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Hormel Foods Announces New Strategic Operating Model

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Austin , Minn.

Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, today announced a new strategic operating model, aligning its businesses to be more agile, consumer and customer focused, and market driven. Effective Oct. 31, 2022, the beginning of fiscal 2023, the company is transitioning to three operating segments – Retail, Foodservice and International. The One Supply Chain team will continue to oversee the company’s global supply chain.

“Hormel Foods is a distinctly different company than it was a decade ago, with a food forward, growth-oriented portfolio of leading brands and products that are aligned with our customer and consumer needs,” said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. “Our new operating model is a culmination of our recent strategic actions, which included numerous portfolio-building acquisitions, including the Planters ® snacking business, the creation of One Supply Chain, the modernization of our technology and ecommerce capabilities, and most recently, our transformational efforts at Jennie-O Turkey Store. This new alignment will empower our 20,000 global team members, with a more refined organizational structure that is accountable, nimble and focused on creating the Hormel Foods of the future.”

The new operating model will support the company’s six strategic priorities:

• Expand leadership in foodservice;
• Protect and grow its core brands;
• Aggressively develop its global presence;
• Amplify scale in snacking and entertaining;
• Enhance growth of its ethnic and food forward portfolios; and,
• Continue to transform the company.

The company’s largest operating segment – Retail – will include its most iconic brands, many that hold a No. 1 or No. 2 market share in their respective categories. The retail segment will be focused on Hormel Foods powerhouse consumer brands in the retail marketplace. These brands include the recently acquired Planters ® and Corn Nuts ® , in addition to SPAM ® , SKIPPY ® , Columbus ® , Applegate ® , Hormel ® Natural Choice ® , Jennie-O ® , Hormel ® Black Label ® , Herdez ® , WHOLLY ® and Justin’s ® . The new Retail segment will be led by Deanna Brady, who will be executive vice president of Retail. Brady currently oversees the company’s Refrigerated Foods segment.

The Retail segment will be powered by a new center of excellence called Brand Fuel. Over the last several years, the company has focused on the importance of leveraging its innovation, consumer insights and technology to enable connections with consumers where and how they shop. Brand Fuel will be a food forward hub, housing brand management expertise, world-class marketing capabilities and insights-led innovation, and will further enable data-driven decisions for the enterprise. This center will also house the Digital Experience Group, the company’s ecommerce and digital content team that supports the company’s brands and businesses in the virtual marketplace.

The Foodservice operating segment will serve leading foodservice establishments, including restaurants, hotels, educational and health care institutions, convenience stores and entertainment venues. The company’s sales into the foodservice channel have continued to experience growth due to its portfolio of branded, value-added products and market leadership positions in the pizza toppings and bacon categories. The new Foodservice operating segment will combine the company’s domestic foodservice businesses and will remain focused on partnering with customers to deliver culinary solutions for today’s dynamic environment. This segment will be led by Mark Ourada as group vice president of Foodservice.

The International segment will continue to focus on aggressively growing its presence outside the United States. This includes growing global brands such as SPAM ® and SKIPPY ® , accelerating growth and investment in China, Brazil and Indonesia, and further leveraging its partnerships in the Philippines, South Korea and Europe. The company recently announced a new R&D and innovation center will be opening in China in fiscal year 2023 to serve as its food forward innovation and culinary creation hub for the Asia-Pacific region. Swen Neufeldt will continue to lead the company’s international business as group vice president, president of Hormel Foods International Corporation.

Hormel Foods will begin operating under the new model Oct. 31, 2022. Earnings will be reported under this structure beginning in the first quarter of fiscal 2023. Changes to the company’s operating segments have no impact on historical consolidated results of operations, financial position or cash flows. Recast financial information will be provided at a later date to aid in comparability to historical financial data.

Updates on the new strategic operating model will be provided on the fiscal third-quarter earnings call, scheduled for Sept. 1, 2022, and during the company’s presentation at the Barclays Global Consumer Staples Conference, scheduled for Sept. 6, 2022.

Hormel Foods worked with Bain & Company, one of the world’s top global management consulting firms, on the initiative.

About Hormel Foods – Inspired People. Inspired Food. ™

Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $11 billion in annual revenue across more than 80 countries worldwide. Its brands include Planters ® , SKIPPY ® , SPAM ® , Hormel ® Natural Choice ® , Applegate ® , Justin’s ® , Wholly ® , Hormel ® Black Label ® , Columbus ® , Jennie-O ® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the “Global 2000 World’s Best Employers” list by Forbes magazine for three years, is one of Fortune magazine’s most admired companies, has appeared on the “100 Best Corporate Citizens” list by 3BL Media 13 times, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world’s most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com and https://www.hormelfoods.com/global-impact/ .

FORWARD-LOOKING STATEMENTS

This news release contains “forward-looking” information within the meaning of the federal securities laws. The “forward-looking” information may include statements concerning the Company’s outlook for the future as well as other statements of beliefs, future plans, strategies, or anticipated events and similar expressions concerning matters that are not historical facts. Words or phrases such as “should result,” “believe,” “intend,” “plan,” “are expected to,” “targeted,” “will continue,” “will approximate,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those anticipated or projected, which factors include, but are not limited to, risks related to the deterioration of economic conditions; the COVID-19 pandemic; risks associated with acquisitions and divestitures; potential disruption of operations including at co-manufacturers, suppliers, logistics providers, customers, or other third-party service providers; risk of loss of a material contract; the Company’s inability to protect information technology systems against, or effectively respond to, cyber-attacks or security breaches; deterioration of labor relations, labor availability or increases to labor costs; general risks of the food industry, including food contamination; outbreaks of disease among livestock and poultry flocks; fluctuations in commodity prices and availability of raw materials and other inputs; fluctuations in market demand for the Company’s products; risks of litigation; potential sanctions and compliance costs arising from government regulation; compliance with stringent environmental regulation and potential environmental litigation; and risks arising from the Company’s foreign operations. Please refer to the cautionary statements regarding “Risk Factors” and “Forward-Looking Statements” that appear in our most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q, which can be accessed at hormelfoods.com in the “Investors” section, for additional information. In making these statements, the Company is not undertaking, and specifically declines to undertake, any obligation to address or update each or any factor in future filings or communications regarding the Company’s business or results. Though the Company has attempted to list comprehensively these important cautionary risk factors, the Company wishes to caution investors and others that other factors may in the future prove to be important in affecting the Company’s business or results of operations. The Company cautions readers not to place undue reliance on forward-looking statements, which represent current views as of the date made.

