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Donald <keyword id="19906203" type="General" weightage="20" keywordseo="Trump" source="keywords">Trump</keyword> and <keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> have apparently become great friends over recent months. Musk poured millions of dollars into Trump's successful election campaign and has been a vocal and visible supporter of the president-elect. In return, he's been given a new job, in joint charge of the new <keyword id="23593857" type="General" weightage="20" keywordseo="Department-of-Government-Efficiency" source="keywords">Department of Government Efficiency</keyword> (Doge), where he will be tasked with streamlining government operations and reducing bureaucracy. This "department"—actually an advisory group—will aim to cut unnecessary spending and make the general functioning of the US government more efficient. The idea is that within a federal budget of over US$6 trillion, there are opportunities to make some big savings. Musk's appointment—like many things he's involved with—has sparked controversy. The richest man in the world has already said he wants to cut spending by US$2 trillion (£1.6 trillion) and mentioned setting up a "leaderboard for most insanely dumb spending of your tax dollars.". Some are concerned about the impact he could have on public services. Others fear he will use his position to promote his own business interests. On the positive side, Musk has a very impressive CV when it comes to big organisations. He has created (or co-created) multi-billion-dollar businesses, including Paypal, <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>, and <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword>. He has founded startups involved in AI (xAI), tunnelling (the Boring Company), and medicine (<keyword id="19985233" type="General" weightage="20" keywordseo="Neuralink" source="keywords" meta.keywordsubtype="org" meta.entityname="Neuralink" meta.hostid="261" meta.entityid="Neuralink">Neuralink</keyword>). And research suggests that much of Musk's success comes down to a relentless focus on efficiency. He has also been praised for the depth of his analytical thinking and innovative problem solving. Tesla's factory in California went from being the least productive car manufacturing plant in the US when it was owned by General Motors to the most productive under Musk's ownership. SpaceX has vastly reduced costs in the space cargo business. So he has form. And Musk is not the first American business leader to offer private sector expertise to the world of politics. Back in the 1960s, Robert McNamara, former president of the Ford Motor Company, served as secretary of defence under presidents John F. Kennedy and Lyndon B. Johnson. McNamara brought significant innovations to <keyword id="22668770" type="General" weightage="20" keywordseo="government-efficiency" source="keywords">government efficiency</keyword> that drew on his corporate experience. He championed cost-benefit analysis and a data-driven approach to decision-making and was keen on reducing bureaucracy and promoting accountability in complex governmental processes. To achieve this, McNamara recruited a team of experts from the worlds of academia and business. Known as the "Whizz Kids," they brought new perspectives to the White House. In the UK now, the Labour government's minister of state for investment is Poppy Gustafsson, a former venture capitalist and tech founder. Its minister for prisons is James Timpson, former CEO of the Timpson Group, a family firm renowned for hiring ex-offenders. These people—and there are many other examples around the world—were brought into the political sphere because of the knowledge and vision they have demonstrated in the private sector. The hope is their talent and leadership will improve policy and practice. <h2>Data-driven reform</h2>The same must be hoped for Musk: that with his co-leader, Vivek Ramaswamy—a biotech entrepreneur and former Republican leadership candidate—he will bring expertise in cost-cutting and innovative strategies. This will probably include comprehensive audits and data-driven approaches to reform. Critics refer to prior examples of Musk's approach, such as the mass layoffs and aggressive cost-cutting measures at Twitter (now X), with concerns that there could be similarly drastic reductions in the federal workforce and public services. But big job cuts were happening across the tech sector at that time. They came in the wake of reduced revenues and a need to reduce bloated workforces and ineffective functions—not unlike the challenges faced by the US government. Nevertheless, while proponents see Musk as an experienced leader capable of streamlining bureaucracy, sceptics fear the advent of harmful austerity measures that risk disruption to essential public programs. Concerns have also been raised about potential conflicts of interest, as Musk's business empire benefits from government contracts. However, since Doge will operate as an advisory body, concerns over him gaining advantage through any self-dealing seem overblown. Besides, two of Musk's companies (SpaceX and Tesla) have been awarded US$15.4 billion (£12.3bn) in federal contracts in the last decade. Perhaps then, success precedes influence rather than the reverse? Doge will also be governed by the Federal Advisory Committee Act, which maintains legal and ethical guardrails. And Congress will have the final say over any decisions. Fears of the worst possible outcome to Musk's appointment are a natural human response in the face of uncertainty. It is part of the reason that negative headlines get more clicks than positive ones. It is also true that Musk has aligned himself with a politician who divides opinion like few others. By leveraging his billions of dollars and 200 million followers on X to help Trump to victory, he made it clear which side he was on. And in a highly polarised US political landscape, the anguish about his governmental role may be little more than a knee-jerk reaction from the millions of people whose side he did not choose.

Love him or loathe him, Elon Musk is a champion of efficiency and could save the US government a fortune

