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The Goodyear Tire & Rubber Company GT is expanding its worldwide innovation network to include Ann Arbor, MI-based Mcity. The Akron, OH-based company will carry out tests with electric and autonomous vehicles at Mcity Test Facility. This will help the company to enhance its intelligent tires and the application of sensors, in turn, assisting its consumers.
Mcity Test Facility, located on the University of Michigan, is a proving ground, constructed for conducting tests of connected and driver-less vehicles. The innovative facility, comprising of 16 acres of road and traffic infrastructure, is dubbed as a leading connected and automated test facility in the world. Goodyear is the only tire company, researching at the facility.
For Goodyear, Mcity is the extension of the company’s global innovation network, including innovation centers, development centers and tire proving grounds around the world. The network also incorporates innovation partnerships with several customers, suppliers, governments and universities.
Currently, Goodyear carries a Zacks Rank # 3 (Hold). Year to date, shares of both Goodyear and its industry have declined 24.4%.
Some better-ranked stocks in the auto space are Oshkosh Corporation OSK, Allison Transmission Holdings, Inc. ALSN and Ferrari N.V. RACE. While Oshkosh and Allison Transmission Holdings sport a Zacks Rank #1 (Strong Buy), Ferrari carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oshkosh has an expected long-term growth rate of 18.3%. Shares of the company have risen 11.5% over the past year.
Allison Transmission Holdings has an expected long-term growth rate of 10%. Over the past year, shares of the company have gained 6.4%.
Ferrari has an expected long-term growth rate of 17.3%. Over the past year, shares of the company have gained 45%.
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