FedEx voted #10 Most Admired Company
FedEx has been voted amongst the top ten most admired companies in the world, according to a survey by FORTUNE magazine.
The annual “World’s Most Admired Companies” report listed FedEx as the #10 ranked company. The survey measures nine attributes related to financial performance and corporate reputation.
“As we begin 40 years of operations, we are honored to be included on the FORTUNE Most Admired Companies List,” said Frederick W. Smith, chairman, president and chief executive officer, FedEx Corp. “The recognition is a testament to the service culture of FedEx and our 300,000 team members who go above and beyond for our customers every day.”
Since 2001, FedEx has ranked among the top 20 in the FORTUNE Most Admired Companies list. FedEx also earned accolades for its reputation and culture among numerous regional rankings throughout the world.
Most recently, FedEx was named to FORTUNE magazine’s 2013 list of the “100 Best Companies to Work For” in the United States, and has made the list 11 of the past 14 years. In November of 2012, the Great Place to Work Institute named FedEx Express as one of the top ten global companies to work for in its ranking of the World’s Best Multinational Workplaces for the second year in a row. FedEx was selected for the recognition from among the 1,800 companies that were listed on Great Place to Work® country best company’s lists.
The FORTUNE/Hay Group study compiles its data from approximately 1,400 companies: the Fortune 1,000 (the 1,000 largest U.S. companies ranked by revenue) and non-U.S. companies in Fortune's Global 500 database with revenue of $10 billion or more. Hay then selected the 15 largest for each international industry and the 10 largest for each U.S. industry, surveying a total of 687 companies from 30 countries. To create the 57 industry lists, Hay asked executives, directors, and analysts to rate companies in their industry on nine criteria, from investment value to social responsibility. A company’s score must rank in the top half of its industry survey to be listed.
To arrive at the top 50 Most Admired Companies overall, the Hay Group asked 3,800 respondents to select the 10 companies they admired most. They chose from a list made up of the companies that ranked in the top 25% in last year's survey, plus those that finished in the top 20% of their industry. Anyone could vote for any company in any industry.
Elon Musk's Boring Co. planning wider tunnels for freight
Elon Musk’s drilling outfit The Boring Company could be shifting its focus towards subterranean freight and logistics solutions, according to reports.
A Boring Co. pitch deck seen and shared by Bloomberg depicts plans to construct wider tunnels designed to accommodate shipping containers.
Founded by Tesla CEO Musk in 2016, the company initially stated its mission was to offer safer, faster point-to-point transport for people, particularly in cities plagued by traffic congestion. It also planned longer tunnels to ferry passengers between popular destinations across the US.
The Boring Co. completed its first commercial project earlier this year in April. The 1.7m tunnel system is designed to move professionals between convention centres in Las Vegas using Tesla EVs. It says the Las Vegas Convention Centre Loop can cut travel time between venues from 45 minutes to just two.
Boring Co.'s new freight tunnels
The Boring Co.'s new tunnel designs would allow freight to be transported on purpose built platforms, labelled as “battery-powered freight carriers”. The document shows that, though the containers could technically fit within its current 12-foot tunnels, wider tunnels would be more efficient. Designs for a new tunnel, 21 feet in diameter, show that they can comfortably accommodate two containers side-by-side, with a one-foot gap between them.
The Boring Co.’s new drilling machine, dubbed Prufrock, can tunnel at a rate of one mile per week, which is six times faster than its previous machine, and is designed to ‘porpoise’ - mimicking the marine animal by ‘diving’ below ground and reemerging once the tunnel is complete.
Tesla’s supply chain woes
Tesla is facing its own supply chain and logistic issues. The EV manufacturer has raised the price of its vehicles, with CEO Musk confirming the incremental hike was a result of “major supply chain pressure”. Musk replied to a disgruntled Twitter user, confused as to why prices were rising while features were being removed from the cars, saying the “raw materials especially” were a big issue.
Car manufacturing continues to be one of the industries hit hardest by a global shortage in semiconductor chips. While China’s chip manufacturing levels hit an all-time high in May, and the US is proposing a 25% tax credit for chip manufacturers, demand still outstrips supply. Automakers including Volkswagen and Audi have again said they expect reduced vehicle output in the next quarter due to a lack of semiconductors, with more factory downtime likely.
Top Image credit: The Boring Company / @boringcompany