In today’s customer-centric market, businesses must align product design, processes, and delivery with the needs of the customers. However, the manufacturing sector faces several challenges, including extended time to market, wastage,and design inefficiencies. Other key challenges include maintaining operational efficiency while reducing downtime. Ensuring that the product meets the required quality standards is time-consuming and expensive. In a competitive marketplace, these issues can hinder the success of a business. While technologies like Artificial Intelligence (AI), Robotic Process Automation (RPA), Machine Language (ML), etc., have addressed many of these challenges, there is still room for improvement. Enter <keyword id="14248037" type="General" weightage="100" keywordseo="digital-twin-technology" source="Orion">digital twin technology</keyword>: the key to <keyword id="3108381" type="General" weightage="20" keywordseo="smart-manufacturing" source="Orion">smart manufacturing</keyword>! Digital twin technology has rapidly gained popularity across various industrial sectors! , Infact, the global digital twin market, <a href="https://www.fortunebusinessinsights.com/digital-twin-market-106246">valued </a>at $12.91 billion in 2023 is expected to grow at a compound annual growth rate (CAGR) of 39.8% from 2023 to 2032. A 2022 report by Research and Markets highlights that 60% of executives across diverse industries plan to integrate digital twin technology in their projects to boost revenue. But why is digital twin technology making huge strides in the industrial sector? Let’s explore the details of this path-breaking technology! <h2>What is digital twin technology?</h2>A digital twin is essentially the virtual representation of physical products during different stages of their lifecycle. This can include real devices, objects, machines, services, intangible assets, and more. By connecting virtual models to their real devices, digital twins provide a detailed and dynamic representation of the physical objects they emulate. Continuous data transmission ensures that the virtual models remain in sync with the real objects. <h2>How does the digital twin make manufacturing smart?</h2>In manufacturing digital twins can be generated for various real-life scenarios like assets, specific production lines, end products, etc. These digital representations offer deep insights and visibility into production processes. Manufacturing involves a complex network of processes and products with several data points. These data points describe products, assets, entire lines, processes, etc. The digital twin replicates the manufacturing operations to capture, map, and structure the process variables in a continuously updated database. <h2>Technologies used in digital twin deployment</h2><ul><li>Internet of Things (IoT): IoT sensors enable continuous data transmission. </li><li>Cloud computing: Helps in storing large volumes of data that can be accessed by various stakeholders. </li><li>AI: AI gathers data and provides valuable insights. AI also makes accurate forecasts. </li><li>Extended Reality (XR): XR technology facilitates digital modelling of physical objects and processes. </li></ul><h2>Benefits of the digital twin in manufacturing</h2>1. Risk mitigation Businesses can test and validate a product before physical production begins. This helps identify potential process failures early and mitigates risks by simulating various scenarios. 2. Facilitates predictive maintenance The data provided by the simulation model helps identify the bottlenecks in the system. It helps in scheduling preventive maintenance accurately which lowers maintenance costs and boosts production line efficiency. 3. Real-time monitoring and control One of the biggest challenges in manufacturing is getting an in-depth view of the system in real time. A digital twin helps overcome this challenge by facilitating remote monitoring and control of the process by providing real-time data. 4. Seamless collaboration A digital twin offers a single point of truth for different stakeholders. They can access data 24/7 and collaborate through a single platform for better outcomes. 5. Data-backed decisions Large volumes of real-time data and advanced analytics facilitate better and faster decision-making regarding the adjustments in the manufacturing system. 6. Delights customers Digital twin technology facilitates the simulation of different product variations in a virtual environment. This helps manufacturers build customised products efficiently and cost-effectively, enhancing customer experience. There was a time when physical proximity and inspection were the most effective ways to gain insights into the status of operating equipment. Digital twin technology has offered an innovative method to gain these insights by virtualising real processes/products. This innovation allows businesses to create, test, and build equipment in a virtual environment, moving to production only when the virtual model meets all criteria. This reduces waste, optimises costs, and makes manufacturing more agile, resilient, and efficient. It’s no wonder the digital twin market in manufacturing is projected to reach $48.2 billion by 2026. Disclaimer: This article is authored by Raja V., BPM Expert. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India. This article is published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>.

How digital twin technology is revolutionising smart manufacturing

On Tuesday, <keyword id="19907441" type="General" weightage="20" keywordseo="Aditya-Birla-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Aditya Birla Group" meta.hostid="261" meta.entityid="Aditya Birla Group">Aditya Birla Group</keyword>'s <keyword id="20102108" type="General" weightage="20" keywordseo="metal" source="keywords">metal</keyword> flagship <keyword id="20318152" type="General" weightage="100" keywordseo="Hindalco-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindalco Industries" meta.hostid="261" meta.entityid="Hindalco Industries">Hindalco Industries</keyword> reported a 25.2% rise in consolidated profit at Rs 3,074 crore for the June quarter, on the back of favourable macros, operational efficiencies and lower input costs. The company had posted a consolidated profit of Rs 2,454 crore in the year-ago period, <keyword id="20129733" type="General" weightage="20" keywordseo="hindalco" source="keywords">Hindalco</keyword> Industries said in a regulatory filing. In a statement, the company said the consolidated PAT in the first quarter of FY'25 was Rs 3,074 crore, compared to Rs 2,454 crore in Q1 FY24, up by 25 % year-on-year (YoY)." Total income during the quarter under review rose to Rs 57,437 crore, over Rs 53,382 crore noted in the year-ago period. The consolidated revenue for the first quarter stood at Rs 57,013 crore, up 8% YoY, on account of better realisations and efficiencies in India operations. "Hindalco reported an <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> of Rs 7,992 crore (vs Rs 6,109 crore in Q1FY24) in Q1 FY25, up 31% YoY, driven by lower input costs and higher volumes," the statement said. "Our strong Q1 results ride on the back of consistent operational excellence and cost optimisation which allowed us to leverage the higher average metal prices. "The <keyword id="20076812" type="General" weightage="20" keywordseo="copper" source="keywords">copper</keyword> business achieved its highest quarterly EBITDA driven by high domestic sales (especially downstream products), healthy by-product credits and better operational efficiencies following a successful planned shutdown," Satish Pai, Managing Director, Hindalco Industries said. The <keyword id="20472150" type="General" weightage="20" keywordseo="aluminium" source="keywords">Aluminium</keyword> India upstream business recorded an 81% growth in EBITDA over the previous year, he said. "Looking ahead, the major capital formation phase of the downstream business is near completion, and from here on, we will explore growth opportunities in the upstream business, given our strong cash position," he explained. The company said its copper business delivered a new record-breaking performance in the first quarter, with EBITDA at an all-time high of Rs 805 crore, up 52% YoY, backed by higher average copper prices and robust operations. Hindalco Industries Ltd is the metal flagship company of the Aditya Birla Group. A 26 billion dollar metals powerhouse, Hindalco is the world's largest aluminium company by revenues, and the world's second largest Copper rods manufacturer (outside China). Hindalco operates across the value chain, from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling, extrusions, and foils. Along with its subsidiary <keyword id="20665479" type="General" weightage="20" keywordseo="novelis" source="keywords">Novelis</keyword>, Hindalco is the global leader in flat-rolled products, and the world's largest recycler of aluminium. Hindalco is the country's largest copper producer, serving more than half the nation's copper requirements. Its copper facility in Gujarat, comprises a copper smelter and refinery complex, downstream facilities, and a captive jetty. Hindalco's global footprint spans 52 manufacturing units across 10 countries.

