The Goodyear Tire & Rubber Company (GT - Free Report) expanded its innovation network by opening its first office in Silicon Valley. The new office will help the company to connect with auto manufacturers, suppliers and mobility-related startups, working to develop next-generation vehicles.
The company’s initial aim is to offer optimized tires and services solutions to autonomous cars and ride sharing fleets in Silicon Valley. It also wants to utilise the available tire and vehicle data to facilitate tire replacement and services. Plus, Goodyear wants to associate with the automotive industry’s leaders that will enable the company to accelerate the growth of its innovation platform.
This move unleashes unmatched opportunities to the tire electronics and information systems to improve automotive performance and consumer experience.
The Goodyear Tire & Rubber Company Price and Consensus
The new set-up at Silicon Valley is located at Plug and Play Tech Center in Sunnyvale, CA.
The office is an addition to Goodyear’s global innovation network that comprises innovation and development centers as well as tire proving grounds. The company also has two innovation centers in Akron, OH and Colmar-Berg, Luxembourg.
Goodyear’s shares have slipped 1.1% in year to date, outperforming the 3.4% decline of the industry it belongs to.
Zacks Rank & Key Picks
Goodyear currently carries a Zacks Rank #4 (Sell).
A few better-ranked automobile stocks are Allison Transmission Holdings, Inc. (ALSN - Free Report) , Continental AG (CTTAY - Free Report) and Toyota Motor Corporation (TM - Free Report) , all currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Allison Transmission has a long-term growth rate of 11%.
Continental has a long-term growth rate of 7.9%.
Toyota has an expected long-term earnings growth rate of 7%.
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