Cummins Inc. CMI said Monday it will invest more than $1 billion in its U.S. engine manufacturing network in North Carolina, Indiana and New York. The announcement comes as President Joe Biden is scheduled to visit a Cummins plant in Fridley, Minn., on Monday to support domestic manufacturing. Cummins said it plans to begin manufacturing electrolyzer technology for hydrogen production in a few weeks. It’s upgrading its facilities as part of an industry-wide push for “fuel agnostic engine platforms” to run on low carbon fuels, including natural gas, diesel and eventually hydrogen. Cummins stock is down 1.4% in 2023, compared to a 7% increase by the S&P 500 SPX.
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