Sensata Technologies Holding plc ( ST Quick Quote ST - Free Report) recently pledged its support for the standardization of electric vehicle (EV) charging systems by joining Charging Interface Initiative e.V. Association as a core member. The move gains prominence given the fact that the Biden administration is likely to encourage the development of more public electric charging stations across the country to reduce the harmful impact of greenhouse gases. EVs are fast emerging as a convenient environment friendly mode of transportation with various cities developing the requisite infrastructure, incentives and policies on a regional scale. However, mass scale adoption of EV is often dented due to challenges related to dearth of adequate charging stations and uniformity across the same. Charging Interface Initiative e.V. Association aims to address this problem by establishing a combined charging system as the global standard and defining a certification system for manufacturers implementing the same. As a core member of this organization, Sensata remains committed to the development of a globally accepted standard charging system backed by in-depth technology knowhow of high voltage contactors. Notably, it boasts high voltage contactors in its product portfolio designed specifically for applications that require very high current levels such as commercial vehicles, photovoltaic/ battery inverters, battery packs and energy storage systems. This, in turn, is likely to strengthen its presence in this niche market category. Catering to a wide range of customers from Tier 1 compressor suppliers to industrial manufacturers, Sensata shares a long-standing relationship with a geographically diverse base of multinational companies and leading original equipment manufacturers. It develops mission-critical sensor-rich solutions to address both current and evolving technological needs. The company primarily relies on third-party distributors to sell its products across the globe. Sensata’s strong relationships combined with robust innovation capabilities serve as its key growth drivers. Markedly, its sensing solutions business has a strong product portfolio and greater scale to capitalize on attractive opportunities in the global automotive sensor market. Moreover, the company believes that its evolving portfolio and accretive customer base serve as the cornerstone for its long-term growth across diverse markets. With these capabilities, the company is focused on establishing and optimizing a highly efficient global manufacturing as well as supply chain network that will aid in generating positive cash flow. The stock has lost 10.8% in the past year compared with the industry’s decline of 3.2%. We remain impressed with the focused attempts of this Zacks Rank #2 (Buy) stock. Some other top-ranked stocks in the industry are Badger Meter, Inc. ( BMI Quick Quote BMI - Free Report) Transcat, Inc. ( TRNS Quick Quote TRNS - Free Report) and Knowles Corporation ( KN Quick Quote KN - Free Report) , each carrying a Zacks Rank #2. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Badger Meter delivered a positive earnings surprise of 5.4%, on average, in the trailing four quarters. Transcat has a long-term earnings growth expectation of 8%. It delivered a positive earnings surprise of 93.4%, on average, in the trailing four quarters. Knowles has a long-term earnings growth expectation of 10%. It delivered a positive earnings surprise of 12.5%, on average, in the trailing four quarters. More Stock News: This Is Bigger than the iPhone!
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