One year after the largest ever federal investment in climate and clean energy was signed into law, dubbed the Inflation Reduction Act (IRA), new reports show a surge of investment has poured into North Carolina’s economy.
The state’s energy grid is fueled by nearly 10% clean energy, enough to power 1.1 million homes, according to a new report from the American Clean Power (ACP) Association. It projects clean energy generation in North Carolina will double by 2030.
ACP CEO Jason Grumet says long-term commitments spelled out in the IRA and Bipartisan Infrastructure Law have spurred an explosion in private sector investment in clean power, including from foreign investors.
“This is not just producing low cost clean energy using free fuel right here in America, but it’s also now really started to rejuvenate the American manufacturing base putting us in a stronger position to compete with China for the global export market,” Grumet said.
While acknowledging record growth across the clean energy sector in North Carolina, Grumet says there are roadblocks slowing the transition to a net-zero grid.
“For the real achievement, we’re going to need more transmission to move the clean power from where it’s produced, often in rural areas to the cities, and we’re going to need a much stronger permitting system that allows us to build these facilities faster,” Grumet said. “It just takes too long in the United States.”
About $16 billion in clean energy investments have already flowed into the state with $18 billion more expected by 2030, according to the report.
On Wednesday, the White House launched an investment tracking toll that highlights new investments across the state, including commitments from VinFast in Chatham County, Wolfspeed in Pittsboro, and Toyota in Liberty. Together the companies estimate the new manufacturing facilities will create more than 11,000 jobs in North Carolina.
Another report from Environmental Defense Fund and WSP USA highlights North Carolina as one of the top four states in electric vehicle growth over the past year, bringing more than 10 billion dollars to the state.
“With a 67% increase in announced investment since March, North Carolina is poised to be a leader in this emerging industry,” said David Kelly, North Carolina Director for Environmental Defense Fund. “Supportive policy like the Inflation Reduction Act and complementary actions at the state level will further sharpen North Carolina’s competitive edge,” he said.
EV registrations have surged by 47% in North Carolina over 12 months, according to the Department of Energy.
Austin, TX, USA, Aug. 14, 2023 (GLOBE NEWSWIRE) — Custom Market Insights has published a new research report titled “Light Commercial Vehicle Market Size, Trends and Insights By Vehicle Type (Pickup Trucks, Light Trucks, Others), By Propulsion Type (Internal Combustion Engine (ICE), EV), By Application (Commercial Use, Industrial Use) and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.
“According to the latest research study, the demand of global Light Commercial Vehicle Market size & share was valued at approximately USD 8.2 Trillion in 2022 and is expected to reach USD 9.1 Trillion in 2023 and is expected to reach a value of around USD 17.6 Trillion by 2032, at a compound annual growth rate (CAGR) of about 9.5% during the forecast period 2023 to 2032.”
Click Here to Access a Free Sample Report of the Global Light Commercial Vehicle Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=25050
Light Commercial Vehicle Market: Overview
The light commercial vehicles are used for business purposes to move passengers or products. Vans, pickup trucks, chassis and double cabs, and other vehicles are together referred to as LCVs. The growth of light commercial vehicles is primarily impacted by the expansion of e-commerce as well as the growing use of commercial cars for transportation.
The market for light commercial vehicles is also expected to rise as a result of rising industrialization, e-mobility acceptance in commercial sectors, and infrastructure development that supports the expansion & development of the automotive industry. It is utilized in many different industries, including manufacturing, agriculture, transportation and logistics, and many more.
Some of the key drivers influencing the market pace of light commercial vehicles during the projection period are industrial expansion and increasing penetration of electric-powered cars in light commercial vehicles.
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Growth Factors
Despite the market’s recent weak development, it is anticipated that light commercial vehicle sales would go up overall, particularly in developing nations. In the upcoming years, growth in the market for light commercial vehicles is predicted to be boosted by digitization and increased infrastructure expenditure.
Light commercial vehicle sales are increasing globally for several reasons, including the quick rise in population and urbanization, the development of infrastructure, and the expansion of the industrial sector. Construction, mining, and tourism are just a few of the industries that are growing along with the industrial sector, particularly in emerging nations.
Jobs are more readily available, which has boosted commuting traffic and raised demand for public transportation. E-commerce and digital transformation both significantly contribute to the growth of the transportation and logistics industry. Infrastructure development is being aided by rising industry. In order to advance the transportation and logistics industries in regions, governments are also spending a significant amount on building road infrastructure.
