Caterpillar unveils new electric construction machines at Bauma 2022

The construction industry converged in Munich last week for the Bauma 2022 convention. The show attracted more than 495,000 visitors from over 200 countries. Ritchie Bros. was there with a packed program of events with a line-up of speakers to help visitors gain insights in the latest trends and technology in equipment management.

But when it comes to the OEMs in the construction industry, everyone looks to Caterpillar Inc. for what comes next. German Cat dealer Zeppelin was in attendance to unveil four new electric prototype machines: a 20-tonne 320 medium electric excavator, a 950 GC medium electric wheeled loader, a 301.9 electric compact excavator, and a 906 electric compact wheeled loader.

The construction machines are powered by Caterpillar-designed battery prototypes and include an on-board AC charger. The batteries will also be available to power other industrial applications.

“Caterpillar is well positioned to help customers reach their sustainability goals, including lowering emissions on the jobsite,” said Construction Industries Group President Tony Fassino in a press release. “It’s important we meet customers on their sustainability journey today with a variety of solutions including machines that run on renewable fuels or technology that increases fuel efficiency, as well as supporting them into the future as we power our next generation of machines.”

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Battery-powered construction machines have up until this point been mostly confined to compact equipment, but the 20-tonne electric excavator showed the potential for full electric to go bigger. Cat’s two compact models are expected to hit the market in 2024, but those wanting the excavator and wheeled loader will have to wait, as no release date was provided.

Caterpillar experience strong demand and order activity in third quarter

Heavy-equipment OEM Caterpillar released a third-quarter earnings report that beat Wall Street profit estimates thanks to price increases and strong demand.

Shares surged 9% for the construction and mining equipment manufacturer after it reported a net income increase of $2.04 billion. That topped estimates of $1.68 billion.

“We are actually wrapping some price increases that we saw in the third quarter – fourth quarter of last year,” Chief Financial Officer Andrew Bonfield told analysts. “We will see slight moderation of price in the fourth quarter, still very strong.”

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The company added that margins have been hit by labor costs, manufacturing inefficiencies, and slumping sales in China. However, Cat’s resource division has benefited from soaring oil and gas prices, as drilling increased and demand for sector-specific equipment led to a 30% jump in sales.

John Deere makes investment in growth fund for entrepreneurs of color

Deere & Company announced it will be entering a partnership in Advantage Capital’s Empower the Change growth fund, which provides entrepreneurs of color access to capital in order to grow their businesses and create community wealth. The company says the commitment is part of a broader objective of allocating US$500 million within the next three years to identify and grow relationships with underrepresented and disadvantaged business enterprises, creating a more diverse and sustainable supplier network within the agriculture industry.

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