Goodyear Tire & Rubber Co. (GT) - Get Goodyear Tire & Rubber Company Report has entered the fray for electric vehicle replacement tires as it launched its new ElectricDrive GT, the company said in a statement.
Goodyear will take on its competitors, Japan-based Bridgestone, the world's largest tire company; French tire maker Michelin; and German rival Continental, which have dominated EV replacement tire sales prior to Goodyear's entrance to the market.
The ElectricDrive GT is Goodyear's first replacement tire in North America tuned for EVs.
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Replacement tires for EVs are specially made to handle more weight than internal-combustion vehicles and deliver more torque to the road when vehicles are driving away from a stop. They are also designed to be quieter on the road than their internal combustion counterparts because of the almost-silent electric powertrains in EVs.
Goodyear asserts that its ElectricDrive GT is an ultra-high performance, all-season tire that provides long-lasting treadwear and a quiet ride for EV drivers and passengers.
"Electric vehicles present a very specific set of requirements for load, torque, noise, range, rolling resistance, and overall performance," David Reese, Goodyear's vice president of product development, said in a statement. "We're proud to deliver leading technologies to serve the evolving EV landscape."
The new tire will be available through goodyear.com for some of the most popular EV high-performance models, according to the statement.
Here are more of the top electric vehicle stocks to watch:
Tesla (TSLA) - Get Tesla Inc Report CEO Elon Musk, the world’s richest person on paper, says he will pay more than $11 billion in taxes this year. “For those wondering, I will pay over $11 billion in taxes this year,” Musk tweeted on Sunday without offering additional details. Musk, whose net worth was $243 billion as of Sunday, according to the Bloomberg Billionaires Index, made the remarks after publicly declaring he will pay the most in taxes of any American in history.
Musk faces an August 2022 deadline to convert roughly 22.9 million vested stock options into shares or let them expire worthless, according to a regulatory filing. He would need about $143 million to exercise those options, and could owe more than $9 billion in federal income and Medicare taxes upon exercising them.
Ford (F) - Get Ford Motor Company Report CEO Jim Farley said this past week that interest in the automaker’s soon-to-launch F-150 Lightning pickup truck is so great that it had to stop taking reservations, CNBC reported. "We are completely oversubscribed with our battery electric vehicles, Lightning especially,” Farley told Jim Cramer. “We had to stop reservations we got so many. We stopped at 200,000, and those are orders. Hard orders." Farley said Ford is pushing full production capacity at “70,000 or 80,000 units” of the Lightning, the all-electric version of America’s decades-long best-selling F-series pickup truck.
General Motors (GM) - Get General Motors Company Report shares slumped lower this past week after the carmaker lost a key executive in its self-driving car subsidiary. GM said that Cruise CEO Dan Ammann would be stepping down from its majority-owned division immediately, with CTO Kyle Vogt tabbed as his interim replacement. Cruise, which is close to receiving permits to operate its self-driving taxis in San Francisco, was recently touted by GM CEO Mary Barra as having the potential to generate $50 billion in revenues over the next six years. GM's EV ambitions were laid out in detail earlier this fall, with the carmaker vowing to double it annual revenue by the end of the decade.
Lucid (LCID) - Get Lucid Group, Inc. Report has barely delivered any vehicles. The electric car maker wants to take on industry leader Tesla, but it has only just begun its journey to do that. The company hasn't sold a lot of vehicles but it has delivered to its first group of customers and CEO Peter Rawlinson has very big plans. He laid out his vision for the company in its most recent earnings call, and he explained that a lot of progress has happened behind the scenes.
Rivian (RIVN) - Get Rivian Automotive, Inc. Class A Report shares fell this past week, dropping nearly 10% in premarket trading after the highly-touted all-electric pickup truck maker reported its first quarterly earnings as a public company and provided more clarity on future orders – which in turn prompted investors to re-assess the company’s current lofty stock-price valuation. Rivian said it lost an adjusted $766 million in the third quarter, without providing a per-share number. Analysts polled by Factset had been expecting a meager $900,000 in sales for the quarter, with a loss of $12.04 a share.
While Rivian confirmed strong interest in its RIT electric truck with more than 71,000 pre-orders as of Dec. 15, executives noted in a post-earnings conference call that supply chain issues affecting the automotive industry as a whole among other sectors mean customer orders placed now will not likely be delivered until 2023.