Hindalco Q1 profit rises 25% Rs 3,074 crore on operational efficiencies, lower input costs

<ul class="summary-list"><li>Renjie Zhu, director of manufacturing engineering at Tesla's Austin Gigafactory, said he left the company.</li><li>The executive came to the US to help launch <a target="_blank" href="https://www.businessinsider.com/tesla-truck-cybertruck">Tesla's Cybertruck</a>.</li></ul>The director who helped launch <a target="_blank" href="https://www.businessinsider.com/tesla-history-founders">Tesla's</a> latest project is leaving the company.Renjie Zhu, the director of manufacturing engineering at Tesla's Austin Gigafactory, announced he'd left the company on Sunday.The executive <a target="_blank" href="https://www.linkedin.com/feed/update/urn:li:activity:7195200849789292544/">wrote</a> on LinkedIn that "after triumphing the epic launch of Cybertruck program," his "adventure with this great company has come to an end."It's unclear whether Zhu was part of a recent <a target="_blank" href="https://www.businessinsider.com/elon-musk-sent-tesla-employees-email-announcing-layoffs-read-memo-2024-4">series of layoffs at Tesla</a> or resigned on his own. At least <a target="_blank" href="https://www.businessinsider.com/tesla-executives-who-left-company-elon-musk-layoffs-2024-5#rebecca-tinucci-senior-director-of-supercharging-2">seven executives at Tesla</a> have departed over the past month. Last week, Tesla's former head of product launches said he'd chosen to leave because the recent layoffs had damaged morale and <a target="_blank" href="https://www.businessinsider.com/tesla-exec-rich-otto-says-resigned-layoffs-hurt-morale-2024-5">thrown the company "out of balance."</a>In his announcement, Zhu struck a more cheery note."Every single day in the past 5 years we brought the world a little closer to the transition to sustainable energy, not just with our incredible products Model 3/Model Y/Cybertruck, but the innovative ways in which we built those high volume production lines with an unprecedentedly high efficiency and delivered the products to our customers with impeccable quality," he wrote, adding that he's ready to "start a new journey."Zhu worked at Tesla for more than five years and came over from the company's Shanghai site in January 2023 to launch the Cybertruck program, according to his LinkedIn profile. Tesla began <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-price-release-event-delivery-truck-live-updates-2023-11">deliveries for the electric pickup truck</a> in November after several years of delays.The executive and a spokesperson for Tesla did not immediately respond to a request for comment.Tesla CEO Elon Musk kickstarted a series of layoffs on April 15 when he told staff he planned to cut more than 10% of the company's workforce. Tesla workers are currently facing their <a target="_blank" href="https://www.businessinsider.com/tesla-rescinds-offers-for-full-time-employees-as-layoffs-continue-2024-5">fifth straight week of layoff notices.</a>Do you work for Tesla or have a tip? Reach out to the reporter via a non-work email and device at gkay@businessinsider.com or 248-894-6012

Tesla executive who led Cybertruck manufacturing leaves carmaker

<ul class="summary-list"><li>Intel recently announced mass layoffs of 15,000 jobs amid losses in Q2.</li><li>Shareholders are claiming in a lawsuit that Intel didn't do enough to warn investors.</li></ul>A Missouri-based pension fund is accusing <a target="_blank" class="" href="https://www.businessinsider.com/category/intel">Intel</a>, in a class action lawsuit, of hiding problems about its in-house chips manufacturing business ahead of the company's reported net loss and mass layoff of 15,000 jobs.Intel on August 1 announced a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/intel-stock-price-layoffs-weak-guidance-missed-analyst-estimates-semiconductors-2024-8">15% reduction of its workforce</a> after reporting a net loss of $1.6 billion for the second quarter.The Silicon Valley company, which once led the chips industry, has struggled to catch up with its rivals, mainly Nvidia, a longtime competitor that now has a stranglehold on the GPU business amid the <a target="_blank" class="" href="https://www.businessinsider.com/intel-playing-catch-up-ai-race-chatgpt-chips-2023-10">AI race</a>.A lawsuit filed in a San Francisco federal court on Wednesday, naming CEO Patrick Gelsinger and CFO David Zinsner as co-defendants, claimed that Intel hid problems about its in-house chips manufacturing business that led to the dismal second-quarter earnings result. The lead plaintiff of the lawsuit is the Construction Laborers Pension Trust of Greater St. Louis, filed on behalf of other Intel investors.Unlike many of its rivals, Intel designs and manufactures chips through its foundry factories. The decision helped Intel tentatively win a $8.5 billion federal grant through the <a target="_blank" class="" href="https://www.businessinsider.com/chips-act-bill-to-boost-us-chipmaking-competition-with-china-2022-7">CHIPS Act</a>.According to the lawsuit, the company told investors that this in-house model will allow Intel to save "$8 to $10 billion exiting 2025."But the move turned out to be much more costly than investors anticipated, the complaint said."Unbeknownst to investors, however, Intel's foundry business was floundering, costing billions of dollars more than investors had been led to believe even while revenue growth in the division actually declined during the Class Period," the lawsuit said, referring to the period from January 25 to August 1, 2024.The lawsuit accused Intel, along with its CEO and CFO, of making false and misleading statements that "artificially inflated" the company's stock price.A spokesperson for Intel declined to comment.Shareholders in the lawsuit highlighted statements from defendants that they say showed the "purported success" of the company's business units, including the foundry model.One statement came from a <a target="_blank" class="" href="https://www.intc.com/news-events/press-releases/detail/1672/intel-reports-fourth-quarter-and-full-year-2023-financial">January 2024 press release</a> from Zinsner, who said: "We continued to drive operational efficiencies in the fourth quarter, and comfortably achieved our commitment to deliver $3 billion in cost savings in 2023. We expect to unlock further efficiencies in 2024 and beyond as we implement our new internal foundry model, which is designed to drive greater transparency and accountability and higher returns on our owners' capital."Shareholders alleged in the lawsuit that these were "materially false and misleading" statements that failed to disclose that "Intel's foundry business was suffering from ballooning costs and required substantially more capital expenditures than investors had been led to believe and, as a result, had suffered $7 billion in losses in 2023."James Park, a securities regulation expert at the University of California, Los Angeles, told Business Insider email that the lawsuit contained a fairly "standard set of allegations." "Intel will probably argue that the claim there would be cost savings was a forward-looking statement," he said, which is protected by the Private Securities Litigation Reform Act's safe harbor provision.

