross-margins#manufacturing-facility
business2 years ago

Guinness shuts down Baltimore County manufacturing plant.

Diageo, the parent company of Guinness beer, has announced the permanent closure of its manufacturing facility in Relay, Maryland, by June. The company cited the need to optimize its existing operations across North America to meet evolving consumer preferences. The closure is expected to impact around 97 employees, who will be provided with severance packages, outplacement assistance, and information on open roles across the organization. Operations at Guinness Open Gate Brewery in Halethorpe will not be affected.

via WBAL TV Baltimore|
#baltimore-county#business#diageo