In a bid to expand its footprint in the automotive industry,
Texas Instruments
TXN
unveiled the battery cell monitor — BQ79718-Q1, and battery pack monitor — BQ79731-Q1, which are designed for electric vehicles (EVs).
The new monitors are capable of increasing the overall life and safety of a battery pack in an EV, and determining the true range of the vehicle by offering accuracy and precision in measuring battery voltage, current and temperature.
More precisely, BQ79718-Q1 offers high-performance battery cell voltage measurements down to 1 mV of accuracy, which enables automakers to maximize the true range of their EVs.
BQ79731-Q1 offers measurement of the battery pack current down to 0.05% accuracy.
Both monitors are well-equipped to provide accurate state of charge estimations and state of health at individual cell and pack level.
Hence, BQ79718-Q1 and BQ79731-Q1 are designed to maximize the drive time of an EV and ensure safer operation with such a strong measurement capability.
With the latest move, the company expanded its family of high-precision battery monitors and balancers.
Texas Instruments Incorporated Price and Consensus
Texas Instruments Incorporated price-consensus-chart
|
Texas Instruments Incorporated Quote
Growth Prospects in EV
With such robust features, Texas Instruments is expected to see strong adoption of its new monitors by EV automakers.
This, in turn, will likely aid the company in expanding its presence in the booming EV market.
According to the Precedence Market report, the EV market is anticipated to reach more than $1.1 trillion by 2030, seeing a CAGR of 23.1% between 2022 and 2030.
Per a report from MarketsandMarkets, the underlined market is expected to reach 39.2 billion units by 2030, witnessing a CAGR of 21.7% between 2022 and 2030.
A Statista report shows that revenues in this market are likely to hit $451.6 billion in 2023 and reach $846.7 billion by 2027, seeing a CAGR of 17.02% between 2023 and 2027.
Expanding BMS Portfolio
With the launch of BQ79718-Q1 and BQ79731-Q1, Texas Instruments added strength to its offerings in the automotive market.
The new monitors have expanded the company’s battery management system (BMS) device portfolio, which includes the CC2662R-Q1 wireless microcontroller for wireless BMS, the TPSI3050-Q1 isolated switch driver and TPSI2140-Q1 isolated switch device.
With an expanding BMS portfolio, Texas Instruments is well-poised to capitalize on the growth prospects in the BMS market.
According to a MarketsandMarkets report, this market is expected to hit $7.8 billion in 2023 and reach $18.4 billion by 2028, witnessing a CAGR of 18.7% between 2023 and 2028.
Per a Precedence Research report, the market is likely to reach $35.1 billion by 2030, witnessing a CAGR of 21.2% between 2022 and 2030.
The company’s strong prospects in both BMS and EV markets are likely to aid its performance in the automotive end-market, and instill investor optimism in the stock.
Notably, shares of Texas Instruments have lost 9.4% over a year.
Zacks Rank & Stocks to Consider
Currently, Texas Instruments carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Computer & Technology sector are
Arista Networks
ANET
,
Agilent technologies
A
and
ASML Holding
ASML
. While Arista Networks currently sports a Zacks Rank #1 (Strong Buy), Agilent and ASML Holding carry a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here
.
Arista Networks has lost 16.7% in the past year. The long-term earnings growth rate for ANET is projected at 17.5%.
Agilent has lost 7.9% in the past year. A’s long-term earnings growth rate is projected at 10%.
ASML Holding has lost 31.5% in the past year. The long-term earnings growth rate for ASML is projected at 23.74%.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report
