Electric vehicle maker Rivian (RIVN) is advancing 4.5% today after the company reported that it intends to introduce a hands-free driving option later this year. Additionally, RIVN noted that other automakers are interested in obtaining technology from its joint venture with Volkswagen (VLKAY).
Upcoming Semi-Autonomous Offerings
Later this year, RIVN will look to introduce hands-free driving technology to its EVs, CEO RJ Scaringe said yesterday. Moreover, in 2026, the automaker intends to launch an "eyes-off" offering.
These systems will create "an enormous amount of value (for Rivian's) customers," the CEO stated.
Interest From Other Automakers in the Joint Venture's Technology
Other automakers have expressed interest in obtaining technology from Rivian's joint venture with Volkswagen, RIVN reported.
"I'd say that many other (automakers) are knocking on our door," Rivian Chief Software Officer Wassym Bensaid told Reuters.
Bensaid, who also serves as co-CEO of the joint venture, added that, "Obviously other (automakers) are talking to us and we're trying to figure out how to support that in the future." He also noted that "there is demand" for the joint venture's technology.
The Recent Price Action of RIVN
In the last month, RIVN has dropped 4.5%, but it has climbed 25% in the last three months.
While we acknowledge the potential of RIVN, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RIVN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ ALSO 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock
Disclosure: The writer owns shares of RIVN but does not intend to trade them in the next 48 hours. This article is originally published at Insider Monkey.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.