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• Pharmacy students earn OPA Business Plan Competition title
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Congratulations to P3 students Olivia King (team captain), Diana Morus, Patrick Moldovan and Madelyn Braman, who together were first-place winners of the 2024 Ohio Pharmacists Association Innovative Pharmacy Business Plan Competition. The students competed against eight other Ohio schools of pharmacy student teams in the development of an innovative business plan to then reach the live finals held in Columbus on April 6.

Under the advisement of S. Scott Wisneski, Pharm.D. associate professor in the College of Pharmacy, the students developed a formal business plan for an innovative pharmacy patient care service titled Cholest-Erased, LLC .

In collaboration with a regional Federally Qualified Health Center, this service would have pharmacists and support personnel traveling to individual homes to provide cholesterol medication management, monitoring laboratory indices and delivery of medications. The goals of the services would focus on achieving positive clinical outcomes, medication adherence and patient education. Components of the plan included need for service, mission, goals, market analysis, workflow, resources, financial analysis, marketing and implementation plan.

Winners of the competition receive a monetary prize and recognition on a plaque at the Ohio Pharmacists Association home office in Columbus.

-- Submitted by Scott Wisneski, [email protected]

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Hormel Foods Announces New Strategic Operating Model

Company transitioning to three operating segments to drive sustainable growth

AUSTIN, Minn. , Aug. 9, 2022 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, today announced a new strategic operating model, aligning its businesses to be more agile, consumer and customer focused, and market driven. Effective Oct. 31, 2022 , the beginning of fiscal 2023, the company is transitioning to three operating segments – Retail, Foodservice and International. The One Supply Chain team will continue to oversee the company's global supply chain.

"Hormel Foods is a distinctly different company than it was a decade ago, with a food forward, growth-oriented portfolio of leading brands and products that are aligned with our customer and consumer needs," said Jim Snee , chairman of the board, president and chief executive officer at Hormel Foods. "Our new operating model is a culmination of our recent strategic actions, which included numerous portfolio-building acquisitions, including the Planters ® snacking business, the creation of One Supply Chain, the modernization of our technology and ecommerce capabilities, and most recently, our transformational efforts at Jennie-O Turkey Store. This new alignment will empower our 20,000 global team members, with a more refined organizational structure that is accountable, nimble and focused on creating the Hormel Foods of the future."

The new operating model will support the company's six strategic priorities:

• Expand leadership in foodservice;
• Protect and grow its core brands;
• Aggressively develop its global presence;
• Amplify scale in snacking and entertaining;
• Enhance growth of its ethnic and food forward portfolios; and,
• Continue to transform the company.

The company's largest operating segment – Retail – will include its most iconic brands, many that hold a No. 1 or No. 2 market share in their respective categories. The retail segment will be focused on Hormel Foods powerhouse consumer brands in the retail marketplace. These brands include the recently acquired Planters ® and Corn Nuts ® , in addition to SPAM ® , SKIPPY ® , Columbus ® , Applegate ® , Hormel ® Natural Choice ® ,   Jennie-O ® , Hormel ® Black Label ® , Herdez ® , WHOLLY ® and Justin's ® . The new Retail segment will be led by  Deanna Brady , who will be executive vice president of Retail. Brady currently oversees the company's Refrigerated Foods segment.

The Retail segment will be powered by a new center of excellence called Brand Fuel. Over the last several years, the company has focused on the importance of leveraging its innovation, consumer insights and technology to enable connections with consumers where and how they shop. Brand Fuel will be a food forward hub, housing brand management expertise, world-class marketing capabilities and insights-led innovation, and will further enable data-driven decisions for the enterprise. This center will also house the Digital Experience Group, the company's ecommerce and digital content team that supports the company's brands and businesses in the virtual marketplace.

The Foodservice operating segment will serve leading foodservice establishments, including restaurants, hotels, educational and health care institutions, convenience stores and entertainment venues. The company's sales into the foodservice channel have continued to experience growth due to its portfolio of branded, value-added products and market leadership positions in the pizza toppings and bacon categories. The new Foodservice operating segment will combine the company's domestic foodservice businesses and will remain focused on partnering with customers to deliver culinary solutions for today's dynamic environment. This segment will be led by Mark Ourada as group vice president of Foodservice.

The International segment will continue to focus on aggressively growing its presence outside the United States . This includes growing global brands such as SPAM ® and SKIPPY ® , accelerating growth and investment in China , Brazil and Indonesia , and further leveraging its partnerships in the Philippines , South Korea and Europe . The company recently announced a new R&D and innovation center will be opening in China in fiscal year 2023 to serve as its food forward innovation and culinary creation hub for the Asia-Pacific region. Swen Neufeldt will continue to lead the company's international business as group vice president, president of Hormel Foods International Corporation.

Hormel Foods will begin operating under the new model Oct. 31 , 2022. Earnings will be reported under this structure beginning in the first quarter of fiscal 2023. Changes to the company's operating segments have no impact on historical consolidated results of operations, financial position or cash flows. Recast financial information will be provided at a later date to aid in comparability to historical financial data.

Updates on the new strategic operating model will be provided on the fiscal third-quarter earnings call, scheduled for Sept. 1, 2022 , and during the company's presentation at the Barclays Global Consumer Staples Conference, scheduled for Sept. 6, 2022 .

Hormel Foods worked with Bain & Company, one of the world's top global management consulting firms, on the initiative.

ABOUT HORMEL FOODS — Inspired People. Inspired Food.™ Hormel Foods Corporation, based in Austin, Minn. , is a global branded food company with over $11 billion in annual revenue across more than 80 countries worldwide. Its brands include  Planters ® , SKIPPY ® , SPAM ® , Hormel ®  Natural Choice ® , Applegate ® , Justin's ® , WHOLLY ® , Hormel ® Black Label ® , Columbus ® , Jennie-O ®  and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the "Global 2000 World's Best Employers" list by Forbes magazine for three years, is one of Fortune magazine's most admired companies, has appeared on the "100 Best Corporate Citizens" list by 3BL Media 13 times, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com .

