Rivian (NASDAQ:RIVN) saw its shares jump 12% on Friday, likely influenced by the buzz surrounding its inaugural Autonomy & AI Day. This event showcased the company’s innovations in electric vehicle technology.
In the lead-up, Rivian stock had actually dipped 6% on Thursday following the event, but it seems investors reconsidered their stance after reflecting on the announcements made.
A notable highlight from the event was a custom-designed chip focused on vision-driven artificial intelligence. The Rivian Autonomy Processor (RAP1) merges highly efficient processing with advanced memory capabilities, enhancing Rivian’s onboard computing.
Additionally, Rivian announced plans to integrate LiDAR technology into its upcoming R2 midsize electric SUV for better real-time detection and safety features.
They also introduced Autonomy+, a subscription service set to launch in early 2026. This will offer hands-free assisted driving across 3.5 million miles of well-marked roads in the U.S. and Canada, with a one-time fee of $2,500 or a monthly charge of $49.99.
In response to these developments, investment bank Needham elevated its price target for Rivian stock to $23 per share. “RIVN is leveraging AI to introduce autonomy and build end-to-end autonomy,” noted Chris Pearce, a Needham analyst.
If this perspective gains traction with more investors, Rivian’s stock price could see further increases.
