Welcome to our dedicated page for Cummins news (Ticker: CMI), a resource for investors and traders seeking the latest updates and insights on Cummins stock.
Cummins Inc., headquartered in Columbus, Indiana, is a global leader in power solutions. The company designs, manufactures, distributes, and services diesel and natural gas engines and related technologies. This includes fuel systems, controls, air handling, filtration, emission solutions, and electrical power generation systems. With a workforce of approximately 75,500 employees, Cummins operates in around 190 countries through a network of 600 company-owned and independent distributors and 7,200 dealer locations.
Cummins' product portfolio is highly diversified. It includes engines used in commercial trucks, off-highway machinery, and railroad locomotives. The company also manufactures standby and prime power generators and powertrain components such as transmissions, turbochargers, aftertreatment systems, and fuel systems. Cummins has maintained its position as the top manufacturer of diesel engines despite intense competition and stringent government regulations on carbon emissions.
One of Cummins' recent achievements is the inauguration of a new state-of-the-art facility in Jamshedpur, India, in partnership with Tata Motors. This facility focuses on producing hydrogen-based internal combustion engines for medium and heavy commercial vehicles, reflecting the company's commitment to sustainable and zero-emission technologies. This project aligns with Cummins' long-term sustainability plan, PLANET 2050, aimed at addressing climate change and resource use while improving communities globally.
Cummins continues to expand its technological capabilities to support its Destination Zero strategy, which aims to advance decarbonization and offer customers a wide range of zero-emission products. In 2023, the company reported earnings of $735 million on sales of $34.1 billion, indicating a robust financial performance. Cummins remains committed to its core principles of sustainability, innovation, and customer success, driven by its vast technological expertise and global manufacturing network.
Cummins Inc. (NYSE: CMI) announced the appointment of Marvin Boakye as its new Chief Human Resources Officer, effective November 7, 2022. Boakye, previously Chief People & Diversity Officer at Papa John's, brings over 25 years of HR experience across multiple industries, including manufacturing and automotive. He will oversee global HR strategies to enhance employee experiences and foster diversity and inclusion within the company. CEO Jennifer Rumsey expressed confidence in Boakye's ability to contribute significantly to Cummins' growth during a critical time for the industry.
Cummins Inc. (NYSE: CMI) is set to construct a new gigawatt electrolyzer manufacturing plant in Guadalajara, Spain, bolstering its commitment to the green hydrogen economy. The 200,000 sq. ft. facility, expected to be operational by the end of 2023, will create around 150 initial jobs with potential for 200 more. This plant will produce 500MW of electrolyzers annually, scalable to over 1GW. Cummins aims to support European sustainability goals and enhance hydrogen generation technology, contributing to its carbon neutrality targets.
Cummins Inc. (NYSE: CMI) announced a quarterly cash dividend of $1.57 per share, payable on December 1, 2022. Shareholders of record by November 18, 2022 are eligible. This initiative reflects Cummins' commitment to returning value to its investors, showcasing financial stability amidst potential challenges in the market.
Cummins Inc. (NYSE: CMI) is set to begin manufacturing electrolyzers in
Atura Power has chosen Cummins (NYSE: CMI) to develop the electrolyzer system for Ontario's first 20-megawatt green hydrogen facility at the Niagara Hydrogen Centre. The facility will utilize Cummins' proton exchange membrane (PEM) technology powered by renewable hydroelectricity to produce carbon-free hydrogen for industrial clients. The project is set to launch in early 2024 and aims to support Ontario's decarbonization efforts. This collaboration marks a significant step towards establishing a hydrogen economy in Canada.
Cummins Inc. (NYSE: CMI) has announced the installation of its second largest solar array at the Rocky Mount Engine Plant in North Carolina. This 3.62 MW solar farm, covering 14 acres, will produce approximately 5.6 million kWh of power annually and aims to cut greenhouse gas emissions, supporting Cummins’ PLANET 2050 initiative to reduce emissions by 50% by 2030. The project utilizes solar tracking panels to enhance efficiency and is part of Cummins' broader strategy to increase renewable energy across its global facilities.
Cummins Inc. (NYSE: CMI) debuted its fourth-generation hydrogen fuel cell engine and new Meritor ePowertrain technologies at the IAA Transportation show in Hannover, Germany. The event marks the first public showcase of Cummins’ comprehensive zero-emissions technology portfolio, including a lithium iron phosphate (LFP) battery pack aimed at medium-duty trucks. Collaborations with major companies like Scania and Daimler Trucks highlight Cummins' commitment to decarbonization. The new technologies promise efficiency and cost advantages in electrified commercial vehicle applications.
Cummins Inc. (NYSE: CMI) announces that its Tier 4 QSK95 engine can now utilize renewable diesel without compromising EPA emission standards. This initiative, developed in partnership with Siemens Mobility, aims to support customers in reducing carbon emissions.
Testing revealed that using renewable diesel results in up to 13% lower NOx emissions and a 50% reduction in Particulate Matter. The use of hydrogenated vegetable oil (HVO) enhances the environmental sustainability of locomotives, demonstrating Cummins' commitment to decarbonization initiatives.
Cummins Inc. (NYSE: CMI) recently showcased Meritor's 17Xe ePowertrain at the IAA Transportation tradeshow in Hannover, Germany. This new powertrain is tailored for heavy-duty trucks, supporting up to 44 tons of gross combined weight. The system includes a lithium iron phosphate battery, enhancing Cummins' electrification efforts. Vice President Amy Davis emphasized their commitment to quick market entry for decarbonized transport solutions. The integration of Meritor's expertise positions Cummins as a leader in both electric and internal combustion powertrains.
Cummins Inc. (NYSE: CMI) plans to enhance its PEM electrolyzer manufacturing capacity at its Belgium factory to 1 gigawatt (GW) as part of the EU's IPCEI Hy2Tech program, recently approved by the European Commission. This initiative, supported by the Flanders Innovation & Entrepreneurship Agency, will advance the production of hydrogen systems. The expansion aligns with Cummins' commitment to driving the green hydrogen economy, facilitating new infrastructure projects, and helping to meet decarbonization goals globally. The company is also scaling production capabilities at facilities in Canada, Spain, and China.
FAQ
What is the current stock price of Cummins (CMI)?
What is the market cap of Cummins (CMI)?
What does Cummins Inc. specialize in?
Where is Cummins Inc. headquartered?
How many employees does Cummins Inc. have?
In how many countries does Cummins Inc. operate?
What are some recent achievements of Cummins Inc.?
What is Cummins' PLANET 2050 strategy?
What is the Destination Zero strategy?
How did Cummins perform financially in 2023?
What are the core business units of Cummins Inc.?
How does Cummins contribute to sustainability?
