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Goodyear to Acquire Lordstown's All-Electric Truck Endurance

Zacks Equity Research

The Goodyear Tire Rubber Company GT and Lordstown Motors will collaborate for tires and services, in addition to future tire intelligence opportunities.

Under the deal, Goodyear plans to procure new Endurance trucks, the all-electric pickup truck from Lordstown, in order to incorporate into its own servicing fleet, acknowledging the sustainable footprint of all-electric vehicles (EV).

The launch coincides with Lordstown's unveiling of their first all-electric pickup truck, the Endurance, on Thursday, featuring Goodyear.

Goodyear aims to be the tire maker of choice for EV suppliers, and the latest alliance with Lordstown reflects an ideal relationship with shared Ohio origins and mutual innovation, performance and sustainability values.

Lordstown has redesigned the former General Motors factory near Ohio to start producing the first vehicles by late 2020. Reportedly, Lordstown has already obtained advance orders for fleet purchases of the Endurancetrucks, and plans to manufacture 20,000 of the pickups during the first year of production.

Meanwhile, the firm rolled out AndGo and Goodyear Ventures this January. While the new capital venture fund — Goodyear Ventures — intends to advance future mobility solutions over the next decade with a targeted investment of $100 million, AndGo is designed to be a seamless vehicle-servicing platform that integrates predictive software with a trusted service network.

Moreover, Goodyear regularly rolls out innovative products and services to boost its sales and remain competitive in the market. The company is working on an intelligent tire prototype that will facilitate fleet operators to enable real-time communicate via a mobile application. Goodyear has successfully launched the Roll retail pilot and continues to expand the Mobile Tire Shop network. It recently launched its latest pilot program in collaboration with Redspher, a transport and logistics group operating in Europe.

Zacks Rank and Stocks to Consider

Goodyear currently carries a Zacks Rank #3 (Hold). Shares of the company have depreciated 43.5%, year to date, compared with the industry’s decline of 35.4%.

Some better-ranked stocks are Niu Technologies NIU, Tesla TSLA and AngloGold Ashanti Limited AU, each carrying a Zack Rank of 2 (Buy) at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Shares of Niu have surged 86.2% year to date, as against the industry’s decline of 15.2%.

Shares of Tesla have surged 135.7%, year to date, compared with industry’s rise of 33.3%.

Shares of AngloGold have rallied 28.6%, year to date, compared with the industry’s gain of 22.5%.

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The Goodyear Tire Rubber Company (GT) : Free Stock Analysis Report
 
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