fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Infrastructure Logistics

Phantom Auto brings remote driving technology for forklifts

Labor crunch in manufacturing industry addressed with remote work option

The Global Economics by The Global Economics
May 13, 2021
in Logistics, Technology, Top Stories, Transportation
Reading Time: 2 mins read
0
Phantom Auto brings remote driving technology for forklifts

Phantom Auto brings remote driving technology for forklifts

478
SHARES
2.7k
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

The California-based startup – Phantom Auto utilizes advanced technology to offer remote operation for vehicles in far-off places. The company has bagged a deal with Mitsubishi Logisnext Co where the drivers can operate forklifts sitting in one place. The company offers software that makes it easier to control the vehicles that are in a different location using remote operation.

The innovative technology will help the manufacturing industry as there is a massive difference in demand and supply. Lay-offs have been trending in the non-essential manufacturers as there is a halt in the operations and the manufacturers of the essential products are getting accustomed to the change with few employees. As per a study, the manufacturing labor shortage is estimated at 2.4 million by 2028. Due to restrictions caused by the pandemic there can’t be any sudden fix for the problem.

The global market for forklifts is over $ 45 billion and Kyoto -based Mitsubishi Logisnext is the third-largest company in the sector. The deal between Phantom Auto and Mitsubishi allows the drivers to manage the work remotely to move forklifts around a warehouse in California.

With this shift, there will be efficient workers available to work overcoming the geographical limitations. With the new technology forklift operation costs can be reduced by 30% or more.

Most of the countries, especially the U.S and Japan are grappling with the labor crunch. As there is a surge in the e commerce businesses for consumer goods there is a high need for the warehouses and distribution centers to get on track and boost their operations. Such software is required at these unprecedented times where there is a lack of workers and fear of the pandemic.

Phantom Auto invested nearly $20 million in the new technology; it plans to scale up the revenue with this deal. Additionally, the plan for future deployment in autonomous vehicle fleets can be augmented.

The company wants to secure self-driving vehicles in the future against uncertainties; in case there is any glitch that needs to be addressed, the humans on standby can control and navigate the vehicle. The company plans to use the same technology that it is integrating with the logistics in future robot taxis. Therefore the self drive segment will not have major deployment.

Tags: autocaliforniaeffecientforkliftinnovativekyotolay offsmanufacturermitsubishiphantomrobotsoftwarestartuptaxis
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

Related Posts

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy
Economy

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

by Riya Thomas
March 21, 2023
First Republic Shares Plummet Amid Liquidity Fears
Banking

First Republic Shares Plummet Amid Liquidity Fears

by Anuj Singh
March 21, 2023
Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated
Technology

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

by Rahil Adnan
March 21, 2023
Saudi Real Estate Refinance Company (SRC) mulls its largest refining deal worth $1.3bn with Alrajhi
Islamic

Saudi Real Estate Refinance Company (SRC) mulls its largest refining deal worth $1.3bn with Alrajhi

by Riya Thomas
March 20, 2023
$17 Billion Debt Deemed Worthless by Credit Suisse, Leaves Bondholders Indignant
Commercial

$17 Billion Debt Deemed Worthless by Credit Suisse, Leaves Bondholders Indignant 

by Rahil Adnan
March 20, 2023
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

First Republic Shares Plummet Amid Liquidity Fears

First Republic Shares Plummet Amid Liquidity Fears

March 21, 2023
Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

March 21, 2023
Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

March 21, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version