Due to the expansion of the transportation network, as well as strong roads and connections, the tourist sector is also growing. The demand for rental cars has increased over the past several years due to the trend of destination weddings and other events. The building and mining sectors have benefited from urbanization.
Moreover, the e-commerce is another driver boosting the sales of the light commercial vehicles during the forecast period. The freight carriers handle the shipment of goods from merchants to customers of these e-commerce platforms.
The e-commerce sector also makes use of third-party logistics services to manage and watch over the supply chains of e-commerce businesses, allowing these businesses to concentrate on marketing and other company activities. Several light commercial trucks are used by these third-party logistic companies, including FedEx, XPO Logistics, and DHL, to transport the cargo to the closest product delivery point.
Due to the fact that smaller LCVs are more fuel-efficient than heavier commercial vehicles while driving within a city, these businesses have a greater fleet of LCVS. Additionally, the adoption of effective light commercial vehicles in the e-commerce industry is growing at a substantial rate due to the multiple benefits offered by various vehicle manufacturers to freight transporters, which is fueling the growth of the light commercial vehicle market.
(A free sample of the Light Commercial Vehicle report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
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- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated.
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Custom Market Insights (CMI) research methodology
(Please note that the sample of the Light Commercial Vehicle report has been modified to include the COVID-19 impact study prior to delivery.)
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Segmental Overview
The market for light commercial vehicle is segmented into the vehicle type, and propulsion type. According to the vehicle type, the light trucks category has a dominating presence in the light commercial market during the forecast period. The availability of a wider variety of applications in several sectors, as well as this expanded use in numerous industries, has increased demand for effective and potent light commercial vehicles, which has gained market share.
The market for light commercial vehicles is anticipated to grow significantly as a result of the development of sensor technologies, artificial intelligence, maps, and advanced processing capabilities. The increasing use of smaller engines in these vehicles is another element in the growth of the market for light commercial trucks.
The global market is divided into I.C. engines and EVs depending on the manner of propulsion. In 2021, the I.C. category led the market and is anticipated to expand at a moderate rate over the forecast period. The segment is growing for a number of reasons, including the technical advancements in the field of I.C. engines that will increase vehicle performance and efficiency.
The development of high-performance I.C. engines would be further accelerated by the fact that they produce fewer carbon emissions and provide a variety of combustion modes, such as homogeneous charge compression ignition (HCCI).
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Key questions answered in this report:
- What is the size of the Light Commercial Vehicle market and what is its expected growth rate?
- What are the primary driving factors that push the Light Commercial Vehicle market forward?
- What are the Light Commercial Vehicle Industry’s top companies?
- What are the different categories that the Light Commercial Vehicle Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Light Commercial Vehicle market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2023−2032
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Overview
The biggest market share of the total market was held by the North American region in the light commercial vehicle industry. Due to the U.S.’s high rate of commercial vehicle adoption, North America has risen to the top of the worldwide commercial vehicle industry. Some of the key drivers of the market growth in North America are industrial development, infrastructural expansion, and governmental rules governing the maximum carrying capacity for commercial trucks.
Moreover, it is anticipated that in the upcoming years, demand for light commercial vehicles would increase due to increased acceptance of electric and battery-powered vehicle as well as government programs to encourage their use in order to reduce carbon emissions.
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Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 9.1 Trillion |
| Projected Market Size in 2032 | USD 17.6 Trillion |
| Market Size in 2022 | USD 8.2. Trillion |
| CAGR Growth Rate | 9.5% CAGR |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Key Segment | By Vehicle Type, Propulsion Type and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
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Competitive Landscape/ Key Players Insights
The players have implemented various strategies to expand in the global light commercial vehicle market. The study contains a thorough competitive analysis of the major light commercial vehicle market participants and information on their company overviews, recent developments, and vital business strategies.
Some of the prominent players
- Ashok Leyland
- Ford Motor Company
- General Motors
- Honda Motor Company
- Hyundai Motor Company
- Isuzu Motors
- Renault Group
- Gaz Group
- Tata Motors
- Toyota Motors
- Others
Click Here to Get a Free Sample Report of the Global Light Commercial Vehicle Market @ https://www.custommarketinsights.com/report/light-commercial-vehicle-market/
The global Light commercial vehicle market is segmented as follows:
By Vehicle Type
- Pickup Trucks
- Light Trucks
- Others
By Propulsion Type
- Internal Combustion Engine (ICE)
- EV
By Application
- Commercial Use
- Industrial Use
Request a Customized Copy of the Light Commercial Vehicle Market Report @ https://www.custommarketinsights.com/report/light-commercial-vehicle-market/
By Region
North America
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
This Light Commercial Vehicle Market Research/Analysis Report Contains Answers to the following Questions.
- Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Light Commercial Vehicle Market? What are Their Company Profile, Product Information, and Contact Information?
- What Was the Global Market Status of the Light Commercial Vehicle Market? What Was the Capacity, Production Value, Cost and PROFIT of the Light Commercial Vehicle Market?
- What Is the Current Market Status of the Light Commercial Vehicle Industry? What’s Market Competition in This Industry, Both Company and Country Wise? What’s Market Analysis of Light Commercial Vehicle Market by Considering Applications and Types?
- What Are Projections of the Global Light Commercial Vehicle Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
- What Is Light Commercial Vehicle Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is the Economic Impact On Light Commercial Vehicle Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Light Commercial Vehicle Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Light Commercial Vehicle Industry?
Click Here to Access a Free Sample Report of the Global Light Commercial Vehicle Market @ https://www.custommarketinsights.com/report/light-commercial-vehicle-market/
Reasons to Purchase Light Commercial Vehicle Market Report
- Light Commercial Vehicle Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
- Light Commercial Vehicle Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- Light Commercial Vehicle Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The Industry’s current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- Light Commercial Vehicle Market Includes in-depth market analysis from various perspectives through Porter’s five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
- The study provides a thorough overview of the global Light Commercial Vehicle market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
Buy this Premium Light Commercial Vehicle Research Report | Fast Delivery Available – [220+ Pages] @ https://www.custommarketinsights.com/report/light-commercial-vehicle-market/
What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Light Commercial Vehicle market analysis.
- The competitive environment of current and potential participants in the Light Commercial Vehicle market is covered in the report, as well as those companies’ strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders worldwide Light Commercial Vehicle market should find this report useful. The research will be useful to all market participants in the Light Commercial Vehicle industry.
- Managers in the Light Commercial Vehicle sector are interested in publishing up-to-date and projected data about the worldwide Light Commercial Vehicle market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Light Commercial Vehicle products’ market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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Daasity, a data and analytics platform built for omnichannel consumer brands, is debuting its latest offering—the Daasity Data & Analytics Agency—engineered to meet enterprises where they are in their data journeys by providing extensive expertise in becoming truly data-driven. With services ranging from offloading or augmenting ETL (extract, load, transform) to strategic analytical needs, the Daasity Data & Analytics Agency unlocks critical insights necessary for accelerating positive business outcomes.
According to the company, the Daasity Data & Analytics Agency innovates on enterprise business value while reducing potential costs, offering businesses a way to become data-centric through custom analytics solutions, corporate data strategy advice, and more.
Instead of having to hire a full-time data analyst and expanding their data teams, the Daasity Data & Analytics Agency offers its consultant services at a fraction of the cost, according to the company. Pairing the Daasity platform with the Daasity Data & Analytics Agency allows enterprises to leverage both the analytical power of Daasity with the agency’s insightful strategic planning—without draining company resources.
Becoming data-centric is more than just having the right tools at your disposal, according to Dan LeBlanc, CEO and co-founder of Daasity. He further explained that “It isn’t just about going and having an analytics platform; it’s much more than just having tools. It’s about how you use a tool.”
“We kind of started to realize where companies were being successful and where they weren’t. What we noticed were the ones that were really being successful…[understood] their business and understanding the role,” LeBlanc continued.
To enable enterprises to better understand their business without breaking the bank, the Daasity Data & Analytics Agency goes through a discovery process for an organization, understanding its unique needs and identifying strategic gaps that need to be addressed. The agency then offers its expertise that will provide enterprises with the ability to truly understand and optimize their business strategies from a data perspective.
Unlike other services that operate on SaaS models, the Daasity Data & Analytics Agency’s goal is to equip an enterprise with enough business know-how that they no longer need the service, according to the vendor.
“Our goal is to help you become data-driven. And if you can end up not using our agency anymore, we’ve won,” said LeBlanc.
Focused on helping enterprises meet their data goals, the unique power of both the Daasity platform and the Daasity Data & Analytics Agency propels businesses toward data-centric success, according to the company.
“We’ve launched this agency because we’ve recognized that by having both the software and the agency, we’re uniquely positioned to help enterprises because we don’t have competing priorities between companies where those are separate,” concluded LeBlanc.
To learn more about the Daasity Data & Analytics Agency, please visit https://www.daasity.com/.