Intel shareholders accuse company of hiding problems about its in-house chips manufacturing business ahead of announced layoffs and poor earnings   

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], March 1 (ANI): In a research report titled "When 8 per cent becomes the new normal: Decoding the new normals of a GDP on swing," the State Bank of India's Economic Research Department unveils key insights into India's economic landscape, shedding light on the recent GDP surge and providing projections for the future. The report highlights the unprecedented growth witnessed in India's economy during the third quarter of FY24, defying all estimates and expectations. India's GDP expanded by a remarkable 8.4 per cent during this period, following consecutive quarters of over 8 per cent growth. This surge has been attributed to effective policy frameworks and perspectives, which have surpassed irrational market expectations. The buoyancy in indirect tax collection, marked by a 32 per cent year-on-year growth amounting to Rs 3.9 lakh crore, further underlines the robustness of the economy. As a result, projections for FY24 indicate a GDP growth of 7.6 per cent and Gross Value Added (GVA) growth of 6.9 per cent. The report suggests that the GDP growth for the fourth quarter could be around 5.9 per cent, indicating a potential attainment of 8 per cent growth for the fiscal year. Significant revisions in both annual and quarterly numbers have led to upward adjustments in the GDP figures for FY22 and FY24. This revision has propelled the Year-to-Date (YTD) GDP growth rate above the 8 per cent mark. However, downward revisions in FY23 GDP numbers have implications for the fiscal deficit, necessitating an upward revision to 5.9 per cent of GDP for FY24. Delving into sectoral performances, the report highlights stellar performances in <keyword id="20788019" type="General" weightage="20" keywordseo="manufacturing-and-services" source="keywords">Manufacturing and Services</keyword>, buoyed by significant growth in industry, manufacturing, and construction sectors. However, the agriculture sector witnessed a decline of -0.8 per cent in Q3, attributed to uncontrollable factors. Moreover, the report underscores remarkable milestones achieved in terms of per capita GDP, with current prices crossing the Rs 2 lakh mark in FY24. Decadal Compound Annual Growth Rate (CAGR) stands at 8.9 per cent, with notable increases observed even in constant prices. Notably, post-pandemic recovery has seen a substantial jump in per capita GDP. The report also analyzes investment and savings trends over the past decade, revealing an increase in Gross Capital Formation (GCF) and gross savings. <keyword id="19964112" type="General" weightage="20" keywordseo="noteworthy" source="keywords">Noteworthy</keyword> is the improvement in the <keyword id="20788020" type="General" weightage="20" keywordseo="incremental-capital-output" source="keywords">Incremental Capital Output</keyword> ratio (ICOR), indicating increasing efficiency of capital utilization and laying the groundwork for sustained economic growth. In conclusion, the findings of the SBI report suggest a promising outlook for India's economy, with the potential for sustained growth at 8 per cent in FY25. (ANI)

SBI report deciphers India's GDP surge and economic projections

<ul><li>The new fund offering (<keyword id="35472" type="General" weightage="20" keywordseo="nfo" source="Orion">NFO</keyword>) opens on December 1, 2023. </li><li>The fund is designed to strategically invest in <keyword id="62614" type="General" weightage="20" keywordseo="sectors" source="Orion">sectors</keyword> benefiting from India's <keyword id="6386662" type="General" weightage="20" keywordseo="economic" source="Orion">economic</keyword> shifts. </li><li>The fund will adopt a bottom-up strategy, selecting stocks across market caps. </li></ul>Axis Mutual Fund has launched the <keyword id="19658385" type="General" weightage="20" keywordseo="Axis-India" source="Orion">Axis India</keyword> <keyword id="5382838" type="General" weightage="20" keywordseo="manufacturing-fund" source="Orion">Manufacturing Fund</keyword>, an open- scheme that mirrors India's manufacturing landscape, and is benchmarked against the Nifty India Manufacturing TRI. The new fund offer (NFO) opens on December 1st, 2023, and seeks to enable investors to tap into the potential growth of India’s manufacturing sector, which is anticipated to expand in the years ahead. Investors can participate in the NFO until December 15, 2023. Why manufacturing as a theme? India is heading toward an exciting future, embracing modern technologies and focusing on sustainable growth. Government actions, along with labour and tax changes, position India as a competitive global manufacturing centre. India relies heavily on consumption, making it less prone to global economic shifts. The surge in growth is fueled by enhanced economic confidence driving product demand and efficient use of production capabilities. Hence, manufacturing as a theme holds a lot of promise. Axis India manufacturing fund's strategic focus The fund is designed to strategically invest in sectors benefiting from India's economic shifts, aiming for a diverse portfolio reflecting the depth of India's manufacturing strength. Encompassing sectors like capital goods, consumer durables, textiles, and pharmaceuticals, the fund will offer a comprehensive investment avenue within India's manufacturing landscape. Investment strategy across economic segments The fund targets three companies across three sectors of the Indian economy: Investments (Capex cycle): Companies boosting production through investments in equipment and research. Consumption: Industries witnessing increased demand due to rising incomes and a trend towards premium products. Net exports: The fund will be focused on companies benefitting from India's global supply chain integration. Investment approach and focus The fund will adopt a bottom-up strategy, selecting stocks across market caps. Emphasising active sector allocation and a 'Quality' investing style, it also aims to look at underrepresented segments in Indian listed markets. Says B Gop Kumar, MD and CEO, Axis Asset Management Compnany (AMC), "This thematic fund, is designed to capitalise on India’s growing momentum, focusing on sectors that stand to redefine India’s industrial contours.” Currently there are only a few manufacturing funds in India with a one and three year track record. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ff0000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Funds </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ff0000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1-year return (%) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ff0000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3-year return (%) </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Sun Life Manufacturing Equity Fund - Direct Plan </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.33 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.99 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Manufacturing Fund - Direct Plan </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">32.20 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">31.86 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Manufacture in India Fund - Direct Plan </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.62 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-- </td></tr></tbody></table> Source: Value Research “Investors should not take positions into these thematic funds for more than 10% of their portfolio allocation. That way if it doesn’t work out, they won’t face they won’t face a large drawdown on their portfolio,” says Abhishek Kumar, founder and chief<a href="https://business.outlookindia.com/invest/investment"> </a>investment advisor at SahajMoney, a financial planning firm. This is because thematic funds like manufacturing funds can carry higher risks due to their focused investment in specific sectors or trends. Their success hinges on the performance of those particular themes, making them more vulnerable to market fluctuations and industry-specific challenges.

New fund alert: 'Axis India Manufacturing Fund'

