John Pfeifer, CEO of industrial producer Oshkosh Corp., told CNBC’s Jim Cramer that artificial intelligence is already making his products more efficient. In fact, it has the ability to entirely automate vehicles such as garbage trucks.
According to Pfeifer, the firm has already employed artificial intelligence to abolish the function of the worker who typically stands at the back of the truck.
“I believe we’ll continue to see drivers become more productive so that in one shift they can cover a lot more stops,” he added. “The continuous evolution of autonomous functionality and AI will allow for better productivity, which will eventually allow for completely unmanned operations.”
Oshkosh produces vehicles for access, defense, fire, emergency, and commercial use. Its shares dropped to $72 after peaking at $106 in early February, but it recovered to $83. It announced fiscal first-quarter revenues of $2.27 billion in late April, above the $2.09 billion average projection.
In addition, the corporation recently completed an $800 million contract with JBT’s AeroTech Unit, a major player in the aerospace industry.
“We really like this acquisition; we’ve been working on it for a little while, probably three or four years,” Pfeifer added. “We participate in airports today with our JLG brand that’s on the tarmac everywhere, with airport rescue and firefighting vehicles, and we’ve seen this as an opportunity to expand into other purpose-built vehicles at the airport.”