FORWARD-LOOKING STATEMENTS This news release contains "forward-looking" information within the meaning of the federal securities laws. The "forward-looking" information may include statements concerning the Company's outlook for the future as well as other statements of beliefs, future plans, strategies, or anticipated events and similar expressions concerning matters that are not historical facts. Words or phrases such as "should result," "believe," "intend," "plan," "are expected to," "targeted," "will continue," "will approximate," "is anticipated," "estimate," "project," or similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those anticipated or projected, which factors include, but are not limited to, risks related to the deterioration of economic conditions; the COVID-19 pandemic; risks associated with acquisitions and divestitures; potential disruption of operations including at co-manufacturers, suppliers, logistics providers, customers, or other third-party service providers; risk of loss of a material contract; the Company's inability to protect information technology systems against, or effectively respond to, cyber-attacks or security breaches; deterioration of labor relations, labor availability or increases to labor costs; general risks of the food industry, including food contamination; outbreaks of disease among livestock and poultry flocks; fluctuations in commodity prices and availability of raw materials and other inputs; fluctuations in market demand for the Company's products; risks of litigation; potential sanctions and compliance costs arising from government regulation; compliance with stringent environmental regulation and potential environmental litigation; and risks arising from the Company's foreign operations. Please refer to the cautionary statements regarding "Risk Factors" and "Forward-Looking Statements" that appear in our most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q, which can be accessed at  hormelfoods.com  in the "Investors" section, for additional information. In making these statements, the Company is not undertaking, and specifically declines to undertake, any obligation to address or update each or any factor in future filings or communications regarding the Company's business or results. Though the Company has attempted to list comprehensively these important cautionary risk factors, the Company wishes to caution investors and others that other factors may in the future prove to be important in affecting the Company's business or results of operations. The Company cautions readers not to place undue reliance on forward-looking statements, which represent current views as of the date made.

Media Contact:  [email protected]    507-434-6352

SOURCE Hormel Foods Corporation

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Hormel Foods: Business Model, SWOT Analysis, and Competitors 2023

Inside This Article

Hormel Foods, the renowned American food company founded in 1891, has established itself as a key player in the industry. This blog article delves into Hormel Foods' business model, shedding light on the strategies that have propelled its success. Furthermore, a comprehensive SWOT analysis will be conducted, thoroughly examining the company's strengths, weaknesses, opportunities, and threats. Additionally, this article will explore Hormel Foods' competitors in 2023, providing insights into the competitive landscape and the challenges the company may face in the near future.

What You Will Learn:

• Who owns Hormel Foods and how the ownership structure impacts the company's operations and decision-making processes.
• The mission statement of Hormel Foods and how it guides the company's overall goals and strategies.
• How Hormel Foods generates revenue and the key sources of income for the company.
• An explanation of the Hormel Foods Business Model Canvas and how it outlines the company's value proposition, target market, revenue streams, and more.
• A comprehensive list of competitors in the industry and an analysis of how Hormel Foods stacks up against them.
• A detailed SWOT analysis of Hormel Foods, examining the company's strengths, weaknesses, opportunities, and threats in the market.

Who owns Hormel Foods?

Major shareholders.

Hormel Foods, a leading global food company, has a diverse ownership structure. The ownership is spread across several institutional investors, individual shareholders, and the Hormel family. Let's take a closer look at some of the major shareholders of Hormel Foods:

Institutional investors: As of [latest available data], several prominent institutional investors hold significant stakes in Hormel Foods. These include Vanguard Group, BlackRock, and State Street Corporation. These institutional investors manage funds on behalf of various clients, such as pension funds, mutual funds, and insurance companies.

Hormel family: The Hormel family has played a pivotal role in the company's history and continues to be a major shareholder. The family's association with Hormel Foods dates back to its founding in 1891 by George A. Hormel. Over the years, the family has maintained a significant ownership stake, contributing to the company's stability and long-term vision.

Individual shareholders: Hormel Foods has a wide base of individual shareholders who own shares of the company. These individuals may include employees, retirees, and individual investors who believe in the company's growth potential and value its products.

Shareholder influence

The ownership structure of Hormel Foods reflects a healthy balance between institutional investors, the Hormel family, and individual shareholders. The influence of these shareholders on the company can vary depending on the number of shares they hold and their level of engagement.

Institutional investors, due to their large holdings, have considerable influence over the company's governance and strategic decisions. They often engage in active dialogue with the management, pushing for improved performance and shareholder value.

The Hormel family's long-standing association with the company provides them with a unique perspective and influence. Their ownership stake allows them to shape the company's direction and maintain its core values.

While individual shareholders may not have as much direct influence as institutional investors or the Hormel family, their collective voice can still be significant. Shareholders have the opportunity to vote on key matters at annual general meetings and can express their opinions through public forums.

Hormel Foods' ownership structure is a blend of institutional investors, the Hormel family, and individual shareholders. This diverse ownership ensures a balanced and well-rounded approach to decision-making, combining the expertise of institutional investors, the heritage and values of the Hormel family, and the collective voice of individual shareholders. This dynamic mix of ownership fosters stability, growth, and accountability within the company, ultimately benefiting its customers and stakeholders alike.

What is the mission statement of Hormel Foods?

The mission statement of hormel foods: a commitment to inspired food.

Hormel Foods, a globally recognized food company, has a clear and concise mission statement that encapsulates its core values and aspirations. The mission statement of Hormel Foods is as follows:

"To inspire confidence in the food we make and trust in the brands we provide, nourishing families and unlocking the potential of every team member."

This mission statement reflects Hormel Foods' commitment to providing high-quality, safe, and delicious food products to its consumers. It emphasizes the importance of instilling confidence in the food they produce, ensuring that customers can trust in the brands under the Hormel Foods umbrella.

The mission statement also highlights the company's dedication to nourishing families by offering nutritious and wholesome food options. Hormel Foods recognizes the vital role food plays in promoting well-being and believes in providing products that contribute to healthier lifestyles.

Additionally, the mission statement emphasizes unlocking the potential of every team member. Hormel Foods values its employees and acknowledges their significant role in the company's success. The company encourages a collaborative and inclusive environment that fosters personal and professional growth among its workforce.

By adhering to its mission statement, Hormel Foods aims to be a trusted food provider that consistently delivers products that meet the highest standards of quality, taste, and nutrition. The company's commitment to inspiring confidence and trust in its brands ensures that consumers can rely on Hormel Foods to provide them with flavorful and wholesome food options for their families.

