Sales for 2020 were $7.1 billion, compared with $8.6 billion in 2019. The decrease is primarily attributable to weaker demand across all mobility markets due to customers idling operations through the middle of the year in response to the global COVID-19 pandemic.
In the fourth quarter of 2020, Exel Industries generated revenue of $267.4 million, up $31.1 million (+13.1%) compared with fourth quarter 2019. At constant foreign exchange rates and scope, fourth quarter revenue amounted to $254.6 million, up 7.7% from fourth quarter 2019.
The automotive industry is undergoing the most radical transformation since people sold their horses and carriages and purchased automobiles. Almost every automaker is investing billions of dollars to develop and market all-electric vehicles. The ag equipment industry, by contrast, does not appear to be investing billions into transitioning much of existing gas and diesel equipment to electric power.
Exro Technologies Inc. announced it has signed a collaboration and supply agreement with Clean Seed Capital Group Ltd. to integrate Exro's technology into Clean Seed's agricultural seeder and planter platforms, advancing the electrification of heavy farm equipment.
Agriculture in the future will see increasing use of scientifically precise farming techniques, where automated ‘agro-bots’ monitor, treat and work the land, using advanced technology designed to help maximize yields and minimize disease. With its experience in automation and agricultural mechanization, Yanmar is making steps into advanced field robotics research.
FPT Industrial, the global powertrain brand of CNH Industrial, announced it has acquired Potenza Technology, a company specialized in the design and development of electric and hybrid powertrain systems.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, we talk to a Solectrac executive about the company's search for a new investor. In the Technology Corner, Noah Newman talks about the majors' growing presence in the precision retrofit market.