Cummins Inc. , +2.05% announced Monday that it will invest more $1 billion in its U.S.-based engine manufacturing network in North Carolina and Indiana. This announcement comes just as President Joe Biden will visit a Cummins plant at Fridley (Minn.) on Monday to support domestic manufacturing. Cummins stated that it will begin producing electrolyzer technology to produce hydrogen in the next few weeks. Cummins is upgrading its facilities to make it fuel agnostic. This will allow them to produce hydrogen production electrolyzer technology in a matter of weeks. Cummins stock fell 1.4% in 2023 compared to a 7% rise by the S&P 500 , +1.44%.