• Business Updates

    Ford Motor Pauses Work on Its Battery Plant

    Ford Motor temporarily suspended work at its battery plant Monday as it negotiates with striking members of the United Auto

    battery manufacturing plant
    battery manufacturing plant

    Workers. Ford stated its insecurity about operating competitively amid ongoing tensions with China and expanding their electric vehicle lineup by adding another battery chemistry type.

    Ford plans for the project, to be built on land that’s being prepared for industrial development approximately 100 miles west of Detroit, to start production by 2026 and produce 35 gigawatt hours annually – enough power for approximately 400,000 cars each year, according to Ford estimates.

    Blue Oval Battery Park Michigan will be the fourth battery manufacturing plant for Ford, having invested $3.5 billion so far. Here, lithium iron phosphate (LFP) batteries for electric vehicles (EVs), free from cobalt and nickel that are difficult and expensive to extract from the earth, will be produced – these lighter LFP batteries should increase range by faster charging rates; Ford anticipates producing batteries for all its EV models such as Mustang Mach E SUV, Focus electric sedan as well as F-150 and Expedition electric pickup trucks.

    Ford and its competitors have recently undertaken efforts to bring battery production closer to home, which allows them to reduce costs associated with sourcing raw materials needed for battery production and transporting them from overseas. Furthermore, this makes taking advantage of federal tax credits available to buyers of electric vehicles easier.

    battery manufacturer
    battery manufacturer

    Ford announced its plans in February, prompting political backlash due to its links with Chinese battery manufacturer Contemporary Amperex Technology Co. Limited (CATL). Virginia Gov. Glen Youngkin described CATL-Ford’s project as an attempt by Communist China to undermine American national security – sparking national security fears in his state.

    Ford executives responded that Marshall would become wholly owned subsidiary and under the control of Ford, with its operations and licensing managed directly by Ford itself. Additionally, no batteries produced at Marshall will be sold outside the U.S. This plant will be one of several where Ford plans to produce electric vehicle batteries at starting salaries between $20-50 an hour.

    Politicians such as state Sen. Mike Drake (R-Columbus) remain concerned, believing the battery factory in Marshall could violate a federal EV subsidy law which requires domestic production and raw material sourcing within the U.S. Officials are waiting for guidance from the Department of Energy as to whether this factory would fall foul of requirements set out in an appropriation bill passed last year by Congress ensuring money for EV subsidies does not flow to foreign companies that cannot compete effectively in America’s marketplace. This story originally appeared on MLive

  • Business Funding

    Business Loans in Manufacturing

    Manufacturing is an essential industry that fuels our economy and provides jobs. However, its start-up and operations can be

    Manufacturing is an essential industry
    Manufacturing is an essential industry

    costly; therefore, small manufacturers require business loans in order to start up operations. There is an array of debt financing solutions available for small manufacturers including SBA loans, conventional bank loans, private-investment banks, factoring, equipment financing purchase order financing mid prime alternative loans as well as business cash advance financing – each will play its part. When considering your financing options it’s essential that you weigh them carefully so as to select one suitable for your company!

    Working Capital

    Manufacturing businesses frequently turn to business financing solutions for working capital needs. From paying inventory bills and payroll costs, to expenses such as marketing expenses or rent payments, this funding option helps address cash flow problems before they escalate further. Furthermore, many lenders provide this funding without the requirement of collateral such as real estate or valuable assets as security for this financing solution.

    Equipment Financing

    small manufacturers use business loan financing options
    small manufacturers use business loan financing options

    Manufacturing businesses rely heavily on machinery in order to meet production quotas and achieve success. While investing in new and advanced machinery may be costly, investing is essential for growth and success – hence why so many small manufacturers use business loan financing options when purchasing used and new machinery that will benefit their company for years to come.

    Manufacturing companies incur considerable expenses when purchasing raw materials, with failure to secure sufficient supplies leading to delays in their manufacturing processes, costing both money and reputational damage. Luckily, manufacturing loan specialists offer financing options specifically for bulk orders of raw materials; that way you can be assured you’ll always have what’s necessary to produce quality products on schedule.

    Manufacturing businesses frequently need business loan financing for facility expansion. As your company expands, its initial startup location may no longer meet demand and competition – meaning small business loans help manufacturing firms keep pace.

