Mercedes battery plant creates 600 Alabama jobs and more business news

0

Mercedes battery factory creates 600 jobs in Alabama

Mercedes-Benz has opened a new electric vehicle battery plant near Tuscaloosa, Alabama that will create up to 600 new jobs.

The German automaker said Tuesday the Bibb County plant opened months before Mercedes plans to start manufacturing two all-electric SUVs at a large assembly plant in nearby Tuscaloosa.

The new battery plant will manufacture cells for the EQS and EQE SUVs, which will be built for sale in the United States and for export, the company said in a statement. Mercedes said it has spent about $1 billion on the battery plant and upgrading the Tuscaloosa assembly line to make electric vehicles. The Alabama battery plant will manufacture lithium-ion batteries with advanced chemistry containing nickel, cobalt and manganese, Mercedes said.

It is one of six battery factories the company plans, including two in Germany, one in China, one in Thailand and one in Poland. Mercedes plans to build electric vehicles at seven factories on three continents.

Mercedes already employs about 4,500 people at the Tuscaloosa assembly plant, which made about 260,000 SUVs last year. The plant can build internal combustion engine vehicles on the same line as electric vehicles, Mercedes said.

Walmart and Capital One add technical offices in Atlanta

Two other large American companies, Walmart Inc. and Capital One, are setting up technology centers in Atlanta.

Walmart’s Global Tech division will create 140 jobs in fields such as data science and software engineering. He hasn’t found offices yet.

“Atlanta is a major location for both Walmart and the cybersecurity industry, with growing strengths in software engineering, AI, machine learning and data science,” the tech giant announced Tuesday. the distribution.

The announcement also noted that Walmart is working with historically black colleges and universities to increase participation of underrepresented groups, such as women and people of color. Walmart offers tuition assistance programs for employees at Morehouse and Spellman Colleges in Atlanta, and the city is one of the nation’s fastest-growing tech hubs for minorities.

Atlanta will be Walmart’s eighth U.S. technology hub. His jobs are posted on Walmart’s website. The company says workers will start working virtually and shift to a hybrid work model as they search for space. He did not give a time frame.

Capital One said it would hire hundreds of engineering positions focused on cloud, data, machine learning and cybersecurity, as well as product managers.

Wholesale prices jump 10% in February

Wholesale inflation in the United States jumped 10% last month from a year earlier – another sign that inflationary pressures remain intense at all levels of the economy.

The Labor Department said Tuesday its producer price index — which tracks inflation before it hits consumers — rose 0.8% from January. The increases are in line with economists’ forecasts.

Wholesale energy prices have increased by 33.8% over the past year and food prices by 13.7%.

The report did not include price changes after Feb. 15, missing a spike in energy prices when Russia invaded Ukraine nine days later.

Excluding volatile food and energy prices, headline inflation rose 0.2% from January and 8.4% from February 2021.

Last week, the government announced that soaring petrol, food and housing prices pushed consumer prices up 7.9% in February from a year earlier, the highest rise since 1982.

Puerto Rico government emerges from bankruptcy after seven years

Puerto Rico’s government officially emerged from bankruptcy on Tuesday, completing the largest public debt restructuring in U.S. history after announcing nearly seven years ago that it was unable to pay its debt of over $70 billion.

The exit means the U.S. Caribbean Territory’s government will resume $1 billion in payments to bondholders for the first time in several years, settle some $1 billion in claims filed by local residents and businesses, and will issue more than $10 billion in bonds. The government will also restore up to $1.3 billion taken from a public pension system.

“This is a significant achievement,” said Natalie Jaresko, executive director of the federal board of control that oversees Puerto Rico’s finances and its debt restructuring process. “Stay bankrupt has been a drag on the economy in many ways.”

The bankruptcy led to widely criticized austerity measures on an island that paid around $1 billion in consultancy and attorney fees and other expenses in the process.

The exit was a priority for the board and Jaresko, who previously announced she would retire on April 1. A replacement has not yet been named. The council is expected to remain in place until Puerto Rico has four consecutive balanced budgets, a feat that has yet to be achieved.

— Compiled by Dave Flessner

Share.

Comments are closed.