Switzerland-based pioneer technology firm TE Connectivity Ltd. TEL has been chosen by popular racing enterprise Andretti Autosport’s technology wing, Andretti Technologies, as its lead partner. The partnership is aimed at fostering breakthroughs in key sports and electric vehicle equipments like battery, electric motor, inverter and chassis, much to the delight of the auto industry.
According to the terms of the agreement, TE Connectivity is offering its popular range of DEUTSCH Autosport products, AST sensors and Raychem cable for improving the performance of vehicles. The company’s reputation in providing connectivity and sensor solutions to autosport industry is almost legendary, making it one of the market leaders in the domain.
The dynamic partnership between Andretti Technologies and TE Connectivity will employ “motorsports and racing” as a ground for developing latest technologies. For instance, Andretti Technologies is featuring TE Connectivity’s “global brand colors” in its Formula E test car. The long-term partnership between the companies will likely produce spectacular technologies, both sustainable and clean, in a racing environment. In a nutshell, TE Connectivity’s expertise in providing connectivity and sensor solutions, coupled with Andretti’s knowledge of sport cars, will improve the performance of electric vehicles, which have been experiencing swelling demand over the years.
The FIA Formula E Championship, one of the titles for which the Andretti Autosport team competes, believes the future of motor industry lies in electric vehicles; which also supports most countries’ global agenda to promote a cleaner and sustainable environment. According to the report published by Centre for Solar Energy and Hydrogen Research, demand for electric vehicles is rapidly gaining pace, with more than 320,000 new registrations in 2014 alone. Currently comprising 740,000 vehicles, the global market of electric vehicles is expected to witness further growth.
As TE Connectivity supplies sensors and connectivity solutions for a wide range of industries, we believe the increasing demand for electrical vehicles bodes well for the company in the long run. Overall, the company continues to expect above-market performance from its sensor business, backed by a perfect blend of advance technology, optimal resources and strong client relationships.
TE Connectivity currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include Active Power Inc. ACPW, Fabrinet FN and LightPath Technologies, Inc. LPTH. All three stocks sport a Zacks Rank #1 (Strong Buy).
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