New Delhi: The union cabinet on Wednesday approved amendments to the Mines and Minerals (Development and Regulation) Act allowing commercial mining of lithium and a few other minerals, said officials with knowledge of the development.
New Delhi: The union cabinet on Wednesday approved amendments to the Mines and Minerals (Development and Regulation) Act allowing commercial mining of lithium and a few other minerals, said officials with knowledge of the development.
The amendments will lift the ban on commercial mining of six critical minerals —lithium, beryllium, titanium, niobium, tantalum and zirconium. These minerals are required for manufacturing in several sectors, including electric vehicles, batteries, glassware, automotive components, defence machinery, telecommunication equipment, capacitors, super alloys, carbides and medical technology. India is seeking to become a manufacturing hub and reduce import dependence of several minerals used in manufacturing. All of India’s lithium requirement is imported from countries such as Chile, Russia, China, Ireland and Belgium. Berrylium is sourced from Russia, the UK, Netherlands, South Africa and China.
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The amendments will lift the ban on commercial mining of six critical minerals —lithium, beryllium, titanium, niobium, tantalum and zirconium. These minerals are required for manufacturing in several sectors, including electric vehicles, batteries, glassware, automotive components, defence machinery, telecommunication equipment, capacitors, super alloys, carbides and medical technology. India is seeking to become a manufacturing hub and reduce import dependence of several minerals used in manufacturing. All of India’s lithium requirement is imported from countries such as Chile, Russia, China, Ireland and Belgium. Berrylium is sourced from Russia, the UK, Netherlands, South Africa and China.
The development comes just weeks after a committee set up by the Union ministry of mines declared 30 minerals as ‘critical’ for the country, including these six minerals. Critical minerals refer those that are at risk of supply shortage, which may have a larger impact on the economy compared to that of other raw materials.
So far, most of the exploration in the country has been focussed on bulk commodities like limestone, coal and iron ore. With new requirements in technology and energy transition, there is a growing demand for these critical minerals, prompting the government to focus on the exploration of deep-seated and critical minerals.
Among these minerals, the demand for lithium has grown manifold in the past few years, as the focus has shifted towards electric mobility and grid scale battery storage amid India’s energy transition. The government has also come up with a production-linked incentive scheme for advanced chemistry cells. Another for niche batteries manufactured with newer chemistries is also in the works.
The Geological Survey of India has found the presence of significant lithium reserves totalling 5.9 million tonnes in Reasi district of Jammu and Kashmir. Another reserve has been found in Rajasthan.
The proposal comes at a time when the Centre is also working on a policy on critical minerals. Queries mailed to the spokespeople of the union ministry of mines and the cabinet secretariat remained unanswered till press time.In a recent interview to Mint, the union minister for coal and mines, Pralhad Joshi had said that after the recent lithium finds in Jammu and Kashmir and Rajasthan, the Geological Survey of India (GSI) has begun six projects on lithium investigation in Chhattisgarh, Meghalaya, Jammu & Kashmir, and Andhra Pradesh.
To achieve self-reliance, GSI has given thrust on exploration of various metallic and non-metallic minerals throughout the country. As I have said earlier, emphasis has been given to various critical and strategic minerals like molybdenum, nickel, cobalt, lithium, among others, where the domestic demand is import-dependent and where efforts have been put for increasing self-sufficiency and self-reliance by taking more exploration projects. GSI has taken up 117 projects on critical and strategic elements during field season FY24.
DANVILLE — thyssenkrupp Dynamic Components produced the 100 millionth camshaft at its camshaft plant in Danville last week.
The production record was honored at the manufacturing facility during a small event. Camshafts have been produced at the Danville site since 1997.
“We are very proud to reach this significant milestone in our company’s history. This achievement would not have been possible without the great commitment of our employees. They work every day to meet our innovation standards and the high-quality demands of our customers,” said Gary Tucker, CEO of thyssenkrupp Dynamic Components Danville, through a press release.
In recent years, thyssenkrupp Dynamic Components has invested in research and development. Combined with state-of-the-art machinery and continuous optimization of its manufacturing processes, the company produces camshafts that meet the most stringent industry and safety standards.
“Our focus on innovation gives us a competitive advantage and is a key component to our high level of customer satisfaction,” Tucker said. “We are constantly looking for ways to improve our processes and expand our capabilities so we can continue to meet the dynamic demands of the automotive industry.”