Hyundai will spend 2 trillion won ($1.51 billion) to build the 548,000-square-meter <keyword id="186291" type="General" weightage="20" keywordseo="ev" source="Orion">EV</keyword> factory in Ulsan, some 300 kms southeast of Seoul. When completed, it will be Hyundai's first domestic <keyword id="6362048" type="General" weightage="20" keywordseo="manufacturing" source="Orion">manufacturing</keyword> plant in 29 years since its Asan plant, built in 1996. The ceremony, held at the EV plant site, a former test drive site inside Hyundai's larger Ulsan plant, was attended by Hyundai Motor Group Executive Chair Euisun Chung and Ulsan Mayor Ki Du-kyum, reports Yonhap news agency. According to Hyundai, the envisioned facility will be operated through the company's innovative manufacturing <keyword id="49973" type="General" weightage="20" keywordseo="platform" source="Orion">platform</keyword> developed by the Hyundai Motor Group Innovation Center in <keyword id="6356662" type="General" weightage="20" keywordseo="singapore" source="Orion">Singapore</keyword>, the company's smart urban mobility hub. The platform factors in and streamlines elements involving workers' safety, convenience and efficient operations. It utilizes an artificial intelligence-based intelligent control system and environmentally friendly, low-carbon production methods. "The dedicated EV plant marks another beginning towards the era of electrification for the next 50 years," Chung said in his welcome remarks at the ceremony. Chung also pledged for Hyundai to work together with the local government to make Ulsan a "pioneering innovative mobility city," leading the era of electrification. Hyundai has previously announced a medium- to long-term goal of producing and selling 940,000 EV units by 2026 and 2 million units by 2030. After the event, Chung hinted that Hyundai intends to continue investing in the EV business despite recent cost-cutting efforts among global competitors, such as GM and Ford. "It's an investment we've been making, and while there are various methods, such as cost reduction, in the broader picture, the demand for EVs will inevitably continue to increase," Chung told reporters. Also featured at the ceremony was a video highlighting the history of Hyundai's Ulsan plant. In it, the late Chung Ju-yung, founder of Hyundai, whose image and voice were recreated using artificial intelligence technology, was seen praising the abilities of South Korean engineers. "Thanks to the outstanding abilities and dedication of these individuals, I am confident that the day is not far off when Korean cars, our cars, will dominate the global market," the late founder was portrayed as saying.

Hyundai Motor breaks ground on EV plant with 200,000 annual capacity

<ul class="summary-list"><li>John and Matine Yuksel moved from San Francisco to the Midwest in 2020.</li><li>The brothers and business partners lived in Iowa and Cincinnati while launching their startup.</li></ul>This as-told-to essay is based on a conversation with John Yuksel, 33, and Matine Yuksel, 29, two brothers who moved from <a target="_blank" href="https://www.businessinsider.com/moved-san-francisco-singapore-happier-safer-cleaner-2024-2">San Francisco</a> to Dubuque, Iowa, in 2020 to start Beltways, an accelerating walkway company. The brothers then moved to Cincinnati in 2022. Their company is based nearby in Northern Kentucky.John: We're children of immigrant parents who grew up in southern Arizona.I've always known I wanted to be close to my brother. He's my only sibling. We lived in San Diego for a few years after college, and then we moved to San Francisco in 2018.Matine: <a target="_blank" href="https://www.businessinsider.com/moved-san-francisco-worth-it-cost-of-living-negativity-2024-2">San Francisco</a> is amazing. It's the most diverse environment I've been in, and it's high-caliber for business, especially tech.John: Matine was working for Walmart e-commerce and then later got a job with Apple. I was working as an attorney.We were paying incredibly high rent but we had the best view, looking over the Pacific Ocean with the sunset in our windows each night.But San Francisco was apocalyptic. During COVID, <a target="_blank" href="https://www.businessinsider.com/san-franciscos-state-of-emergency-coronavirus-covid-19-city-impact-2020-2">the streets were barren</a>. It felt unsafe. I had my car broken into multiple times.Matine: COVID helped us rethink and reprioritize things. Rather than work to release the next-generation iPhone, I wanted to make a new product that few people have ever heard of.John: <a target="_blank" href="https://www.beltways.com/">Beltways</a> is really our father's dream. Forty years ago, he was living in Istanbul and he realized today's forms of mobility were not moving people efficiently. He thought up a modular design to make walkways 10 times faster.<div type="image" title="John and Matine Yuksel with their parents." height="1536" width="2252" msid="110421218" hostid="261" sizebytes="289192"></div>My brother and I always wanted to do something together and years after our father came up with the idea, we started looking into it.Matine: We established Beltways in July 2020. We quickly realized we had to move out of San Francisco. It would have been way too expensive to do what we needed there.John: It wasn't the right place for our startup. We're a big hardware manufacturing startup. It made a lot more sense to be near industrial clusters of technology. We wanted to be in the Midwest, where there's still viability for manufacturing.Matine: John met someone with experience in the walkway industry and he offered us a shop out in Iowa.<h2 id="683e136a-4c58-4453-8b96-540a904306c6">We moved to Dubuque, Iowa, in 2020</h2>John: It was a <a target="_blank" href="https://www.businessinsider.com/genz-moving-10-states-midwest-mountains-dakotas-idaho-iowa-utah-2023-10">very small town in the middle of the cornfields</a>, an hour and a half from any airport. Dubuque is a beautiful, quiet town on the Mississippi River. We could drive anywhere in town in two minutes.We basically lived in a mansion. We had a three-story, four-bedroom place for half the price of our condo in San Francisco.Matine: The snow was definitely a change of pace. We got our fair share of workout shoveling.It was a different way of life. We needed to be focused and <a target="_blank" href="https://www.businessinsider.com/moved-from-california-iowa-retire-stayed-less-than-2-years-2024-3">Iowa</a> was good because we didn't have too many distractions. The two years we spent in Iowa went by very fast.<div type="image" title="John and Matine Yuksel pose with their father in front of a Dubuque sign" height="576" width="1024" msid="110421220" hostid="261" sizebytes="71538"></div>John: We built the prototype for the world's fastest-moving walkway while we were living there. It was a hundred-foot-long system and it got us our first VC check.That was a big milestone for us. We put all our money into this company. We left stable jobs. We refinanced our home. There's been nothing more fulfilling than making our father's invention something commercial.Matine: It was a surreal day when he came out and rode the system for the first time. It was the icing on the cake to see his excitement standing on something he thought up so many years ago.John: We needed to start scoping out the next spot for our company. The next step was to pilot our walkway. We were invited by several airports to do a pilot demo of our system.We knew CVG Airport in <a target="_blank" href="https://www.businessinsider.com/best-things-to-do-cincinnati-ohio-according-to-local-2021-8">Cincinnati</a> had a real track record of innovation and taking care of startups. The area was also advantageous for manufacturing. It's super cheap. The facility we're currently in is only a little more expensive than my rent in San Francisco, and this is 20,000 square feet.<h2 id="3a4a5472-6c0e-49c8-b89f-8c4a781568a7">We moved to Cincinnati in 2022</h2>John: We even moved our parents out here, too. We wanted our father to work with us and be part of the company in person. Our parents live three floors below us in our building in the Mount Adams neighborhood.Moving to Cincinnati felt like we were back in a big city after two years in Iowa. We have major sports teams and a large hub airport. It's a much more temperate climate.The winters have been pretty mild so far. The spring is lush and green. You can kayak down the rivers, and there are amazing trails nearby. The air quality is great. And the summers aren't 120 degrees like they were in Arizona.I met my partner, and now I have a child that was born here in Cincinnati. The city has become home for us. The company is here, the whole family is here.<div type="image" title="John and Matine Yuksel enjoy a football game in Cincinnati." height="1536" width="2730" msid="110421223" hostid="261" sizebytes="469158"></div>We miss life on the coast sometimes. California is a beautiful place. We love that climate and the diversity of people. <a target="_blank" href="https://www.businessinsider.com/san-francisco-some-tech-leaders-returning-ai-boom-talent-2024-2">San Francisco is where tech starts</a> and bleeds out from. It's really the birthplace of a lot of amazing stuff.Matine: But <a target="_blank" href="https://www.businessinsider.com/why-ohio-is-the-best-place-for-business">Cincinnati's tech scene</a> has also been very good to us. It's growing. It's a close-knit startup community. From the moment we got here, the community has been so welcoming.John: And it's a <a target="_blank" href="https://www.businessinsider.com/most-affordable-cities-us-renters-rent-living-alone-cincinnati-ohio-2021-7">lot cheaper here.</a><h2 id="ffde3de5-0cf1-481f-8058-f9c51cdc0865">Bringing our father's dream to life has been incredible</h2>Matine: We started Beltways in a humble garage in Tucson, where my brother built prototypes himself. Now, we're in a 20,000-square-foot facility here in Northern Kentucky, right next to our first airport customer. And we're US-made.John: Our goal is to become an official partner of the <a target="_blank" href="https://www.businessinsider.com/los-angeles-2028-olympics-2017-7">Los Angeles 2028 Olympics</a> to provide temporary high-speed conveyance.Cincinnati is a great place to raise a family and have a business. We see ourselves staying for the foreseeable future.But our ultimate goal is to make our walkways commonplace and spread this technology around the world. So wherever we have to go to make that possible, we will. This is bigger than us.

