The Goodyear Tire & Rubber Company (GT - Free Report) is expanding its worldwide innovation network to include Ann Arbor, MI-based Mcity. The Akron, OH-based company will carry out tests with electric and autonomous vehicles at Mcity Test Facility. This will help the company to enhance its intelligent tires and the application of sensors, in turn, assisting its consumers.
Mcity Test Facility, located on the University of Michigan, is a proving ground, constructed for conducting tests of connected and driver-less vehicles. The innovative facility, comprising of 16 acres of road and traffic infrastructure, is dubbed as a leading connected and automated test facility in the world. Goodyear is the only tire company, researching at the facility.
For Goodyear, Mcity is the extension of the company’s global innovation network, including innovation centers, development centers and tire proving grounds around the world. The network also incorporates innovation partnerships with several customers, suppliers, governments and universities.
Currently, Goodyear carries a Zacks Rank # 3 (Hold). Year to date, shares of both Goodyear and its industry have declined 24.4%.
Some better-ranked stocks in the auto space are Oshkosh Corporation (OSK - Free Report) , Allison Transmission Holdings, Inc. (ALSN - Free Report) and Ferrari N.V. (RACE - Free Report) . While Oshkosh and Allison Transmission Holdings sport a Zacks Rank #1 (Strong Buy), Ferrari carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oshkosh has an expected long-term growth rate of 18.3%. Shares of the company have risen 11.5% over the past year.
Allison Transmission Holdings has an expected long-term growth rate of 10%. Over the past year, shares of the company have gained 6.4%.
Ferrari has an expected long-term growth rate of 17.3%. Over the past year, shares of the company have gained 45%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>