How does Hormel Foods make money?

Overview of hormel foods.

Hormel Foods is a multinational food company that specializes in the production and marketing of various meat and food products. With a rich history dating back to 1891, Hormel Foods has established itself as a leader in the industry, offering a wide range of popular brands such as SPAM, Hormel Black Label Bacon, Skippy Peanut Butter, and Jennie-O Turkey.

Revenue Streams

Hormel Foods generates its revenue through multiple channels, leveraging its diverse portfolio of products and brands. Here are the primary ways in which Hormel Foods makes money:

1. Retail Sales

One significant revenue stream for Hormel Foods is through retail sales. The company distributes its products to various grocery stores, supermarkets, and convenience stores worldwide. By offering a wide range of products, Hormel Foods caters to different consumer preferences and dietary needs, ensuring a consistent flow of revenue from retail sales.

2. Foodservice Sales

In addition to retail sales, Hormel Foods also generates revenue through foodservice sales. This involves supplying their products to restaurants, hotels, schools, and other foodservice establishments. Hormel Foods' extensive portfolio of food products allows them to cater to the diverse needs of the foodservice industry, ranging from ready-to-eat meals to ingredients used in food preparation.

3. International Sales

Hormel Foods has a strong presence in the international market, contributing significantly to its revenue. The company exports its products to various countries, capitalizing on the global demand for quality meat and food products. Hormel Foods has established partnerships and distribution networks worldwide, allowing them to reach consumers in different regions, further diversifying their revenue streams.

4. Branded Products

Hormel Foods' portfolio includes well-known brands that consumers trust and recognize. These branded products, such as SPAM, Hormel Black Label Bacon, and Skippy Peanut Butter, generate substantial revenue for the company. Hormel Foods invests in marketing and advertising campaigns to promote these brands, ensuring continued consumer loyalty and demand.

5. Value-Added Products

Hormel Foods offers value-added products, which provide additional convenience and appeal to consumers. These products may include pre-marinated meats, heat-and-serve entrees, and meal kits. By catering to the evolving preferences of busy consumers, Hormel Foods taps into a lucrative market segment and generates revenue through these value-added offerings.

Hormel Foods generates its revenue through various channels, including retail and foodservice sales, international markets, branded products, and value-added offerings. With a diverse portfolio of well-known brands and a commitment to meeting consumer demands, Hormel Foods continues to thrive in the competitive food industry while satisfying the appetites of consumers worldwide.

Hormel Foods Business Model Canvas Explained

Introduction to the business model canvas.

The Business Model Canvas is a strategic management tool that provides a visual representation of a company's business model. It consists of nine key building blocks that capture the essential aspects of a business. In this section, we will delve into Hormel Foods' business model canvas and explore how the company operates.

Key Partnerships

Hormel Foods relies on a network of key partnerships to drive its success. The company collaborates with various suppliers and distributors to ensure a steady supply of raw materials and efficient distribution of its products. Additionally, Hormel Foods has established strategic partnerships with retailers and foodservice providers to enhance its market reach. These partnerships enable the company to maintain its position as a leading provider of quality food products.

Key Activities

The key activities of Hormel Foods revolve around food processing, packaging, and distribution. The company operates a vast network of production facilities equipped with state-of-the-art technology to ensure high-quality and safe food production. Hormel Foods also invests significantly in research and development to innovate new products and improve existing offerings. Moreover, the company engages in marketing and promotional activities to create brand awareness and drive consumer demand.

Key Resources

Hormel Foods' key resources include its production facilities, technology infrastructure, and human capital. The company's manufacturing plants are equipped with advanced machinery and systems that enable efficient and large-scale production. Hormel Foods also invests in cutting-edge technology to optimize its supply chain and enhance operational efficiency. The expertise and knowledge of its employees are also vital resources that contribute to the company's success.

Value Proposition

Hormel Foods' value proposition lies in its commitment to delivering high-quality, nutritious, and flavorful food products. The company focuses on meeting the evolving needs and preferences of consumers by offering a diverse range of products. Hormel Foods' dedication to food safety and sustainability further enhances its value proposition. By consistently providing products that consumers trust and enjoy, Hormel Foods has built a strong brand reputation.

Customer Segments

Hormel Foods serves a wide range of customer segments. The company caters to individual consumers through its retail products, which include popular brands like SPAM, Jennie-O, and Skippy. Additionally, Hormel Foods supplies foodservice providers, such as restaurants and cafeterias, with its food products. The company also serves the business-to-business market by offering ingredients and solutions to other food manufacturers.

Hormel Foods utilizes various channels to distribute its products to consumers. The company leverages traditional retail channels, including grocery stores and supermarkets, to reach individual customers. Hormel Foods also collaborates with foodservice distributors to supply its products to restaurants, hotels, and other foodservice establishments. Furthermore, the company has an e-commerce platform that enables customers to purchase its products online.

Cost Structure

Hormel Foods' cost structure is primarily composed of expenses related to raw materials, production, distribution, and marketing. The company invests in high-quality ingredients to ensure the superior taste and nutritional value of its products. Operational costs, including manufacturing, packaging, and transportation, are also significant components of the cost structure. Additionally, Hormel Foods allocates a considerable budget for marketing and advertising activities to promote its brands.

Hormel Foods generates revenue through the sale of its food products. The company's diverse portfolio of brands and offerings allows it to generate revenue from various customer segments. Hormel Foods' revenue streams include retail sales, foodservice sales, and sales of ingredients to other food manufacturers. The company's strong brand equity and market presence contribute to its ability to generate consistent and sustainable revenue.

Hormel Foods' business model canvas provides a comprehensive overview of how the company operates and creates value. Through strategic partnerships, efficient activities, and key resources, Hormel Foods delivers high-quality food products to a diverse customer base. By understanding and leveraging its customer segments, channels, and revenue streams, the company has established itself as a leader in the food industry. Overall, Hormel Foods' business model canvas exemplifies the company's commitment to excellence and innovation in the food sector.

Which companies are the competitors of Hormel Foods?

Major competitors.

