Rivian Stock Surges 18% on Autonomous Driving Ambitions
Rivian Automotive Inc. shares soared as much as 18% Friday following its Autonomy & AI Day showcase, where the electric vehicle maker revealed proprietary chip technology and advanced driver-assistance systems. The rally reflects growing investor confidence in Rivian's ability to compete in the autonomous vehicle sector dominated by Tesla Inc.
The company announced expanded hands-free driving capabilities across 3.5 million miles of North American roads - a 23-fold increase from previous coverage. Barclays analysts note this positions Rivian closer to Tesla's Autopilot functionality, though full self-driving capability remains years away.
Wall Street responded with bullish revisions. "Rivian is transitioning from vehicle manufacturer to AI-driven mobility platform," observed Needham's Chris Pierce. Deutsche Bank's Edison Yu praised the strategic vision while cautioning about execution risks in the capital-intensive AV race.