In addition to classic drive components, the camshaft manufacturer produces rotor shafts for many well-known Original Equipment Manufacturers. At the same time, further development projects are underway for new products in the field of thermal management for battery electric vehicles. These are part of a repositioning of the business with a significantly expanded product portfolio.
thyssenkrupp Dynamic Components is a leader in the development and manufacture of camshafts for the auto industry. As a significant employer in the region, the company is also committed to sustainability and reducing its environmental footprint. The company has implemented several initiatives to reduce waste and improve energy efficiency in its manufacturing operations.
It is currently constructing a 7 megawatt solar farm in Danville.
“We recognize the importance of protecting the environment and are committed to doing our part to reduce our environmental impact,” Tucker said. “We will continue to look for ways to operate in an environmentally conscious manner while maintaining our commitment to quality and customer satisfaction.”
China”s steady recovery from COVID-19 and ongoing economic upgrades have provided clear growth opportunities for Sandpiper, boosting its confidence in expanding investment in the country, said the head of the Asia-Pacific-focused strategic communications and public affairs consultancy.
“It is very difficult to run a great Asia-Pacific communications business without a big business in China. It’s just impossible,” said Emma Smith, CEO of Sandpiper, which is based in Singapore.
Despite lingering geopolitical tensions that have ignited discussions about whether China can retain its attractiveness among foreign businesses, Smith told China Daily she is “very excited” about the market potential in China and is expanding Sandpiper’s investment in the country.
“We see the potential for our business in China to be absolutely huge,” Smith said, adding that Sandpiper has nearly doubled the number of employees in Beijing over the past year and is working to expand its team in Shanghai as well.
The transition of China’s economy from a manufacturing powerhouse into a more knowledge-based, intelligence-driven economy is bringing numerous business opportunities for Sandpiper in such fields as financial services, technology, healthcare and environmental protection, she said.
This long-term trend has enjoyed a boost as China recovers from COVID-19. After the nation optimized its pandemic response measures, Smith said she has seen clients expanding their investment in China alongside huge demand from clients for consultancy work to help them understand Beijing’s latest policy directions.
She made the remarks after China reported stronger-than-expected economic results for the first quarter. January-March GDP growth rebounded to 4.5 percent year-on-year, the National Bureau of Statistics said on Tuesday.
Smith is not the only global executive to express optimism about China’s economy following the data release. Investment banks UBS and JPMorgan have raised their full-year forecasts for China’s economic growth to 5.7 percent and 6.4 percent, respectively.
She said it is wonderful to see China pushing ahead with its high-level opening-up agenda, which has created a “dual carriageway” that enables both multinational corporations to expand in China and Chinese companies to go global.
This process has brought about plenty of opportunities for Sandpiper, she said, as the company has expertise in helping both MNCs in China and Chinese companies looking for overseas expansion navigate local markets, manage their images and build their brands.
Smith added that she expects the use of artificial intelligence tools to make a big difference to Sandpiper’s operations in China in the coming decade, which will replace some menial tasks such as data collection, but give the team more opportunity to draw insights from the information and give advice to clients accordingly.
“I don’t think AI will take over our jobs. I think people who really understand how to use AI will have great opportunities in the future,” Smith said, adding that a key objective of her job as CEO is to ensure that her team is trained properly on how to master AI tools with full awareness of the pros and cons of using them.
Stock futures rose modestly Thursday as investors weighed U.S. inflation data and a Federal Reserve forecast of a “mild recession” beginning later this year.
(DAL) is scheduled to report first-quarter earnings on Thursday. Analysts surveyed by FactSet expect Delta to report adjusted earnings of 29 cents a share on sales of almost $12 billion. The report from Delta follows a lukewarm earnings outlook from
(AAL) on Wednesday.
Delta was up 0.8% in premarket trading. American was rising 1% after closing Wednesday’s session down 9.2%.
(FAST), the industrial products distributor, also is scheduled to report quarterly earnings before the stock market opens Thursday. The stock was rising 3%.
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(HOG) fell 3.8% in premarket trading after it was announced that Chief Financial Officer Gina Goetter would be leaving the motorcycle maker at the end of April to join
(HAS) in the same role. Goetter joined Harley-Davidson in 2020.
American depositary receipts of
(BABA) were up 1.6% after a report from the Financial Times said Japan’s SoftBank has moved to sell almost all of its remaining stake in the Chinese tech giant.
(SPWH) said it expects fiscal first-quarter net sales of $265 million to $270 million, and a decline in same-store sales of 17% to 19%. Analysts were calling for first-quarter sales of $319.7 million. The stock tumbled 13.5% in premarket trading.
