Ford Motor Co. has announced plans to repurpose its plant located in Irapuato, Mexico, to manufacture drive units for the Mustang Mach-E electric vehicle. Previously used for producing transmissions for cars with gasoline engines, the plant has been operational since 2017 and currently employs over 700 individuals. A spokesperson for Ford Motor Co. stated that the company has earmarked more than $273 million for the conversion process.
The Mustang Mach-E electric vehicle, a flagship of Ford's electric vehicle lineup, is a production model that is distributed to approximately 40 countries across Europe and America. Sales data from January to August 2024 shows that the company has successfully sold over 41,000 units of the Mach-E in the United States alone. In line with trends seen among global automakers and parts suppliers, Ford is strategically positioning itself to join the movement of shifting electric vehicle production to the southwestern United States and Mexico. This strategic move highlights Ford's commitment to investing in sustainable and innovative technologies to meet the evolving demands of the automotive industry.
Illinois-based trucking and logistics company Midwest Transport Inc. announced the closure of its operations, affecting more than 650 employees and 480 drivers. The company, founded in 1980 in Robinson, Illinois, operated key terminals in Greenup, Illinois; Harmony, Pennsylvania; Memphis, Tennessee; and two terminals in Tampa and Jacksonville, Florida. According to the Federal Motor Carrier Safety Administration, Midwest Transport Inc. employed 480 drivers and 428 power units. Recent data reveals that the company's trucks underwent 244 inspections, with 65 of them being taken out of service, significantly higher than the industry average.
In terms of driver performance, Midwest Transport Inc.'s drivers were inspected 564 times, with 16 terminations over a two-year period, resulting in a driver attrition rate of nearly 3%, which is below the industry average of 7%. Violations by the company's drivers predominantly fell into the categories of substances/alcohol and driver suitability. The reasons behind the cessation of operations have not been officially announced by the company at this time.
Automotive manufacturer Stellantis has issued a recall for approximately 1.5 million Ram trucks, spanning model years from 2019 to 2024, due to a software defect. The recall pertains to a potential issue with the anti-lock brake software, which may inadvertently disable the stability control system. This system is crucial in maintaining vehicle control by managing throttle and brake inputs to prevent skidding.
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Despite the software flaw, Stellantis has reassured consumers that there have been no reported incidents or complaints related to the malfunction. In an effort to rectify the issue, authorized dealers will provide complimentary software updates to affected vehicles starting in October.
The United States government has recently implemented sanctions on two Russian shipping companies as part of a broader effort to impede Russian liquefied natural gas exports from the Arctic region. Additionally, two Indian companies, Gotik Shipping Co. and Plio Energy Cargo Shipping Opc, have also been added to the list of entities facing new sanctions. The Treasury Department has specified that these new sanctions specifically target Russia's Arctic LNG 2 project, which plays a critical role in the Russian government's strategic energy plans.
The Arctic LNG 2 project involves a clandestine fleet of natural gas tankers, which have previously been linked to illicit activities surrounding the transportation of crude oil. These vessels often engage in deceptive practices such as concealing ownership, operating without known insurers, and exploiting techniques to obscure locations by interfering with automatic identification systems. The new sanctions targeting the project are expected to significantly weaken Russia's energy options.
According to the most recent data, the sales of used trucks experienced a notable increase of almost 17% in July compared to the same period last year. Specifically, sales of Class 8 trucks rose by 16.9% to reach 22,800 units. The average retail sales price, which saw a decline of 14% year over year, showed a slight increase of 2.3% from the previous month, settling at $55,785. Additionally, the average mileage of trucks also saw a slight increase, up by 0.9% year over year to 429,000 miles, and up by 1.7% month over month.
Charles Smith, the regional business development and marketing manager at Mission Financial Services, noted that while sales typically slow down during the summer months, there was an unexpected increase in demand for trucks from June to July this year. Smith also highlighted that despite the slight uptick in sales, there is still uncertainty in the trucking industry due to inflation, interest rates, fuel prices and the upcoming elections.
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