We're millennial brothers and business partners who left San Francisco's tech bubble for the Midwest manufacturing scene. We never would have been able to afford to launch our startup in California.  

<ul class="summary-list"><li>TSMC and a group of unions are in talks to address Arizona workers' safety and training concerns.</li><li>A spokesperson for the coalition said negotiations had made little progress.</li></ul>The monthslong <a target="_blank" href="https://www.businessinsider.com/tsmc-taiwan-semiconductor-phoenix-arizona-factory-chipmaker-job-qualification-debate-2023-8">feud between the world's leading chipmaker</a> and the union workers building its Arizona factory isn't over.Taiwan Semiconductor Manufacturing Co. and the Arizona Building and Construction Trades Council, which represents 14 unions and roughly one-quarter of the 12,000 workers on the TSMC site, have been in talks for about six weeks to address some of workers' <a target="_blank" href="https://www.businessinsider.com/tsmc-phoenix-arizona-chip-factory-taiwan-semiconductor-management-safety-workers-2023-8">safety, management, and training concerns</a>.Brandi Devlin, a spokesperson for the union coalition, told Insider that there hadn't been much progress in these negotiations and that TSMC had provided "no formal response to the agreement presented" by the council."We've had discussions with <a target="_blank" href="https://www.businessinsider.com/tsmc-jobs-taiwan-semiconductor-chip-worker-skills-work-ethic-2023-8">TSMC</a>, and we've provided what we feel is a good framework for an agreement," she said. "We are currently disappointed that we're not any closer to an agreement today than we were weeks ago when we started having these discussions."The two sides have been discussing the terms of an agreement that would provide a blueprint for how to handle a variety of issues that may arise during the construction process involving recruitment, pay, benefits, and working conditions. The unions are specifically seeking a project-labor agreement, a legally binding collective bargaining agreement that is unique to the construction industry. PLAs aren't standard business practice in Arizona, Devlin said, but there's recent precedent in the US — the <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.governor.ny.gov/news/governor-hochul-majority-leader-schumer-and-micron-welcome-president-biden-central-new-york">chipmaker Micron</a> entered into one with New York unions."We want to make sure that everybody on the job site, whether they're union or nonunion, is working in safe, healthy working conditions, that training is adequate, and that any type of issues that come up, that there's a mechanism for addressing those issues," Devlin said.When reached for comment, TSMC said that it kept an "open channel of communication with all our construction partners, and that includes the unions." The company did not comment on the status of its conversations with the unions.<div type="image" title="TSMC Phoenix site" height="3024" width="4032" msid="104219209" hostid="261" sizebytes="711592"></div><h2>The US is racing to build advanced chips domestically</h2>These discussions mark the latest development in the US's race to build more <a target="_blank" href="https://www.businessinsider.com/tsmc-us-china-tensions-may-dictate-fate-of-global-economy-2022-10">semiconductor chips</a>, which are used to power devices as varied as smartphones, televisions, and <a target="_blank" href="https://www.businessinsider.com/us-would-destroy-taiwan-semiconductor-factories-avoid-china-trump-adviser-2023-3">military equipment</a>. In summer 2022, President Joe Biden signed the <a target="_blank" href="https://www.businessinsider.com/chips-act-bill-to-boost-us-chipmaking-competition-with-china-2022-7">CHIPS Act</a> into law, which included over $52 billion in semiconductor subsidies to boost chip manufacturing in the US and <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/09/fact-sheet-chips-and-science-act-will-lower-costs-create-jobs-strengthen-supply-chains-and-counter-china/">create American jobs</a>.While the US is looking to boost manufacturing across the entire semiconductor industry, TSMC's investment is especially important for <a target="_blank" href="https://www.businessinsider.com/tsmc-us-china-tensions-may-dictate-fate-of-global-economy-2022-10">economic and national security reasons</a>.Taiwan's TSMC controls <a target="_blank" href="https://www.businessinsider.com/us-china-tech-war-computer-chips-semiconductor-plants-costing-americans-2023-1">as much as 90%</a> of the production of the most advanced chips. In the event China — which <a target="_blank" href="https://www.reuters.com/world/china/xi-china-will-never-renounce-right-use-force-over-taiwan-2022-10-16/">claims the territory as its own</a> — invades the island and chip production screeches to a halt, America doesn't want to be completely vulnerable.Last year, US Commerce Secretary Gina Raimondo said the US would face a "<a target="_blank" href="https://www.businessinsider.com/us-faces-deep-immediate-recession-taiwan-chip-supply-cut-2022-7">deep and immediate recession</a>" if it lost access to Taiwanese chips.This is why TSMC's decision to build <a target="_blank" href="https://www.businessinsider.com/companies-leaving-china-diversifying-supply-chains-apple-tsmc-mazda-2023-6">two chip factories</a> in Arizona has been <a target="_blank" href="https://www.businessinsider.com/tsmc-phoenix-chip-semiconductor-factory-biden-global-economy-china-taiwan-2022-12">viewed by experts</a> as a major development. And that's why any hiccups that push back the factories' construction — and perhaps jeopardize TSMC's <a target="_blank" href="https://www.businessinsider.com/why-tsmc-chipmaker-investing-billions-us-cost-more-make-chips-2022-12">long-term investment</a> in the US — could be concerning.While Devlin said the discussions had not disrupted work on the site, two workers told Insider that resolving the unions' <a target="_blank" href="https://www.businessinsider.com/tsmc-phoenix-arizona-chip-factory-taiwan-semiconductor-management-safety-workers-2023-8">safety concerns</a> would help get construction back on track. They said safety issues on the site had contributed to low-quality work that required repairs and therefore hindered progress."It slows everything down," said an engineer who has worked on the site for over a year. "The single biggest issue where I see no resolution is the safety issue." The engineer's identity is known to Insider but has been kept anonymous due to their fear of professional repercussions.TSMC has <a target="_blank" href="https://www.businessinsider.com/tsmc-phoenix-arizona-chip-factory-taiwan-semiconductor-management-safety-workers-2023-8">defended</a> its commitment to safety and said that its safety-incident rate was nearly 80% lower than nationally reported figures. When previously asked about workers' accusations of safety violations, a TSMC spokesperson <a target="_blank" href="https://www.businessinsider.com/tsmc-phoenix-arizona-chip-factory-taiwan-semiconductor-management-safety-workers-2023-8">said</a>: "TSMC is deeply committed to workplace safety in the operation of all our facilities, along with each of our active construction projects, including TSMC Arizona."