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Goodyear (GT) Launches AndGo & Goodyear Ventures at CES 2020

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The Goodyear Tire & Rubber Company (GT - Free Report) recently launched AndGo and Goodyear Ventures at the 2020 Consumer Electronics Show (CES). While the new capital venture fund — Goodyear Ventures — intends to advance future mobility solutions over the next decade with a targeted investment of $100 million, AndGo is designed to be a seamless vehicle servicing platform that integrates predictive software with a trusted service network.

AndGo will provide complete vehicle readiness to help fleets of consumers boost their performance. It will also activate Goodyear's vast service network for convenient scheduling needs, in order to reduce downtime through service monitoring.

It is aimed at creating new standards for mobility via cooperation with fleets. Fleets engaging AndGo are expected to gain from continued care through routine inspection and tire monitoring. Moreover, AndGo is anticipated to remove the supposition in fleet management, enabling fleets to concentrate on their end customers.

Meanwhile, Goodyear Ventures is devised to focus on eight areas, namely electric and autonomous technologies, connected mobility solutions, next-generation public and aviation mobility, future transportation infrastructure, future maintenance and operations, emerging technologies and new tire materials. It will focus primarily on partnering and investing in start-ups with a shared vision of sustainable, secure and new mobility experiences.

These apart, the company’s restructuring programs in the United States and Germany are well on track, which are expected to boost its prospects, in turn, fortifying Goodyear’s competitiveness. Notably, the restructuring in Germany is expected to drive its earnings by $60-$70 million on completion, with the full benefit expected by 2022.

Zacks Rank & Stocks to Consider

Goodyear currently carries a Zacks Rank #3 (Hold). The stock has underperformed the industry it belongs to over the past year. Its shares have appreciated 25.9% compared with the industry’s rise of 35.4%.

Some better-ranked stocks in the Auto-Tires-Trucks sector include Tesla, Inc. (TSLA - Free Report) , Visteon Corporation (VC - Free Report) and SPX Corporation (SPXC - Free Report) , each carrying a Zacks Rank of 2 (Buy), at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Tesla has an estimated earnings growth rate of 1504.88% for 2020. The company’s shares have surged 38.6% in a year’s time.

Visteon has a projected earnings growth rate of 69.76% for the ongoing year. Its shares have gained 23.6% over the past year.

SPX has an expected earnings growth rate of 8.09% for the current year. The stock has appreciated 76.9% in the past year.

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