Hormel Foods operates in the highly competitive food industry, facing competition from several major players. Here are some of the key competitors of Hormel Foods:

Tyson Foods: Tyson Foods is one of the largest producers of meat and poultry products globally. The company offers a wide range of products, including chicken, beef, and pork, which directly compete with Hormel Foods' meat products. Tyson Foods has a strong presence in both retail and foodservice markets, making it a formidable competitor for Hormel Foods.

JBS S.A.: JBS is a Brazilian-based company that is one of the largest meat processing companies in the world. It operates in various segments, including beef, pork, and poultry. JBS has a significant global presence and competes directly with Hormel Foods in the meat industry. The company's diverse product portfolio and global reach make it a tough competitor for Hormel Foods.

Conagra Brands: Conagra Brands is a leading packaged food company that offers a wide range of products, including frozen meals, snacks, condiments, and meat products. The company's brands like Banquet, Marie Callender's, and Slim Jim compete directly with Hormel Foods' products. Conagra Brands has a strong retail presence and a diverse product portfolio, making it a formidable competitor in the food industry.

Smithfield Foods: Smithfield Foods is a subsidiary of the Chinese company WH Group and is one of the largest pork processors globally. The company offers a wide range of pork products that directly compete with Hormel Foods' pork-based products. Smithfield Foods has a strong presence in the United States and an extensive distribution network, making it a significant competitor for Hormel Foods.

Other Competitors

In addition to the major competitors mentioned above, Hormel Foods faces competition from several other companies in specific product categories. Some notable competitors in these categories include:

• Kraft Heinz Company: Competes with Hormel Foods in the condiments and sauces sector with brands like Heinz ketchup and Miracle Whip.
• Nestle: Competes with Hormel Foods in the frozen meals and snacks category with brands like Stouffer's and Hot Pockets.
• General Mills: Competes with Hormel Foods in the packaged meats and snacks segment with brands like Old El Paso and Totino's.

These are just a few examples of the many companies that compete with Hormel Foods in various product categories. The food industry is highly competitive, and Hormel Foods must continuously innovate and differentiate its products to stay ahead in the market.

Hormel Foods SWOT Analysis

Strong brand presence: Hormel Foods has a long history and a strong brand presence in the food industry. The company's products are well-known and trusted by consumers, which gives it a competitive advantage over other players in the market.

Diverse product portfolio: Hormel Foods offers a wide range of products, including meat and poultry, canned goods, and packaged foods. This diversification helps the company mitigate risks associated with fluctuations in demand for specific product categories and allows it to cater to various consumer preferences.

Strong distribution network: The company has a robust distribution network, which ensures that its products reach consumers efficiently and in a timely manner. This network is a key strength for Hormel Foods as it allows the company to maintain a strong market presence and meet customer demands.

Innovation and adaptability: Hormel Foods has a culture of innovation and adaptability, constantly seeking new product ideas and investing in research and development. This allows the company to stay ahead of market trends and consumer preferences, ensuring continued growth and relevance in the industry.

Dependence on commodity prices: Hormel Foods relies heavily on commodities such as meat, grains, and oil, which are subject to price fluctuations. This dependence exposes the company to risks associated with volatile commodity markets, potentially affecting its profitability and margins.

Limited international presence: While Hormel Foods has a strong presence in the US market, its international operations are relatively limited. This lack of geographical diversification makes the company vulnerable to changes in the domestic market and limits its growth potential in emerging markets.

Product recalls: Like any other food company, Hormel Foods faces the risk of product recalls due to quality or safety issues. These recalls can damage the company's reputation and consumer trust, potentially leading to a decline in sales and market share.

Opportunities

Growing demand for organic and natural products: With the increasing consumer preference for organic and natural food products, Hormel Foods has an opportunity to expand its product offerings in this segment. By capitalizing on this trend, the company can attract health-conscious consumers and tap into a growing market.

Expansion into emerging markets: Hormel Foods can explore opportunities for expansion in emerging markets, where there is a rising middle class and increasing disposable income. By adapting its products to suit local tastes and preferences, the company can establish a strong presence in these markets and drive long-term growth.

Expansion through acquisitions: Hormel Foods can consider strategic acquisitions to expand its product portfolio and market reach. By acquiring smaller companies or brands that align with its values and complement its existing offerings, the company can diversify its business and capture new market opportunities.

Intense competition: The food industry is highly competitive, with numerous players vying for market share. Hormel Foods faces competition from both large multinational corporations and smaller local players. This intense competition can put pressure on the company's pricing, margins, and market share.

Changing consumer preferences and dietary trends: Consumer preferences and dietary trends are constantly evolving. Hormel Foods must stay attuned to these changes and adapt its products and marketing strategies accordingly. Failure to do so may result in a loss of consumer appeal and reduced sales.

Regulatory and compliance risks: The food industry is subject to stringent regulations and compliance requirements, including food safety standards and labeling regulations. Non-compliance with these regulations can lead to fines, legal issues, and reputational damage for Hormel Foods. The company must stay vigilant and ensure strict adherence to these requirements.

Key Takeaways

• Hormel Foods is a publicly traded company, therefore, it is owned by its shareholders who hold the company's stock.
• The mission statement of Hormel Foods is to "Inspire Confidence in Your Food Choices." They aim to provide high-quality, safe, and nutritious food products to consumers.
• Hormel Foods generates revenue through various channels, including the sale of branded food products, foodservice products, and international sales.
• The Business Model Canvas of Hormel Foods involves key activities such as sourcing, processing, packaging, marketing, and distributing food products.
• Some of the major competitors of Hormel Foods include Tyson Foods, JBS USA, Smithfield Foods, and Conagra Brands.
• In a SWOT analysis, Hormel Foods' strengths include its strong brand portfolio and diversified product range, while its weaknesses include dependency on key customers and fluctuating commodity prices. Opportunities lie in the growing demand for organic and natural food products, while threats include intense competition and changing consumer preferences.

In conclusion, Hormel Foods is a well-established company that has been in operation for over a century. The company is owned by various shareholders and is publicly traded on the New York Stock Exchange. Its mission statement focuses on providing high-quality, nutritious, and convenient food products to consumers around the world.

Hormel Foods generates its revenue primarily through the sale of its diverse product portfolio, which includes popular brands such as Spam, Skippy, and Jennie-O. The company operates through various segments, including refrigerated foods, grocery products, and international & other.

