Topic: How To Invest

Power Growth Investor Hotline – Friday, January 12, 2024

Article Excerpt

GOODYEAR TIRE & RUBBER CO., $13.20, is a buy. The stock (symbol GT on Nasdaq) represents one of the world’s largest tiremakers, with 57 plants in 23 countries. Goodyear is developing a product for electric vehicles (EVs) that it says will help improve their competitiveness against gas-powered vehicles: tire duration. EVs weigh more than their internal-combustion motor cars because of their heavy battery packs; that puts more wear and tear on tires. Goodyear aims to extend EV tire mileage with its new ElectricDrive 2 product, which it revealed this week at the Consumer Electronics Show in Las Vegas. The first version of the tire comes with a 60,000-mile warranty. The average EV tire typically needs to be replaced after 30,000 to 40,000 miles. Goodyear expects the tires to be commercially available in North America starting in May 2024. The ElectricDrive 2 series will be produced in 17 different sizes, serving vehicle models like the Tesla Model Y, Ford Mustang Mach-E and Chevy Bolt. The company…