Goodyear (GT) Offers Preview of New Tire Prototype for EVs
The Goodyear Tire & Rubber Company GT provided a preview of its EfficientGrip Performance tire’s prototype at the 2018 Geneva International Motor Show. Enabled with electric drive technology, the new tire will cater to the electric vehicle (EV) segment and will be available in Europe by 2019.
A test conducted by the company discovered that regular tires, when used on EVs, can wear out faster at the rate of around 30% due to powerful torque and heavy weight of battery packs in the vehicles. The results encouraged Goodyear to find a new tire technology, particularly for EVs.
Per management, the company is working on collaborations to launch its Electric Drive Technology by 2019. The new technology has been designed to tackle the performance necessities of the increasing EV segment.
The Goodyear Tire & Rubber Company Price and Consensus
The Goodyear Tire & Rubber Company Price and Consensus | The Goodyear Tire & Rubber Company Quote
Except for the sturdiness of the tire, automakers are looking for improved rolling friction for EVs. Underdeveloped recharging infrastructure in most of the countries has initiated many customers to demand EVs with high ranges.
Price Performance
Over a month, shares of Goodyear have outperformed the industry it belongs to. During the period, the company’s stock fell 7.8% in comparison to the industry’s decline of 8.4%.
Zacks Rank & Key Picks
Goodyear has a Zacks Rank #3 (Hold). A few better-ranked stocks in the auto space are Allison Transmission Holdings, Inc. ALSN, Navistar International Corporation NAV and General Motors Company GM. Both Allison Transmission and Navistar flaunt a Zacks Rank #1 (Strong Buy), while General Motors carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Allison Transmission has an expected long-term growth rate of 10%. In the last six months, shares of the company have gained 16.3%.
Navistar has an expected long-term growth rate of 5%. Over a year, shares of the company have gained 45.3%.
General Motors has an expected long-term growth rate of 8.4%. In the last six months, shares of the company have gained 2.5%.
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