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News on Medial
General Motors to invest $4 billion to ramp up US production
Economic Times
·
1m ago
Medial
General Motors has announced a $4 billion investment to increase U.S. production, transitioning some manufacturing from Mexico due to tariff concerns. This move will see the production of Chevrolet Blazer and Equinox, previously made in Mexico, shift to American plants in 2027. GM aims to assemble over 2 million vehicles annually in the U.S., supporting local jobs. Despite the investment, GM anticipates tariff-related impacts on profits. Shares rose nearly 1% following the announcement.
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US to award Taiwan's GlobalWafers up to $400 million to boost US semiconductor wafer production
Economic Times
·
12m ago
Medial
The US Commerce Department plans to award Taiwan's GlobalWafers with up to $400 million in grants to expand the production of silicon wafers. This will establish the first US production of 300-mm wafers for advanced semiconductors and expand the production of silicon-on-insulator wafers. The move is part of the Biden administration's efforts to strengthen the chip supply chain. GlobalWafers intends to invest $4 billion in building new wafer manufacturing facilities in Texas and Missouri, which would create thousands of jobs. This initiative aims to reduce reliance on Asian suppliers and boost domestic semiconductor production.
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Anil Ambani-led Reliance Infra to invest $1.2 billion over next ten years for ammunition project: Report | Mint
Livemint
·
8m ago
Medial
Reliance Infrastructure, owned by Indian industrialist Anil Ambani, has announced plans to invest $1.19 billion over the next decade in a project to produce explosives, ammunition, and small arms. India is looking to ramp up domestic defense equipment production, with a focus on exports, which reached a record high of $2.8 billion in the previous fiscal year. Reliance Infra aims to set up the project in Maharashtra state and is exploring potential joint ventures with six global defense companies. The company currently has joint ventures with French defense firms Dassault Aviation and Thales.
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Chinese techies return not to impact iPhone 17 production, Apple's ramp-up plan intact: Sources - The Economic Times
Economic Times
·
8d ago
Medial
The return of Chinese professionals from Apple's Indian vendor Foxconn is not expected to impact iPhone 17 production, as Apple remains on track to expand production in India. Supported by easing capital goods imports and capacity expansion through Foxconn and Tata, Apple aims to significantly increase iPhone production. Indian-made iPhones now dominate US shipments, with plans to further ramp up production to meet demand. Apple's Indian manufacturing ecosystem is a significant job creator.
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Lucid sales inch forward as EV maker pushes to ramp Gravity production | TechCrunch
TechCrunch
·
13d ago
Medial
Lucid achieved a new sales record, delivering 3,309 vehicles in Q2, marking a 6% sales increase, while producing 3,863 vehicles. This progress is crucial for the EV maker as it strives to meet its annual production goal of 20,000 vehicles, having produced 6,075 in the year's first half. Challenges remain, including production ramp-up for the Gravity SUV and resolving supply chain issues, amid ongoing efforts to transition sales towards general consumers.
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iPhones set for takeoff from new Foxconn unit
Economic Times
·
2m ago
Medial
Foxconn is set to launch iPhone shipments from its new Karnataka unit by June, according to sources. A senior Apple executive recently reviewed operations at the facility, which is set to become Foxconn's second-largest iPhone manufacturing unit. Despite US pressure to increase domestic production, Apple's strategy remains focused on diversifying its supply chain, with potential to ramp up Indian production to 60%-65% by fall. Foxconn aims to maintain its significant share of iPhone production and expand its Indian operations.
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Corporate payments fintech startup Ramp valued at $13 billion after share sale deal
Economic Times
·
4m ago
Medial
Ramp, a fintech startup specializing in corporate cards and expense management software, achieved a $13 billion valuation following a $150 million secondary share sale to investors such as GIC, Thrive Capital, Khosla Ventures, and General Catalyst. This move reflects investor interest in high-growth startups and allows employees to cash out shares, potentially postponing IPO plans. Ramp, serving over 30,000 clients, has expanded its annual payment volume significantly, reaching $55 billion by late 2023.
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GM delays Indiana EV battery factory amid weak US market growth, seals joint venture deal with Samsung | Mint
Livemint
·
10m ago
Medial
Production at the General Motors and Samsung SDI electric vehicle battery cell plant in Indiana has been delayed until 2027, as EV sales in the US have slowed. The joint venture, which was announced last year, aims to produce nickel-rich prismatic batteries to lower costs and improve driving range. The delay is attributed to market conditions and contractual issues. Despite the slowdown in EV sales, the US electric vehicle market still grew by roughly 7% in H1 2021. GM and Samsung also have three other joint venture battery cell factories.
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Waaree Energies to invest $1 bn to set up solar facility in Texas
Livemint
·
1y ago
Medial
Mumbai-based Waaree Energies plans to invest $1 billion in setting up a solar module manufacturing plant in Texas, US. The facility, located in Brookshire, will have an initial capacity of 3 GW of solar modules annually by the end of 2024. Waaree aims to expand the capacity to 5 GW by 2027 and will also add a US-made solar cell facility. The plant is expected to create over 1,500 jobs in the US. Waaree has already supplied over 4 GW of modules to the US and has long-term supply agreements with US-based SB Energy.
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White House proposes up to $8.5B to fund Intel’s domestic chip manufacturing
TechCrunch
·
1y ago
Medial
The White House has announced a new agreement with Intel, in which the silicon giant could receive up to $8.5 billion to support domestic chip manufacturing in the US. This comes in the wake of the CHIPS and Science Act, signed into law by President Joe Biden, which aims to boost the country's chip production. The move is seen as a response to supply chain bottlenecks and tensions between the US and China. Intel plans to invest $100 billion in the US, creating 30,000 jobs and contributing to innovation. However, experts suggest more needs to be done to level the playing field with global competitors.
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Hyundai starts engine production at Talegaon facility ahead of full operations
Economic Times
·
1m ago
Medial
Hyundai Motor India Ltd has started engine production at its manufacturing plant in Talegaon, Maharashtra. This move precedes full passenger vehicle production, expected to commence in late 2025. The Talegaon facility, previously owned by General Motors, plays a key role in Hyundai's plan to enhance domestic production, with a capacity of 130,000 vehicles and 160,000 engines annually. Hyundai's investment in Maharashtra includes a ₹6,000 crore commitment made in partnership with the state government.
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