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Rent the Runway (RENT) said it anticipates fiscal-year revenue of $320 million to $330 million, below analysts’ expectations of $346 million. The online clothing rental company also said its chief financial officer, Scarlett O’Sullivan, would be departing.
(MRK) gained 0.8% to $114.70 after shares of the drug company were upgraded to Buy from Neutral, and the price target was raised to $130 from $105.
Write to Joe Woelfel at joseph.woelfel@barrons.com
CVG places Ketteringham at the helm of its Vehicle Solutions business segment for North America and Europe as the company continues to focus on profits, targeted growth and free cash flow
NEW ALBANY, OH / ACCESSWIRE / March 8, 2023 / CVG (NASDAQ:CVGI) announced today that Russell Ketteringham has been appointed to the role of President of Vehicle Solutions – North America and Europe, effective March 1, 2023. In this newly formed role, Ketteringham will oversee CVG’s North American and European OE seating, cab structures, trim systems and plastics parts businesses.
Ketteringham comes to CVG after 25 years with Germany-based BOS Automotive, where he most recently served as President and CEO for North America. He has a strong background in program management and launch, product development and engineering. As a leader, he proved successful at driving profitable growth through product innovation, new customer acquisition, and customer penetration.
“Russ has spent his entire career in the vehicle industry, so he is bringing an outstanding set of skills and experience with him to this new role,” said CVG President and CEO Harold Bevis. “He has long-term relationships with many of our existing customers and will be an asset to our leadership team as we lead our performance to the next level.”
Ketteringham is a dual citizen of the United Kingdom and the United States and graduated with honors from Coventry University, UK with a degree in manufacturing engineering. He has lived and worked in the U.S., Mexico, the U.K., Germany and China.
About CVG
At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about our company and products are available at www.cvgrp.com.
Contact Information:
Sarah Littlefield
PR Specialist
[email protected]
SOURCE: Commercial Vehicle Group Inc.
The first funding opportunity is for projects to construct, expand and/or modernize commercial facilities to produce leading-edge, current-generation and mature-node semiconductors. This includes both front-end wafer fabrication and back-end packaging, testing and assembly. Funding will include direct funding (through grants and cooperative agreements), loans and loan guarantees, and there is no fixed amount for how much any given project can receive. The funding opportunity for equipment facilities and semiconductor materials will be released in the late spring, and one for research and development facilities will be released this fall.
The application process for commercial facilities incentives will be rigorous and highly competitive—with program administrators evaluating applications against adherence to baseline eligibility requirements but also against six priority areas: (1) economic and national security; (2) commercial viability; (3) financial strength; (4) project technical feasibility and readiness; (5) workforce development; and (6) broader impacts, including future planned investments in the domestic semiconductor industry, community investment, creation of opportunities for minority-owned, veteran-owned and women-owned businesses, climate and environmental responsibilities, and commitment to using iron, steel and construction materials produced in the United States.
Through this initial funding announcement along with the future expected announcements, a wide range of businesses stand to benefit from CHIPS Act dollars, including not only semiconductor manufacturers, equipment and materials manufacturers and R&D facilities, but also suppliers, vendors, investors and end-users. Further, while the funding is targeted towards manufacturing and R&D facilities, fabless semiconductor firms may consider joining consortiums with manufacturers and others to take advantage of downstream benefits.
For eligible chips manufacturers—along with others in the semiconductor ecosystem—now is a critical time to assess the opportunity and move forward with an application. Key details are included below.
What is the CHIPS and Science Act?
In August 2022, Congress passed the bipartisan CHIPS Act which directs $280B in spending over ten years, with the majority of this funding provided for scientific and R&D objectives through programs administered by the National Science Foundation, Department of Energy and other agencies. Of these funds, $52.7B is directed to boost the domestic semiconductor industry, including $39B in semiconductor incentives, $13B in R&D and workforce development, and $500M to strengthen global supply chains. Another $24B is provided through tax credits for chip production.
$39B in Semiconductor Manufacturing Incentives
The CHIPS Act allocates $39B for incentives—in the form of grants, cooperative agreements, loans and loan guarantees—for semiconductor manufacturing. The funding—administered by the CHIPS Program Office within the U.S. Department of Commerce—will be distributed to (1) attract large-scale investments in advanced technologies such as leading-edge logic and memory, and (2) incentivize expansion of manufacturing capacity for mature and other types of semiconductors.
The funds will be distributed through a series of competitive funding opportunities. The first opportunity—released on February 28, 2023—is for commercial fabrication facilities. Additional funding opportunities will be available for equipment and materials manufacturing facilities and R&D facilities.
