Texas Instruments (TXN Quick QuoteTXN - Free Report) released the latest portfolio of isolated solid-state relays to build safe electric vehicles.

The relays comprise automotive-qualified isolated drivers and switches, which provide reliability to the vehicles by connecting and disconnecting loads through a single isolation barrier in microseconds.

Further, the relays reduce the bill-of-materials cost of powertrain and 800-V battery-management systems without compromising on the reduction of the solution size.

With the help of these new relays, TXN aims to help engineers minimize the size, cost and complexity of high-voltage power supplies while keeping the automotive and industrial systems safe.

Thus, the recent relays are expected to expand Texas Instruments’ reach among engineers, which in turn, will broaden its customer base.

Texas Instruments Incorporated Price and Consensus

Texas Instruments Incorporated price-consensus-chart | Texas Instruments Incorporated Quote

Growing Electric Vehicles Market

With the recent move, Texas Instruments positioned itself well to expand its presence in the booming electric vehicle market.

The underlined market is witnessing significant growth in recent times owing to increasing demand for fuel-efficient, high-performance and low-emission vehicles. Strict government rules and regulations toward vehicle emission as well as low cost of electric vehicle batteries are also acting as growth catalysts.

According to a report by Facts & Factors, the global electric vehicle market size is expected to touch $980 billion by 2028, witnessing a CAGR of 24.5% between 2022 and 2028.

Further, the global electric vehicle market is likely to hit $823.8 billion by 2030, progressing at a CAGR of 18.2% during the 2021-2030 period, per an Allied Market Research report.

Expanding Portfolio of Solutions

The latest move bodes well for the company’s persistent efforts toward expanding its portfolio offerings for providing advanced technological solutions to customers.

Apart from the recent relays, Texas Instruments unveiled a radar sensor called AWR2944 to strengthen its presence in the booming ADAS market. AWR2944 is a 77-GHz sensor integrating a fourth transmitter to provide 33% higher resolution than the existing radar sensors.

Additionally, the company launched a 24-bit wideband ADC to optimize power consumption, improve data measurement and achieve higher-level data acquisition.

It also introduced the 3D Hall-effect position sensor named TMAG5170. With the help of this sensor, engineers are able to get uncalibrated ultra-high precision at high speeds for quick and accurate real-time control in factory automation and motor-drive applications.

Further, TXN released the TI-84 Plus CE Python graphing calculator to help students explore, visualize, and better understand mathematics as well as science.

Zacks Rank & Stocks to Consider

Currently, Texas Instruments has a Zacks Rank #3 (Hold). Investors interested in the broader technology sector can consider stocks like Jabil (JBL Quick QuoteJBL - Free Report) , Jack Henry & Associates (JKHY Quick QuoteJKHY - Free Report) , and Broadcom (AVGO Quick QuoteAVGO - Free Report) . While Jabil currently sports a Zacks Rank #1 (Strong Buy), Jack Henry & Associates and Broadcom carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Jabil has gained 5.5% over a year. The long-term earnings growth rate for JBL is currently projected at 12%.

Jack Henry & Associates has gained 13.5% over a year. The long-term earnings growth rate for JKHY is currently projected at 9%.

Broadcom has gained 27.9% over a year. The long-term earnings growth rate for AVGO is currently projected at 15.6%.