Goodyear Tire & Rubr Co Stock Price, News & Analysis

Goodyear Tire & Rubber Company has launched the ElectricDrive GT, its first replacement tire in North America tailored for electric vehicles (EVs). This ultra-high performance, all-season tire promises long-lasting tread wear and a quiet ride. The ElectricDrive GT is designed with Goodyear's SoundComfort Technology® to reduce road noise and features an asymmetric tread pattern for enhanced all-season traction. Initially available in size 255/45R19 104W XL, it targets popular high-performance EV models. Goodyear aims to expand its electric vehicle product line in 2022.

The Goodyear Tire & Rubber Company (NASDAQ: GT), based in Akron, Ohio, has announced a commitment to achieve net-zero greenhouse gas emissions by 2050, aligning with Science Based Targets initiative (SBTi) guidelines. By 2030, Goodyear targets a 46% reduction in Scope 1 and 2 emissions and a 28% reduction in relevant Scope 3 emissions, using 2019 as a baseline. The company aims to procure 100% renewable energy in its facilities across Europe, the Middle East, and Africa by the end of 2022 and strives for a sustainable tire made from 100% sustainable materials by 2030.

The Goodyear Tire & Rubber Company (NASDAQ: GT) announced that the Mickey Thompson ET Front tires are now manufactured at its Innovation Center Manufacturing facility in Akron, Ohio. This marks a significant milestone in the integration of Goodyear and Cooper Tire, being the first Cooper tire produced at a Goodyear U.S. facility. Goodyear's global race tire manager emphasized the companies' historical connection to drag racing and their commitment to innovative product development for the sport.

The Goodyear Tire & Rubber Company has entered a collaboration agreement with Monolith to develop carbon black produced from methane and biomethane for tire manufacturing. This innovative process utilizes plasma-based methane pyrolysis, which aligns with Goodyear's commitment to sustainability and the use of environmentally friendly materials. Initial assessments indicate potential reductions in carbon emissions and may even yield a carbon-neutral or carbon-negative impact through increased biomethane utilization. The partnership aims to enhance the sustainability of Goodyear's product offerings.

Stu Grant, Goodyear's general manager for global race tires, was honored with the 2021 Buddy Shuman Award by NASCAR during its annual awards ceremony in Nashville, Tennessee. This award acknowledges significant contributions to stock-car racing. Grant has been a pivotal figure in Goodyear's racing program for 25 years, overseeing its status as NASCAR's official tire supplier since 1997. He is currently leading the initiative to transition the Cup Series to an 18-inch tire. Grant's dedication to both NASCAR and Goodyear has been widely recognized, making this award a prestigious achievement in his career.

Goodyear partners with the U.S. Marine Corps Reserve for the 11th year to support the Toys for Tots Foundation. From Nov. 20 to Dec. 10, donations can be made at select Goodyear locations nationwide. Special drive-thru events will be held in Ohio, California, and Florida on designated dates. All toys must be new and in original packaging. This collaboration has delivered over 165,000 toys and $500,000 in donations to date. Goodyear emphasizes community support and COVID-19 safety protocols during the events.

Goodyear Tire & Rubber Company (NASDAQ: GT) reported a strong third quarter for 2021 with sales reaching $4.9 billion, up 42% year-over-year, thanks to the Cooper Tire merger. Tire unit volumes increased by 32% to 48.2 million, with a notable 44% rise in replacement tire volumes. Net income surged to $132 million (46 cents per share) from a net loss of $2 million a year earlier. Segment operating income rose to $372 million, driven by improved pricing and volume, despite ongoing inflation and raw material cost challenges. Year-to-date sales were $12.4 billion, a 43% increase compared to 2020.

Goodyear Tire & Rubber Company (NASDAQ: GT) partnered with Stark Area Regional Transit Authority (SARTA) to test intelligent tire sensors and prototype tires on SARTA's fleet of diesel and hydrogen fuel cell buses. This collaboration will utilize Goodyear's TPMS Plus technology to provide real-time tire condition data, optimizing maintenance and potentially reducing operational costs. Initial tests indicate improvements in fuel efficiency and reductions in bus breakdowns. The project aims to enhance safety, sustainability, and efficiency within public transportation.

At the 2021 SEMA Show, Goodyear's Mickey Thompson Tires & Wheels' Baja Legend EXP won the Best New Product Award in the Tire and Related Product category. The ET Street Front drag tire and Cooper Tire's Discoverer Snow Claw were recognized as Runner-Ups. This achievement marks a clean sweep for Goodyear in this category. Dominick Wycoff, president of Mickey Thompson, stated their commitment to innovation and quality in tire manufacturing, emphasizing the performance capabilities of their products.