<div type="image" title="TSMC phoenix" height="3024" width="4032" msid="104219210" hostid="261" sizebytes="640670"></div><h2>Construction in Phoenix hasn't gone according to plan</h2>Tensions between <a target="_blank" href="https://www.businessinsider.com/tsmc-taiwan-semiconductor-phoenix-arizona-factory-chipmaker-job-qualification-debate-2023-8">TSMC and Arizona workers</a> heightened in July, when the company cited an "insufficient number of skilled workers" as a reason the factory's opening date would be pushed back by a year to 2025. TSMC said it planned to get construction back on track by sending experienced technicians from Taiwan to train US workers, a development that surprised union officials and raised concerns."TSMC was not providing any details on the number of workers, the timetable of when they would be coming over, the type of training that they would be offering," Devlin said, adding, "There also were concerns whether these workers were going to be displacing the construction workers."This development, in addition to <a target="_blank" href="https://www.businessinsider.com/tsmc-phoenix-arizona-chip-factory-taiwan-semiconductor-management-safety-workers-2023-8">safety concerns</a> raised by some workers on the site, led an Arizona pipe trades union to start a petition that urged US lawmakers to deny the visas of the incoming Taiwanese workers. In a late-July <a target="_blank" href="https://www-bizjournals-com.translate.goog/phoenix/news/2023/07/27/tsmc-worker-shortage-phoenix.html?_x_tr_sl=auto&amp;_x_tr_tl=en&amp;_x_tr_hl=en&amp;_x_tr_pto=wapp">op-ed</a>, the Arizona Building and Construction Trades Council's president, Aaron Butler, said that TSMC should not blame US workers for its construction delays — and accused the company of using this as an excuse to bring in cheaper labor from abroad.Tensions may have cooled a bit in recent months. TSMC has maintained that it has no <a target="_blank" href="https://www.businessinsider.com/tsmc-taiwan-semiconductor-phoenix-arizona-factory-chipmaker-job-qualification-debate-2023-8">plans to replace any US workers</a> and that any Taiwanese workers who come to Arizona would only be there for a limited timeframe. The local pipe trades union has taken down its petition, and in August, TSMC and the state of Arizona signed a <a target="_blank" href="https://www.businessinsider.com/tsmc-phoenix-arizona-chip-factory-taiwan-semiconductor-management-safety-workers-2023-8">workplace-safety agreement</a> that would subject the company to higher safety standards.Last week, the national pipe trades union, a member of the union coalition, said it was confident the discussions would eventually lead to a "win-win-win" outcome for labor, contractors, and TSMC.But if progress on the discussions stalls for much longer — and workers' concerns persist — any better vibes might not last.If the two sides ever come to an agreement, the unions are hoping the federal government will help them enforce it. TSMC is seeking <a target="_blank" href="https://www.businessinsider.com/tsmc-taiwan-semiconductor-phoenix-arizona-factory-chipmaker-job-qualification-debate-2023-8">billions of dollars of US subsidies</a> from the Department of Commerce via the CHIPS Act, but receiving funding could come with greater scrutiny."We're kind of looking to the Commerce Department to say, 'If you're going to be giving companies like TSMC funds that are going to help build this project, there should be some type of guidelines in place," Devlin said. "In that ideal world, this labor agreement would be part of those guidelines."

TSMC is stalling an agreement that would make its Phoenix plant safer and more efficient, an Arizona union says

<ul class="summary-list"><li>Airbus reported 2,319 gross orders for aircraft in 2023 versus Boeing's 1,456.</li><li>Behind for the fifth year running, it adds to Boeing's troubles over the last week.</li></ul><a target="_blank" href="https://www.airbus.com/en/newsroom/press-releases/2024-01-airbus-reports-strong-2023-commercial-aircraft-orders-and">Airbus</a> reported record order numbers for 2023, beating out its big rival Boeing once again to compound a dreadful week for the American aircraft giant.The European manufacturer said Thursday it received 2,319 gross orders, or 2,094 net orders, throughout last year.That smashed the previous record it set with 2013's orders which totaled 1,619.By comparison, <a target="_blank" href="https://edition.cnn.com/2024/01/09/business/boeing-orders-deliveries-2023/index.html">Boeing reported</a> Tuesday it received 1,456 gross orders last year, per CNN.Boeing's numbers are still largely successful as 2023 proved to be one of its best years for orders, but it's still far behind Airbus.Coupled with the Federal Aviation Administration announcing a <a target="_blank" href="https://www.businessinsider.com/faa-investigation-boeing-alaska-airlines-door-plug-2024-1">formal investigation into Boeing</a> following last Friday's Alaska Airlines blowout, the past seven days have been painful for the American manufacturer.<a target="_blank" href="https://www.businessinsider.com/boeing-ceo-says-alaska-airlines-blowout-caused-by-quality-escape-2024-1">Boeing CEO Dave Calhoun</a> told CNBC Wednesday that the blowout was caused by a "quality escape."All 171 Boeing 737 Max 9 jets with a door plug have been grounded as the company revises its initial inspection instructions to operators. Alaska Airlines canceled hundreds of flights as a result.Airbus also reported delivery numbers of 735 aircraft to 87 customers, which CEO Guillaume Faury said was "on the upper end of our target."The majority of those, 571, were narrowbody A320 jets. Although Christian Scherer, Airbus CEO for commercial aircraft, said the widebody market had recovered from the pandemic, "much sooner than expected, and with vigor."Scherer told a press conference the <a target="_blank" href="https://www.businessinsider.com/airbus-a321xlr-will-be-a-game-changer-2023-7">Airbus A321XLR</a>, its newest narrowbody jet with a longer range, will first be delivered in the second quarter of this year, per <a target="_blank" href="https://www.reuters.com/business/aerospace-defense/airbus-posts-record-orders-keeps-delivery-crown-2023-2024-01-11/">Reuters</a>."A number of factors came together to help us achieve our goals, including the increased flexibility and capability of our global industrial system, as well as the strong demand from airlines to refresh their fleets with our most modern and fuel-efficient aircraft," Faury said."This is a remarkable achievement," he added. "My thanks goes to our customers, supplier partners and all the Airbus teams who made it happen."

