Goodyear Tire Expanding Its Presence in the Electric Vehicle Space: What Investors Need to Know
One of the world's largest tire manufacturers is deepening its integration with electric vehicles. Here's a look at The Goodyear Tire & Rubber Company GT plans in the EV space.
What happened: Goodyear Tire announced Thursday the launch of the new Goodyear ElectricDrive tire and two new sizes for its ultra-high performance tire.
The announcement brings four new sizes to the company's electric vehicle tire line. Goodyear said in the announcement that Goodyear ElectricDrive tires now fit 44% more battery electric vehicles operating in the United States today with the additional sizes and tires.
ElectricDrive tires also come with a 60,000 mile limited warranty.
New tires suitable for electric vehicles allow for higher load capacity and feature SoundComfort technology that reduces vehicle interior noise.
Related link: Analyst Notes for Goodyear Tire & Rubber
Why it matters: New ElectricDrive tires will allow Goodyear to fit vehicles like the Nissan Leaf, Kia Niro and General Motors GM's Chevrolet Bolt and Volt.
"Goodyear remains focused on delivering innovative products and technologies for the electric vehicle segment and providing drivers with the quality, performance and improved wear of the tread they expect from our brands," said Michiel Kramer, director of consumer product marketing at Goodyear. .
Goodyear launched the ElectricDrive GT tire in December 2021.
"Adding the new ElectricDrive GT sizes allows us to meet the unique needs of more electric vehicle drivers with premium, high-performance Goodyear products."
Goodyear has been around for over 100 years and is a leader in the tire business. The company's increased offerings and focus on electric vehicles could be important for the sector.
A major player in the space investing time and resources in electric vehicles shows there's growth to come, and Goodyear could try to get ahead. Goodyear's move could also force rivals and tire peers to adapt more closely to creating EV-specific tires.
Goodyear launched its first EV-specific tires in 2018 with a focus on durability and longer life, as EVs wear out traditional tires faster. Initially, Goodyear focused on supplying tires for Tesla Inc TSLA vehicles. As other companies expand their EV lines, Goodyear now makes sure we have tires for most sizes of EVs.
GT Price Action: Goodyear shares were down 2% at $13.57 on Friday. The shares have traded between $10.33 and $24.17 over the past 52 weeks.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
One of the world's largest tire manufacturers is deepening its integration with electric vehicles. Here's a look at The Goodyear Tire & Rubber Company GT plans in the EV space.
What happened: Goodyear Tire announced Thursday the launch of the new Goodyear ElectricDrive tire and two new sizes for its ultra-high performance tire.
The announcement brings four new sizes to the company's electric vehicle tire line. Goodyear said in the announcement that Goodyear ElectricDrive tires now fit 44% more battery electric vehicles operating in the United States today with the additional sizes and tires.
ElectricDrive tires also come with a 60,000 mile limited warranty.
New tires suitable for electric vehicles allow for higher load capacity and feature SoundComfort technology that reduces vehicle interior noise.
Related link: Analyst Notes for Goodyear Tire & Rubber
Why it matters: New ElectricDrive tires will allow Goodyear to fit vehicles like the Nissan Leaf, Kia Niro and General Motors GM's Chevrolet Bolt and Volt.
"Goodyear remains focused on delivering innovative products and technologies for the electric vehicle segment and providing drivers with the quality, performance and improved wear of the tread they expect from our brands," said Michiel Kramer, director of consumer product marketing at Goodyear. .
Goodyear launched the ElectricDrive GT tire in December 2021.
"Adding the new ElectricDrive GT sizes allows us to meet the unique needs of more electric vehicle drivers with premium, high-performance Goodyear products."
Goodyear has been around for over 100 years and is a leader in the tire business. The company's increased offerings and focus on electric vehicles could be important for the sector.
A major player in the space investing time and resources in electric vehicles shows there's growth to come, and Goodyear could try to get ahead. Goodyear's move could also force rivals and tire peers to adapt more closely to creating EV-specific tires.
Goodyear launched its first EV-specific tires in 2018 with a focus on durability and longer life, as EVs wear out traditional tires faster. Initially, Goodyear focused on supplying tires for Tesla Inc TSLA vehicles. As other companies expand their EV lines, Goodyear now makes sure we have tires for most sizes of EVs.
GT Price Action: Goodyear shares were down 2% at $13.57 on Friday. The shares have traded between $10.33 and $24.17 over the past 52 weeks.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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