Cummins posts record quarterly revenue
The Columbus-based manufacturer says its strong second-quarter was due mostly to its North American market, where revenues grew 15%.
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Indianapolis-based Aearo files for bankruptcy protection amid flood of lawsuits
Aearo Technologies filed for Chapter 11 bankruptcy protection this week as a way to deal with the more than 230,000 product liability suits filed against the company and its corporate parent, 3M, in recent years over its now-discontinued Combat Arms earplugs.
Q&A: Rolls-Royce exec on $8M redesign of Indy offices
Tom Bell learned that his team of skilled workers in Indianapolis could digitally show how the Rolls-Royce engine would integrate in to the U.S. Air Force B-52 aircraft—all while working remotely.
Chip shortage leaves 95K GM vehicles incomplete in storage
The chip shortage has limited the supply of new vehicles on dealer lots in the U.S. to about 1 million, when in normal years it’s about 4 million at any given time.
Lilly faces lawsuit over alleged excessive retirement-plan fees
The drugmaker is one of hundreds of U.S. companies being sued in the recent trend in litigation: excessive fees on 401(k) retirement plans.
Electric vehicle business with big plans for Indiana to file for bankruptcy
Electric vehicle startup Electric Last Mile Solutions Inc. planned to use a 650,000-square-foot plant that was formerly used to make Hummers to manufacture “last mile” battery-powered, urban delivery vans.
U.S. producer prices soar 10.8% as energy costs spike
The producer price data captures inflation at an earlier stage of production and can sometimes signal where consumer prices are headed. It also feeds into the Federal Reserve’s preferred measure of inflation, the personal consumption expenditures price index.
Stellantis lands lithium hydroxide supply for EV batteries
Automaker Stellantis has reached a deal to have Controlled Thermal Resources Ltd. supply battery-grade lithium hydroxide for its electric vehicles in North America.
Lawn care equipment company plans expansion in Lebanon
Steel Green Manufacturing LLC plans to add to its workforce once it moves into a new building south of Interstate 65 at the intersection of State Road 39 and Enterprise Boulevard in Lebanon.
Ford CEO sees electric vehicle price war as EV costs decline
Ford CEO Jim Farley predicted big cost reductions are coming with new battery chemistries that use fewer expensive and scarce precious metals such as nickel and cobalt. Plus, EVs will take less time and labor to build, saving more money, he said.
IBJ Podcast: What Indiana’s auto industry must do to adapt to EVs
Podcast host Mason King talks with Ananth Iyer, a professor of management at Purdue’s Krannert School of Management, who is part of a group studying the potential disruption in the auto industry and how Indiana manufacturers can adapt.
Incentive deal for Kokomo battery plant the largest in state history
The Indiana Economic Development Corp. laid out a substantial incentive package to lure the joint venture, with tax credits and investments totaling at least $186 million.
Solar power from Duke Energy to help power new Kokomo battery plant
Stellantis officials said the clean energy requirement was a critical part of the agreement to locate the operation in Indiana.
Stellantis plans $2.5B electric-vehicle battery plant in Kokomo, 1,400 jobs
The companies said the investment could grow to $3.1 billion as Stellantis—formed last year with the merger of Fiat Chrysler and France’s PSA Peugeot—ramps up production of electric vehicles.
Hyundai recalls 239,000 cars for exploding seat belt parts
Regulators said that the driver’s and front passenger’s seat belt pretensioners can explode upon deployment and send shrapnel throughout the vehicle.
Stellantis to make Indiana announcement; might be battery plant
Automaker Stellantis said it will give an update on the future of its Kokomo operations at an Indiana community college on Tuesday afternoon.
United States can’t make enough fuel—and there’s no fix in sight
In other kinds of markets, a surge of demand and shortage of supply would trigger more investment. But the longer-term transition away from fossil fuels dims the outlook for demand, making companies unwilling to put up the billions of dollars needed to build new refinery plants.
Biden to require U.S.-made steel, iron for infrastructure
President Joe Biden said that the roughly $700 billion the government devotes annually to procuring goods is supposed to prioritize U.S. suppliers, but regulations going back to the 1930s have either been watered down or applied in ways that masked the use of foreign imports.
Efforts to make protective medical gear in U.S. falling flat
Many companies that began producing personal protective equipment with patriotic optimism have scaled back, shut down or given up, according to an Associated Press analysis based on numerous interviews with manufacturers.
Russia war could further escalate auto prices and shortages
The war’s damage to the auto industry has emerged first in Europe. But U.S. production will likely suffer eventually, too, if Russian exports of metals—from palladium for catalytic converters to nickel for electric vehicle batteries—are cut off.