The Goodyear Tire & Rubber Company (GT - Free Report) announced that it is using its expertise for a fleet of Tesloop’s semi-autonomous electric vehicles in a bid to provide wireless sensors for car tires to enhance overall tire management and augment uptime for the fleet.
Tesloop offers city-to-city travel services exclusively using Tesla (TSLA - Free Report) electric vehicles.
The wireless sensors calculate and record information related to tire temperature and pressure along with other vehicle data and connect with Goodyear’s cloud-based proprietary algorithms to improve overall fleet performance. The devices also forecast when the tires need replacement or servicing.
The Goodyear Tire & Rubber Company Price and Consensus
Apart from Tesloop, Goodyear will serve mobile fleet solutions to passenger vehicles.
This attempt by Goodyear with Tesloop will help it commercialize its Goodyear Proactive Solutions business for truck fleets, which offers vehicle-to-fleet operation management services, featuring advanced telematics and predictive analytics technology. The solution will allow fleet operators to use fuel efficiently, plus identify and solve tire-related issues.
Management at Tesloop believes that data-driven tire diagnostics will aid fleet operators to operate their vehicles more efficiently.
Goodyear’s shares have slipped 1.8% year to date, outperforming the 4.3% 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 Toyota Motor Corporation (TM - Free Report) and Ferrari N.V. (RACE - Free Report) , both currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Toyota has a long-term growth rate of 7%.
Ferrari has an expected long-term earnings growth rate of 14.1%.
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