NEW YORK, December 22, 2016 /PRNewswire/ --
The technology sector is a naturally changing, developing and innovative environment. There were several new developments that took place in the automation industry sector recently. According to a research conducted by Global Market Insights, Inc. the automotive electronics market is projected to reach $352.92 billion by 2023, from $185.05 billion in 2015. The projected growth is explained by an increasing adoption of automation technologies by manufacturers across the industry. Cemtrex Inc. (NASDAQ: CETX), General Motors Company (NYSE: GM), Tesla Motors Inc. (NASDAQ: TSLA), Intel Corporation (NASDAQ: INTC), Mobileye (NYSE: MBLY)
Innovative developments which make vehicles more efficient are taken into consideration alongside the projections. Like for example the new lithium-ion batteries coupled with electronic compressors for hybrid as well as electric vehicles designed to minimize the production costs. Another research by PWC has indicated that demand for the new digital technologies associated with connected and autonomous cars will grow, and with it the list of potential suppliers from outside the traditional automotive supply base.
Cemtrex Inc. (NASDAQ: CETX) operates in a range of business segments and provides solutions to manufacturing industries. Through its Electronics Manufacturing Services group the company provides end-to-end electronic manufacturing services including product design and sustaining engineering services, systems integration, testing services and assembled electronic products.
Cemtrex Inc. announced today that, "its consolidated results of operations for the twelve months ended September 30th, 2016.
Fiscal Year 2016 Highlights:
• Revenue increased by 65% to $93,704,560 for the twelve months ended in September 30, 2016 compared to $56,887,389 for the same period in 2015
• Net Income was up 76% to $4,994,045, equaling $0.59 per share, in the twelve month period ended September 30, 2016 compared to an income of $2,838,116 or $0.41 in the same period in 2015.
• EBITDA was up 120% to $9,053,839 in the twelve month period ended September 30, 2016 compared to EBITDA of $4,107,748 in the same period in 2015.
Commenting on the yearly results, Mr. Saagar Govil, Chairman and Chief Executive Officer of the Company remarked, "This past year we were able to complete two strategic acquisitions that allowed our revenues to increase 65%. Out net income also increased 76% mainly due to the increased income from the acquired operations. We have been able to establish a repeat customer base through our proven technologies, cost-effective manufacturing, and on-time delivery of equipment which creates a positive outlook for sustainable revenue growth."
"Overall, this year was a great year for Cemtrex with as we have seen our number of shareholders increase substantially and a significant increase in our average trading volume. Additionally, we have recently filed for a Rights offering with Source Group, through the issuance of preferred shares, which when completed, would provide us additional resources for pursuing larger acquisitions. Furthermore, with the incoming Trump administration's plan for increased infrastructure spending, we believe there is a lot to look forward to, as we continue to create value for our shareholders in the coming year," continued Mr. Govil."
Automotive company, General Motors Company (NYSE: GM), tests its wireless car chargers for EVs, self-driving vehicles. General Motors floor pad prototype wireless charging will allow its company's self-driving cars to charge on its own by driving into a parking spot or garage capable of wirelessly charging at 7.7 kilowatt and 11KW charge. "Wireless charging is a technology that our customers have told us they are interested in," Pamela Fletcher, GM executive chief engineer for electrified vehicles, said in a statement. "By testing the WiTricity prototype system, we can ensure that wireless charging systems will comply with proposed industry standards, which benefit the entire industry and consumers."
Tesla Motors Inc. (NASDAQ: TSLA) and Panasonic Corporation has had a long partnership together when it comes to the supply of Tesla's car batteries. Conversely, Tesla is looking at other options to decrease risks, leaning more towards suppliers from South Korea. According to Teslarati, a source for Tesla News, the company has met with electronic giants Samsung SDI, LG Chem and SK innovation, to talk over the possibility of supplying car batteries for Tesla's electronic cars. Tesla cars will be provided with tires from Hanjook Tire tires, and the OLED panels for the automotive systems will be by LG Display. An official from Tesla has released a statement saying: "Tesla intends to use more Korean technology on its Model 3... Tesla is testing the manufacturing capability and production of LG Chem, Samsung SDI and SK Innovation."
Intel Corporation (NASDAQ: INTC) Chief Executive Officer Brian Krzanich said the company will use $250 million over the next two years toward the development of self-driving cars. It's a clear sign that the computer chip giant wants to play a huge role in the future of automobiles. In a statement, Intel says the investment will help "push the boundaries on next-generation connectivity, communication, context awareness, deep learning, security, safety and more." Beforehand, the BMW said it was partnering with Intel and Mobileye NV (NYSE: MBLY), the Israeli supplier of driver assistance systems and sensors that supplies a large percentage of the auto industry, to produce fully autonomous vehicles by 2021.
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