    Finally, manufacturing business loans can also help your credit score as a manufacturer. By meeting all monthly loan payments on time and securing better loan terms in the future. Notably, some lenders require collateral as part of the loan agreement – such as manufacturing equipment or vehicles – as security for their loans. But the advantages outweigh any risks. To get started with manufacturing financing solutions on Connect2Capital, complete a simple application form. Within minutes you will know if you qualify and then choose an ideal lender partner to fund your manufacturing company.

  • Stocks

    Investing in Amazon Stocks

    Amazon stocks can be an excellent way to generate additional funds. But it’s essential to remember that investing in this long-term

    Amazon stocks
    Amazon stocks

    endeavor should only ever be treated as short-term spending and that all your funds should never go into one stock or company at the same time. Dollar-cost averaging can help ensure you don’t buy too many shares all at once.

    Amazon is an American multinational technology company known for its expertise in e-commerce, cloud computing, online advertising and artificial intelligence. Established by Jeff Bezos under the name Cadabra in 1994, this rapidly growing and innovative enterprise now commands market capitalization of more than $277 billion and boasts digital streaming services and electronic devices including the Kindle and Alexa.

    Amazon stock price volatility has been somewhat unpredictable in recent years, yet their revenue growth remains strong. Amazon is expected to post a profit of approximately $1.9 trillion this year which exceeds their market value; yet investors remain wary as Amazon invests heavily into their business.

    As a large tech company, Amazon faces regulatory scrutiny, particularly around anticompetitive practices and data collection. Furthermore, investments into fulfillment, delivery and AWS services as well as AI technologies continue to cut into its profits; however with more e-commerce efficiency gains as well as faster expansion into higher margin businesses like AWS and advertising services; its earnings forecast still offers room for upside.

    Amazon strong revenue growth
    Amazon strong revenue growth

    Amazon also provides cloud computing and digital streaming services, where it has first-mover advantages in both sectors, driving its revenues rapidly upward. Amazon has expanded into new markets such as China and India; experts expect revenue generated through these initiatives could double within 10 years.

    Investors will likely also look for potential dividend returns. Unfortunately, Amazon does not currently pay out dividends to shareholders which can be frustrating for income investors; however, given that the company is expanding at such an incredible pace and spending billions of dollars on growth alone it seems unlikely they would ever be able to continue paying a dividend in the near future.

    Short term, Amazon stock may continue its upward trajectory following its quarterly earnings report and strong revenue growth. However, as Amazon operates with tight margins and profitability fluctuates frequently, financial experts warn against investing any funds you will need within five years.

  • Family Finances

    How American Family Credit Card Debt Statistics Work

    American family credit card balance has hit record levels
    American family credit card balance has hit record levels

    Credit card debt can be an effective tool, helping to build credit quickly and pay for necessary items quickly. But it can also be an enormous source of strain – according to recent data, the average American family credit card balance has hit record levels and delinquency has skyrocketed; therefore, it’s crucial that Americans understand how debt statistics work as well as what actions can be taken by themselves to change them.

    In 2022, the average American household had an estimated credit card debt of $5,733, an increase from last year but significantly below its peak during the COVID-19 pandemic of 2020-2021. While this amount may seem high overall, not all age groups experience it equally – people between 40-49 have the highest average debt while those under 18 have some of the lowest balances.

    Note that credit card debt represents only a portion of total personal debt in America; other forms such as student loans and auto loans tend to be more widespread.

    Income level is one of the key determinants of credit card balances; those with higher incomes tend to earn more and be approved for credit cards with ease, helping them keep up with payments more easily than people in lower income brackets, who may struggle with maintaining minimum monthly payments resulting in an ever-increasing outstanding balance over time.

    Location can also have a big influence on credit card debt, as evidenced by data from WalletHub that shows average credit card debt

    saddled with credit card debt
    saddled with credit card debt

    across each state is closely correlated with unemployment rate and cost of living; states with higher interest rates also typically have more debt.

    No matter why a person may find themselves saddled with credit card debt, the most crucial step in taking action is talking to a credit counselor. A free credit counseling agency will have all of the tools and resources you need to tackle it successfully; from finding a repayment plan that fits with you to helping resolve issues with creditors.