Baseline Eligibility Criteria
Funding will be available to private companies, non-profit organizations and consortia thereof. Eligible organizations must be able to substantially finance, construct or expand a U.S. facility that fabricates, assembles, tests, packages, produces or researches either semiconductors, semiconductor materials, or equipment used in the manufacturing of semiconductors. However, CHIPS Program Office guidance—and the specifications set forth in the first funding opportunity announcement—make clear that baseline eligibility is only the first step. Ultimate success in securing incentives will hinge on a host of other factors. Further, FAQs clarify that the eligibility of foreign entities to apply for and receive CHIPS incentives will be at the sole discretion of the Commerce Department. Foreign companies are advised to seek guidance from the CHIPS Program Office pursuant to submitting a statement of interest.
Funding Opportunity—Commercial Fabrication Facilities
The first funding opportunity—announced on February 28, 2023—seeks applications for projects involving the construction, expansion or modernization of commercial facilities for the fabrication of leading-edge, current- generation and mature-node semiconductors. This includes both front-end wafer fabrication and back-end assembly, testing and packaging.
This funding opportunity will provide direct funding (through grants and cooperative agreements), loans and loan guarantees. There will be no fixed amount for how much direct funding a project can receive, but most direct funding awards are expected to range between five and 15% of project capital expenditures. There is similarly no fixed limit on loans or loan guarantees, and applicants may request loans or loan guarantees to provide debt financing that is not available on comparable terms on the private market.
The Application Process
The funding announcement described a five-part application process including (1) a statement of interest, (2) a pre-application, (3) a full application, (4) CHIPS Program Office due diligence, and (5) award preparation and issuance.
Pre-applications and full applications for leading-edge facilities will be accepted on a rolling basis beginning March 31, 2023. Pre-applications for current-generation, mature-node and back-end production facilities will be accepted on a rolling basis beginning May 1, 2023, and full applications for these categories will be accepted beginning June 26, 2023. Statements of interest are accepted immediately.
Evaluation Priorities
Applications will be reviewed through the lens of six priority areas:
- Economic and National Security: Incentives will be directed to projects that increase domestic semiconductor production and strengthen global supply chains, as well as projects that further national security interests by, for example, providing the Department of Defense with access to onshore access to semiconductors.
- Commercial Viability: Incentives will go to applicants with plans for reliable cash flows and continued investment to make sure the facility remains active for the long-term.
- Financial Strength: Applicants must submit a detailed financial model for projects and maximize private-sector contributions.
- Technical Feasibility and Readiness: Applicants must provide clear plans, including major construction and operational milestones and construction rights and permits. Projects that can meet environmental and permitting requirements in a timely manner will be prioritized.
- Workforce Development: Applicants must commit to developing and maintaining a highly skilled, diverse workforce, including by hiring economically disadvantaged workers. Applicants are encouraged to engage government organizations, educational institutions, unions, industry associations and others to meet workforce needs.
- Broader Impacts: A CHIPS program goal is to extend the incentives benefit through communities. As such, projects will be evaluated based on applicants’ plans to commit to future investment in the semiconductor industry; create opportunities for minority-owned, women-owned and veteran-owned businesses; demonstrate climate and environmental responsibility; invest in communities by addressing barriers to economic inclusion; and commit to using iron, steel and construction materials produced in the U.S.
Additional Requirements
Applicants must:
- Demonstrate that the funding will incentivize facilities and equipment in the United States that would not occur otherwise.
- Be offered an incentive from a state or local government.
- Secure commitments from training entities and institutions of higher education to provide workforce training.
- Agree not to use CHIPS funds for dividends or stock buybacks. All applicants must further detail their intentions with respect to stock buybacks over five years.
Applicants seeking more than $150M in funding must further:
- Submit a plan to provide affordable child care for workers.
- Share cash flows or returns that exceed the applicant’s projections by an agreed-upon threshold with the federal government.
Restrictions on Investments in China
Pursuant to the CHIPS Act, an awardee “may not engage in any ‘significant transaction’. . . involving the ‘material expansion’ of ‘semiconductor manufacturing capacity’ in China or any other foreign country of concern” over the ten-year period after receiving an award. The CHIPS Program Office is expected to issue additional detail on the specific scope of this restriction.
This restriction on Chinese investments covers both the “covered entity” receiving the federal funding, as well as that entity’s “affiliated group,” which means one or more chains of includible corporations connected through stock ownership with a common parent. Generally, at least 80% of stock, by both voting power and value, must be owned by the parent or by another corporation in the chain.