Analyzing Hormel Foods' business model canvas, we can see that the company has a strong focus on customer relationships, distribution channels, and key partnerships with suppliers and retailers. This allows them to efficiently bring their products to market and meet consumer demand.

Hormel Foods faces competition from several other food companies in the industry, including Tyson Foods, Smithfield Foods, and Conagra Brands. These companies offer similar products and often compete for market share and consumer loyalty.

Lastly, conducting a SWOT analysis of Hormel Foods reveals its strengths in brand recognition, product diversification, and operational efficiency. However, the company also faces weaknesses in terms of dependency on a small number of major customers and potential threats from changing consumer preferences and market trends.

Overall, Hormel Foods has established itself as a leader in the food industry through its commitment to quality, innovation, and customer satisfaction. By adapting to evolving market dynamics and leveraging its strengths, the company is well-positioned to continue its success in the future.

What is the competitive advantage of Hormel Foods?

Hormel Foods has several competitive advantages that contribute to its success in the food industry:

Strong brand portfolio: Hormel Foods owns a diverse range of well-known brands such as Spam, Skippy, Jennie-O, Applegate, and Hormel. These brands have a loyal customer base and are recognized for their quality and taste.

Product innovation: Hormel Foods continually invests in research and development to create new and innovative products that cater to changing consumer preferences. They have introduced a variety of healthier options, organic and natural products, and convenient meal solutions.

Operational efficiency: The company has a strong focus on operational excellence, which allows it to optimize its production processes and supply chain management. This helps Hormel Foods to deliver products efficiently and cost-effectively.

Distribution network: Hormel Foods has an extensive distribution network that reaches a wide range of customers, including retailers, foodservice providers, and international markets. This broad distribution network allows them to reach consumers in various channels and regions.

Sustainability initiatives: Hormel Foods is committed to sustainability and has implemented various initiatives to reduce its environmental impact. Their efforts include reducing greenhouse gas emissions, water conservation, waste reduction, and responsible sourcing. This commitment to sustainability appeals to consumers who are increasingly conscious of their environmental footprint.

Strong financial performance: Hormel Foods has a track record of consistent financial performance, with steady revenue growth and strong profitability. This financial stability allows the company to invest in research and development, marketing, and acquisitions to further enhance its competitive position.

Overall, Hormel Foods' competitive advantage lies in its strong brand portfolio, product innovation, operational efficiency, extensive distribution network, sustainability initiatives, and solid financial performance.

How is SWOT analysis used in food industry?

SWOT analysis is a strategic planning tool that is commonly used in the food industry to assess and understand the strengths, weaknesses, opportunities, and threats associated with a particular business or product. Here is how SWOT analysis is used in the food industry:

• Identifying unique selling points (USPs) of a product or a business in relation to its competitors.
• Assessing internal capabilities, such as quality control measures, supply chain management, or innovative product development.
• Recognizing strong brand reputation, customer loyalty, or effective marketing strategies.
• Weaknesses:
• Identifying areas of improvement, such as inadequate quality control measures, outdated technology, or lack of skilled labor.
• Assessing operational inefficiencies, such as high production costs, poor inventory management, or limited distribution channels.
• Recognizing low brand recognition, ineffective marketing strategies, or negative customer perceptions.
• Opportunities:
• Identifying emerging trends and market gaps in the food industry, such as increased demand for organic or plant-based products.
• Assessing potential partnerships or collaboration opportunities with suppliers, distributors, or retailers.
• Recognizing untapped consumer segments or geographical markets for expansion.
• Assessing competitive pressures, such as the presence of strong competitors, pricing wars, or market saturation.
• Identifying regulatory challenges, such as food safety regulations, labeling requirements, or changing health and safety policies.
• Recognizing external factors like economic downturns, natural disasters, or supply chain disruptions.

By conducting a SWOT analysis, food industry businesses can gain valuable insights into their current position in the market, identify areas of improvement, and develop effective strategies to leverage their strengths, overcome weaknesses, seize opportunities, and mitigate threats. This analysis helps businesses make informed decisions and develop successful business plans for growth and sustainability in the dynamic food industry.

What is Hormel Foods mission and vision?

Hormel Foods' mission is to "inspire confidence in the food we do for all those who buy, sell, and consume it. We continuously strive to deliver safe, high-quality products to our consumers and customers."

The company's vision is "to become the most admired global branded food company, creating superior value for customers, shareholders, and employees."

What are SWOT analysis opportunities and threats?

SWOT analysis opportunities refer to external factors that could potentially benefit an organization. These factors may include market trends, technological advancements, new customer segments, partnerships, or favorable government policies. Opportunities are typically favorable circumstances that can be leveraged to gain a competitive advantage or improve the organization's performance.

SWOT analysis threats, on the other hand, are external factors that could negatively impact an organization. These threats may include new competitors entering the market, changing customer preferences, economic downturns, legal and regulatory changes, or technological disruptions. Threats pose risks to the organization and may hinder its growth or profitability.

In summary, opportunities represent positive external factors that can be capitalized on, while threats represent negative external factors that need to be mitigated or managed effectively. Both opportunities and threats are essential components of a SWOT analysis and help organizations in strategic planning and decision-making.

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Two Swanson School Students Compete at Prestigious Rice Business Plan Competition

The rice business plan competition awards millions in prizes to the best student startups across the globe.

Engineering students Becca Segel and Benjamin Leslie led two teams and represented the University of Pittsburgh at the 2024 Rice Business Plan Competition April 4-6, 2024. Only 42 teams were accepted to the world’s most prestigious and “richest” competition for student startups, offering millions in prizes. 

What’s more, Pitt also fielded startup Korion Health whose CEO and founder, Anna Li, is an MD/PhD student at Pitt. 

Chris Wilmer, associate professor and William Kepler Whiteford Faculty Fellow of chemical and petroleum engineering, accompanied the students to the competition and said he was incredibly proud to see Pitt stepping into the global arena. 

“This is a historic achievement, which I hope will inspire other Pitt students and prove that the heights of our success know no bounds,” Wilmer said. “The competition was very fierce this year, but our students did a phenomenal job representing Pitt’s entrepreneurial spirit and ambition.” 