    Maintaining a positive relationship with your credit cards is key to eliminating debt. To do this, set up a regular financial check-in routine – even something as simple as scheduling 30 minutes each month to review all accounts, track progress and make any necessary adjustments – for instance if you receive an unexpected raise or have emergency expenses that require more of your income, such as increasing payments may be needed. By taking these steps you could soon join millions of Americans living debt free! Good luck and congratulations on being one! — By Mary Mackey from CNBC Make It

  • Family Finances

    Millions of Americans Are Living Paycheck to Paycheck

    Millions of Americans live paycheck to paycheck
    Millions of Americans live paycheck to paycheck

    Millions of Americans live paycheck to paycheck, not only low-income earners. Unfortunately, living this way puts one at risk of financial disaster should they experience job loss or an emergency with no savings cushion to cover expenses.

    LendingClub recently published a report detailing that 64% of American consumers live paycheck to paycheck at least occasionally and 46% consistently, often because debt prevents them from building savings; but sometimes due to inflation and higher interest rates which leave households stretched thin even after tapping into reserves.

    Recent years have seen an upswing in people living paycheck-to-paycheck lifestyles, and not just millennials are struggling. Consumers of all income levels feel its effects – one out of every five Americans earning $100,000+ reported living from paycheck to paycheck according to a new report. Breaking this cycle may be difficult but developing habits of cutting spending and setting savings goals could be effective ways of breaking free.

    Attributes leading to Americans living paycheck-to-paycheck may include slow wage growth that has not kept pace with rising costs; compounded with rising student loan debt levels; as well as having to dip into savings accounts or borrow against assets for unexpected expenses – which has nearly 75% of us stressed about finances according to CNBC Your Money Financial Confidence Survey findings.

    As those entering retirement anticipate increasing monthly expenses, their expenses often become unmanageable. But it’s possible

    living paycheck to paycheck
    living paycheck to paycheck

    to reverse this situation and many Americans have done just that by cutting expenses or postponing nonessential purchases.

    One way for those living paycheck to paycheck to break out of this cycle is to either increase their income or reduce expenses. Raising income could involve taking on additional work, negotiating for a pay increase or applying for loans with lower interest rates.

    Living on the margin can create an irresistible urge to spend one’s earnings for enjoyment, yet it can be hard to resist spending their earnings without feeling guilt-ridden about doing so. This behavior, known as lifestyle creep, occurs among households of all income levels – one major challenge facing millennials in particular is not overspending or living beyond one’s means, even with student loan debt that eventually needs to be paid off. Writing out financial goals may help keep motivation at bay – posting them somewhere visible can serve as a visual reminder.

  • Jobs Market

    Why Should You Choose to Work in the USA?

    It’s no secret that America is one of the world’s leading economies, which explains why more people than ever before are choosing to work there. America offers a thriving business climate, high-quality health care options and a vibrant immigrant population

    American workers enjoy job security
    American workers enjoy job security

    bringing with them unique cultural traditions that enrich its workforce. While most American workers enjoy job security and salary satisfaction with working here, others may still be uncertain why working in America might be right for them – here are a few reasons it might be:

    In May, 339,000 new jobs were added – almost double projections. This marks an uptick in hiring following COVID-19-induced slowdowns; an excellent sign for both employers and employees alike who can take comfort knowing that jobs will soon be available to them. With unemployment now at 3.4%, Americans can feel confident about finding employment soon.

    Recent findings by the Bureau of Labor Statistics reveal that worker wages increased 0.3% year-on-year for June – which was lower than anticipated but still an increase of 4.4% from last year’s increase of 4.6%. This marks an encouraging sign as it indicates wages are finally catching up with inflation again.

    Last month, 157 million Americans entered the labor force, while unemployment dropped to its lowest point since May 1969. Unfortunately, however, many Americans remain discouraged from looking for work because they believe they don’t possess necessary qualifications or because no opportunities exist in their field – thus significantly increasing discouraged worker numbers relative to prior economic cycles.

    Americans work across various industries
    Americans work across various industries

    As the labor market expands, the Federal Reserve has kept interest rates high to help rein in inflation and prevent it from running amok. Unfortunately, 11 million job openings exist across America right now–two job opportunities for every unemployed American–leading many companies to offer sign-on bonuses, higher starting salaries and on-the-job training to attract qualified candidates.

    Although Americans work across various industries, the vast majority are employed in service-providing sectors – trade, transportation and utilities rank first with 27.8 million employees; education and health services come second followed by professional and business services before leisure and hospitality employees make up the third largest category of employees. When selecting a health insurance plan it’s essential that employees take into account their individual needs – for instance if you visit your doctor regularly then opting for at least a Silver plan would likely provide greater value.