The restrictions on Chinese investments do not apply to (i) existing facilities or equipment used to manufacture legacy semiconductors or (ii) the material expansion of legacy semiconductor manufacturing that predominantly serves the market of a foreign country of concern. A “legacy semiconductor” is defined as a “semiconductor technology that is of the 28-nanometer generation or older for logic.”
This restriction creates a critical decision point for companies that do business in both the United States and China. Indeed, the CHIPS Act incentives are designed to serve as a catalyst for companies to choose the United States for all large-scale investments in the near-term.
The Advanced Manufacturing Investment Credit
Applicants are encouraged to claim the Advanced Manufacturing Investment Credit, which provides a federal tax credit for qualifying capital investments in a facility for which the primary purpose is the manufacturing of semiconductors or semiconductor manufacturing equipment.
State and Local Incentives
Under the CHIPS Act, applicants must be offered a state and local incentive to support their project. The intent behind this rule is to ensure that projects benefit for a range of support, not just federal incentives. In practice, this requirement means that applicant success will be tied to the availability and level of support provided by their state, setting off furious competition across the country.
Many states—and even local governments—have begun announcing various incentive packages, ranging from state and local tax credits to state-run grant programs to support workforce development initiatives. A key issue will be how states with a high population of eligible applicants—like California—will respond to the requirement.
Next Steps for Applicants
This first funding opportunity marks a pivotal moment for companies seeking to invest in semiconductor manufacturing to benefit from CHIPS Act dollars. Because applications will be evaluated on a rolling basis it is crucial for interested companies to start preparing statements of interest and application packages. Further, companies must carefully hone their application packages to meet the nuanced application requirements and rigorous evaluation process. This will require interfacing with industry partners, local, state, federal and other institutional stakeholders, to secure required commitments.
Please contact the authors of this alert or any member of Pillsbury’s Public Policy team if you have questions about the application process or how to position your company for a successful outcome.
Caterpillar Stock Could Get Hit by the Banking Panic. Why One Analyst Says Sell.
Caterpillar
stock could get hit by the trouble in the banking sector, one analyst says, earning the stock a downgrade.
The regional banking panic can impact any number of industries, including construction. That isn’t good news for companies that make and rent construction equipment, says Baird analyst Mig Dobre, who downgraded shares of
Caterpillar
(ticker: CAT) and
United Rentals
(URI) to Sell from Hold. His Caterpillar price target dropped to $185 from $230 a share. Dobre’s United Rentals target went to $300 from $425 a share. Cat stock is down 1.6% in premarket trading to $213.50. United Rentals shares are down 1.2% to $366.37.
S&P 500
and
Dow Jones Industrial Average
futures are both up about 0.5%.
“We see rising risks for rental/construction equipment [makers],” wrote Dobre in a Monday report. “A 2024 slowdown in U.S. nonresidential construction was already on the horizon, but now is increasingly likely given ongoing regional lenders’ turmoil and their sizable participation in commercial construction lending.”
Regional banks do a majority of the lending for commercial real estate, says Dobre. Tighter lending conditions mean less credit from banks which can mean fewer projects for construction companies.
As a result, he sees Caterpillar’s order book and backlog peaking and rental equipment supply rising while demand is moderating.
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His new price targets value Cat and United Rentals stock at about 11 times and 7 times Wall Street’s estimated 2024 earnings, respectively. That’s at the lower end of their historical ranges, which Dobre believes is appropriate given the mounting risks he sees for 2024 earnings.
A downgrade from Hold to Sell doesn’t change the Buy-rating ratio for a stock. About 39% of analyst covering Cat stock rate shares Buy after the downgrade, while the average Buy-rating ratio for a stock in the S&P 500 is about 58%.
A downgrade to Sell, of course, changes the Sell-rating ratio. Now about 21% of analysts covering Caterpillar shares rate them Sell. The average Sell-rating ratio for S&P 500 stock is less than 10%.
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For United Rentals, about 57% of analysts covering the company’s shares rate them Buy. About 13% rate them Sell.
United Rentals’ Buy-rating ratio has held steady over the past year. Caterpillar’s has fallen from about 50% to 39% over the same span. Wall Street has been getting a little more bearish on Cat stock in recent months.
Coming into Monday training, Caterpillar stock is down about 9% year to date and off about 3% over the past 12 months. United Rentals shares are up about 4% year to date and up about 2% over the past 12 months.
Write to Al Root at allen.root@dowjones.com
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