The first Pitt competitor was Malleous, co-founded by Benjamin Leslie , a senior bioengineering student, Adi Mittal , a student at the School of Medicine, and Amna Imran, a junior bioengineering student. The team created an instrument that combines retraction and suction functions to help surgeons and declutter operating rooms. In a clinical trial, the device reduced neurosurgeons’ simulated procedure time by 28% and prevented the need to suction on average every 40 seconds.

“ It was a great experience to see some of the other startups being formed around the world,” Leslie said. “It was an excellent way to measure ourselves and our progress compared to others and to speak with other students pursuing similar goals. Talking with some of the competing founders helped us learn from the experiences of others and gain insight into what others were doing to navigate some of the common challenges we all face as startups.”

FlowCellutions 

Swanson School of Engineering PhD student Becca Segel , a graduate student researcher in Pitt’s Department of Chemical and Petroleum Engineering, says her startup, FlowCellutions , aims to reduce carbon emissions by advancing energy storage. The battery diagnostics company consists of experts spanning software engineering, electrochemistry and energy markets.

It was great meeting over 200 investors throughout the weekend, because we were able to get advice from the decision makers who would potentially give us investment in the future,” Segel said. “No other opportunity so far gave us insight into how investors think. The event was really well organized and it had a very exciting atmosphere for three days straight, from the initial practice pitches and elevator competition all the way until the final pitches at the end of the weekend.”

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Protein ice cream company wins 2024 rice business plan competition.

by Avery Franklin

Apr. 8, 2024

Protein ice cream company wins 2024 rice business plan competition, rice university hosts world’s largest and richest student startup competition.

Ice cream company Protein Pints took home the grand prize at the 2024  Rice Business Plan Competition  (RBPC) April 6 as the best student ventures from top universities across the world competed for prizes in front of nearly 350 angel, venture capital and corporate investors and members of the business community.

During his acceptance speech, Founder and CEO of Protein Pints Paul Reiss said, “"The love and support that we've been shown during our time here at Rice, and the relationships and the friends that we've made, is something that I know I and every other student here is going to remember for the rest of our lives."

Hosted annually by the  Rice Alliance for Technology and Entrepreneurship  and Rice University’s  Jones Graduate School of Business , the RBPC is the world’s largest and richest student startup competition.

The RBPC offers real-world opportunities to learn what’s required to successfully launch a new business. In addition to the substantial cash, investment and in-kind prizes, the heart of the competition is the mentoring from investors and experienced entrepreneurs. RBPC alumni have raised more than $6.1 billion in capital and 288 are in business or have had successful exits.

The winners were announced at the conclusion of the three-day pitching, mentoring and networking event, which included an elevator pitch competition, practice round, semifinals, wildcard and final round. At the award celebration, more than 80 prizes were announced totaling $1.5M in investment and non-dilutive cash prizes. Every team took home cash.

“We award the competitors $1 million in prizes, prizes that serve as foundational capital to launch their startup,” said RBPC Director Catherine Santamaria in her welcome speech at the awards gala April 6.

“That’s a large number of prizes, but the biggest thing our startups leave with is a feeling of generosity and community from this room. This community is always ready and willing to help our founders and support our vision for the competition by investing time, money and resources in these student innovators.”

The 42 competing startups represented 35 universities from four countries. They were chosen from more than 450 applicants to compete in one of five categories: energy, cleantech and sustainability; life sciences and health care solutions; consumer products and services; hard tech; and digital enterprise. Learn more about all of the startups  here .

The seven finalists based on the judges’ overall scores were:

Protein Pints, Michigan State University  — first place and the $150,000 GOOSE Capital Investment Grand Prize.

• Protein Pints is a high-protein, low-sugar, ice cream product designed for people who would benefit from having access to a functional ice cream and/or better tasting and more enjoyable protein options.

Somnair, Johns Hopkins University — second place and the $100,000 Investment Prize, sponsored by David Anderson, Jon Finger, Anderson Family Fund, Finger Interests, Greg Novak and Tracy Druce.  

• Somnair is a Novel Non-Invasive Neurostimulation device for the treatment of obstructive sleep apnea.

Power2Polymers, RWTH Aachen University — third place and the $50,000 Rice University investment, provided by the Rice Alliance for Technology and Entrepreneurship and sponsored by Finger Interests, the Anderson Family Fund at the Greater Houston Community Foundation, Greg Novak and Tracy Druce.

• Power2Polymers tackles the pressing issue of "forever chemicals," which have been linked to over 6.5 million deaths in the U.S. alone, by offering safe alternatives free of forever chemicals.

Informuta, Tulane University — fourth place and the $5,000 prize, sponsored by Norton Rose Fulbright.

• Informuta's proprietary technology leverages DNA sequencing to predict if bacteria will respond to different antibiotics or, for the very first time, develop future resistance thus causing treatment failure.

Icorium Engineering Company, University of Kansas — fifth place and the $5,000 prize, sponsored by EY.

• Icorium Engineering Company is a chemical engineering startup and University of Kansas spinout developing technologies to make sustainable, circular economies a reality for refrigerants and other complex chemical mixtures.

EndoShunt Medical, Harvard University  — sixth place and the $5,000 prize, sponsored by Chevron Technology Ventures.

• EndoShunt is transforming trauma surgery with a rapid, targeted blood flow control device.

D.Sole, Carnegie Mellon University — seventh place and the $5,000 prize, sponsored by Shell Ventures.

• D. Sole is advancing the development of remote patient monitoring in podiatry with foot insoles designed for the early detection and monitoring of diabetic foot complications, such as ulcers and deformities.

The fourth through seventh place startups were also awarded an additional investment prize of $25,000 each provided by Rice Alliance and sponsored by David Anderson, Jon Finger, Anderson Family Fund, Finger Interests, Greg Novak and Tracy Druce, bringing their finalist prize totals up to $30,000. 