Airbus compounded Boeing's awful week by cementing its status as the world's biggest plane manufacturer for a 5th year running

<ul><li>IMD forecasts a searing summer with “above normal” temperatures in most of northeast, eastern, central India and parts of northwest India.</li><li>Japanese electronics brand Panasonic expects a good summer with double digit growth.</li><li> JM Financial is of the view that demand for ACs will pick up this March and dealers are stocking up inventory.</li></ul>The summer of 2023 got off to an early start, and even with gusts of hail and wind, unpredictable and unseasonal weather is bringing cheer to makers of air conditioners. “We believe summer-23 is likely to be a healthy season for <keyword id="7743494" type="General" weightage="20" keywordseo="ac-manufacturers" source="Orion">AC manufacturers</keyword>, given soaring temperature and higher probability of occurrence of heat waves across cities and normalisation of commercial activities,” said a report by JM Financial. The report suggests that AC demand will pick up this March, and dealers have already started stocking up inventory in anticipation of good sales. Analysts at JM Financial believe that this year is widely expected to be a little hotter than the previous two years globally “mainly because of the expected end of the strongest ever La Niña event”. The India Meteorological Department (IMD) too forecasts a searing summer with “above normal” temperatures in most of northeast, eastern, central India and parts of northwest India. In fact in March, several parts of the country have been impacted with <a href="https://www.businessinsider.in/india/news/erratic-rains-thunderstorms-more-in-march-impacts-lives-and-livelihoods/slidelist/98807776.cms">erratic environmental changes </a>including early monsoon, hailstorms and strong winds. This was right after an unusually hot February. Besides, it also expects heat waves during March-May in most parts of India, except for the northeastern states, Jammu and Kashmir, Uttarakhand, Himachal Pradesh, Kerala and coastal Karnataka. Hot summer to bring hot sales for AC manufacturers Japanese electronics brand Panasonic also expects a good summer with double digit growth. “At Panasonic, we are expecting healthy growth for our summer products such as ACs, refrigerators, etc., to name a few. Last year for our cooling products like ACs and refrigerators, we registered around 35% (for April 2022 till February 2023 as compared to the same period in 2021). this year we are hoping for continued growth momentum registering double-digit growth,” said Fumiyasu Fujimori, MD, Panasonic Marketing India, Panasonic Life Solutions India. High demand from Mumbai &amp; Bengaluru Analysts say that demand has already picked up in anticipation of a hot summer. The report stated that demand in all major cities like Delhi, Chennai, Hyderabad and Kolkata witnessed moderation currently, whereas Mumbai, Bengaluru and certain pockets in Ahmedabad are witnessing pickup in demand given the early onset of summer. The brokerage firm has stated that Voltas remains their top pick, followed by <keyword id="152126" type="General" weightage="20" keywordseo="blue-star" source="Orion">Blue Star</keyword> and Amber Enterprises. Analysts feel that rising disposable income, improving standard of living and willingness to spend on comfort is the reason why demand for such white appliances is increasing. “With the increase in disposable income, rapid urbanization, improving standard of living, and easy financing options, consumers are willing to spend on appliances that are energy-efficient, smart, connected, and provide comfort and convenience that enhances their lifestyles,” said JM Financial. The Consumer Electronics and Appliances Manufacturers Association is expecting sales in the summer periods of March to May this year to be anywhere between 15% to 20% higher than last year, according to a report by <a href="https://www.cnbctv18.com/business/consumer-durable-makers-gear-up-make-hay-while-sun-shines-expect-20-percent-growth-in-sales-16226681.htm">CNBCTV18</a>. Channel check with dealers by JM Financial shows that demand for Voltas and other brands like Lloyd, Hitachi and Panasonic is better than previous years. They say that currently, demand for products of Voltas remains high, especially in lower tier cities because of higher brand awareness. However, with increased product offering by other brands, dealers anticipate pickup in demand from other brands as well. Analysts say Blue Star continues to be a preferred brand in Southern markets, while their presence in the North is also increasing. Other players such as Lloyd and LG continue to be preferred brands of choice for customers in South India whereas Daikin, Hitachi, LG and Panasonic are prominent in West India, says the report. Listed AC manufacturers <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AC manufacturers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change YTD </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Blue Star </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.53% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Voltas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.94% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amber Enterprises India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.73% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Johnson Controls Hitachi Air Condition </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.21% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Room for growth Besides, the Indian summer has broken multiple heat records over the past decade and created a strong demand for air conditioning in Indian homes and offices, says Statista, a data platform. “Increasing demand for home appliances , along with a fairly low penetration rate, has left the Indian <keyword id="6365348" type="General" weightage="20" keywordseo="air-conditioner" source="Orion">air conditioner</keyword> market with plenty of room to grow and is estimated to reach 9.7 million units in the financial year 2023,” said Statista. Adding to the celebration, since October 2020, the Indian government has banned imports of ready-to-install air conditioners, providing a boost to manufacturers in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/digitalisation-credit-growth-government-policies-to-drive-msme-growth-say-experts/articleshow/98962354.cms">Digitalisation, credit growth, government policies to drive MSME growth, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/first-82-days-of-2023-see-more-layoffs-than-the-entire-2022/slidelist/98960848.cms">First 82 days of 2023 see more layoffs than the entire 2022</a>

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