The Bullish Case: Gentherm definitely operates in a niche market, but has done well to diversify its own portfolio of products. While the company was the first to introduce climate controlled seats in vehicles, Gentherm also manufactures thermal management technologies for medical equipment as well. With products such as the Blanketrol, Maxi-therm hypothermia blankets, and the Kool Kit Neonate which helps to regulate the temperatures of newborn babies, Gentherm has developed an impressive catalogue for the lucrative medical device field. As far as its automotive clients, according to Gentherm’s 2020 Annual Report, it has an incredibly diverse portfolio where the largest holding is General Motors (NYSE:GM) at 14% of its total customer base. This shows that customer dilution is not an issue for Gentherm, and is indicative of a strong industry moat for its climate control technology. Gentherm has a third branch of business which revolves around manufacturing and the design of circuitry and electromechanic control systems. This process includes circuit design and analysis, testing, approvals and consultations, as well as the automated mechanical manufacturing of finished products.