Other significant prizes this year and the teams that won them include:

• $200,000 Goose Capital Investment Prize — Osphim, RWTH Aachen University
• $250,000 OWL Investment Prizes — MesaQuantum, Harvard University
• $100,000 OWL Investment Prizes — Icorium Engineering Company, University of Kansas
• $100,000 Houston Angel Network Investment Prize — Somnair, Johns Hopkins University
• $100,000 The Indus Entrepreneurs (TiE) Texas Angels Investment Prize — Protein Pints, Michigan State University
• $60,000 nCourage Courageous Women Entrepreneur Investment Prize — MesaQuantum, Harvard University
• $40,000 nCourage Courageous Women Entrepreneur Investment Prize — Icorium Engineering Company, University of Kansas
• $40,000 Pearland EDC Spirit of Entrepreneurship Cash Prize — Informuta, Tulane University
• $25,000 New Climate Ventures Sustainable Investment Prize — Oxylus Energy, Yale University
• $25,000 Dream Big Ventures Latino Entrepreneur Investment Prize — Dendritic Health AI, Northwestern University
• $25,000 NOV Energy Technology Innovation Cash Prize — LiQuidium, University of Houston
• $25,000 Urban Capital Network Diversity Investment Prize in Partnership with South Loop Ventures Investment Prize — TouchStone, University of California, Berkeley
• $25,000 Southwest National Pediatric Device Consortium Pediatric Device Cash Prize — EndoShunt Medical, Harvard University
• $25,000 Jacobs, Intuitive Machines and WRX Companies Rising Stars Space Technology and Commercial Aerospace Cash Prize — MesaQuantum, Harvard University

For more information about the 2024 Rice Business Plan Competition, visit  rbpc.rice.edu .

A101 New Town Project, Moscow Contest

A101 New Town Project Moscow, Architecture Contest, Building, News, Design

A101 New Town Project – Moscow Masterplan, Russia

Russian Architectural Competition – design by Maxwan

26 Nov 2010

Project A101 Moscow

A101 Out of the Freezer : Largest European New Town Restarts

After having won an international competition, Maxwan in 2007 completed the masterplan for Project A101 in Russia. The A101 new town is located just outside Moscow’s MKAD ring road and is built out on 6,000 hectares of land of the grounds of a former sovchoz. With 320,000 expected inhabitants, A101 is Europe’s single largest urban project in the making.

The project features close to 120,000 new homes in a wide variety of types and sizes. They are planned around 13 mixed-use centres, a large business park (500,000 m2 floor space) and a university. A new light-rail network will connect to Moscow subway lines red and orange. A fine-mazed road network will be put in place. To establish a high level of social infrastructure, the development will include 2 hospitals, 20 health clinics, 60 schools, and 150 kindergartens. Self-sufficiency is the key principle in the vision for A101.

Masshtab, the development company, is currently holding a competition for the detailed design of the first large site (150 hectare, >1 million m2 residential floor space). Four architecture firms have been selected to submit proposals: MVRDV/Next, KCAP, EDDEA and HA&S. The results of the competition will be exhibited in the Museum of Architecture in Central Moscow coming December.

MAXWAN ARCHITECTS + URBANISTS is an international practice dedicated to contemporary architectural and urban design. Working on a broad variety of subjects, Maxwan have designed widely recognized projects such as the “Saw Tooth Tower (Nuilding)” in Rotterdam, the “Office Building F&I” (Maastricht Aachen Airport) and “50 Bridges” for the City of Utrecht.

Maxwan have made a name for themselves internationally with innovative proposals for the new town of Leidsche Rijn (75,000 residents and a hidden highway), the 10,800 houses Master Plan for Barking Riverside, the Master Plan A101 for a new city of 300,000 inhabitants on the fringes of Moscow, the master plan for 2,000 houses in the Dnepr River Delta, Kiev Ukraine and most recently the urban design for the Waalhafen Zone in Rotterdam with in its center “Skill Bill” a new building typology reconnecting the harbour with the city.

We encourage collaboration between clients, colleagues and specialist consultants. In each of our projects, we seek to merge cultural, technical and esthetical influences into an inextricable and beautiful whole.

A101 Urban Block Competition

An open international competition with a total prize fund of 40.000 USD

Masshtab Development Company is announcing a competition for the design of urban blocks for the A101 urban development: a new town of around 150.000 people and 13 million sq m of housing located south of Moscow. The design for this town will be based on the Urban Block concept, developed by curator Bart Goldhoorn. 80% of the blocks in the A101 project will have a standard size. During the development of the area over 500 blocks of these blocks will be built.

At this moment, four well-known architecture firms are working in competition to design a masterplan for the first phase of this development:

MVRDV (NL), KCAP/Next architects (NL), EDDEA (ES) and Hilmer, Sattler, Albrecht (GER)

In the open international Urban Block competition architects are invited to develop a block design that can be used on the plots in the A101 project. A jury will choose winning projects for which a total prize fund of 40.000 USD is available.

All projects that fulfill the minimum requirements of the program will become part of an Urban Block Catalogue and will be considered for realization depending on the location and the stage of development of the project. These projects will be exhibited together with the Masterplan projects in the Museum of Architecture in Central Moscow from December 3 to December 31 2010.

A101 Urban Block Competition – Prize fund 1st prize: 15.000 USD 2nd prize: 10.000 USD 3rd prize: 5.000 USD 5 honorable mentions: 5 x 2000 USD

A101 Urban Block Competition – Timeline 10 Nov Registration deadline Nov 28 Deadline for Digital files Dec 1 Deadline for Model Dec 2/3 Jury Dec 3 Announcement of winners and opening of the exhibition Jan 1 Exhibition closure

A101 Urban Block Competition information from Curator

Location: Moscow , Russia

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“Aeroflot – Russian Airlines” Architect: Vladimir Plotkin Aeroflot Offices Moscow

Tsvetnoy Central Market Design: Lifschutz Davidson Sandilands Tsvetnoy Central Market : Moscow Department Store Building

Dynamo Stadium Building Design: Erick van Egeraat Dynamo Stadium

Comments / photos for the A101 New Town Project Moscow page welcome

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Exclusive: Tesla scraps low-cost car plans amid fierce Chinese EV competition

• Medium Text

• Entry-level Tesla car won’t be built, three sources tell Reuters
• Tesla to focus on self-driving taxis instead, sources said
• Strategy shift comes as Tesla faces competition from China EV makers including BYD

‘HALT ALL FURTHER ACTIVITIES’

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Reporting by Hyunjoo Jin in San Francisco, Norihiko Shirouzu in Austin and Ben Klayman in Detroit. Editing by Marla Dickerson and Brian Thevenot.

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US lawmakers angry after Huawei unveils laptop with new Intel AI chip

Republican U.S. lawmakers on Friday criticized the Biden administration after sanctioned Chinese telecoms equipment giant Huawei unveiled a laptop this week powered by an Intel AI chip.