Rivian Automotive (RIVN 6.11%) held its first "Autonomy and AI Day" today in Palo Alto, CA, and so far, it appears that analysts and investors have been underwhelmed. CEO R.J. Scaringe impressed the audience by announcing the company's first in-house Rivian autonomy processor, but shares still dove as much as 10% today anyway.
As of 3:22 p.m. ET, with more investors likely watching the presentation's webcast replay, the stock rebounded somewhat but remained lower by 4.5%.
Image source: Getty Images.
Rivian's in-house AI
The core of Rivian's autonomy platform will be the EV maker's artificial intelligence (AI) processors developed in-house. The company's advanced driver-assistance system will continuously improve using data from the EV maker's deployed fleet of vehicles.
Starting in late 2026, Rivian's third-generation platform on R2 vehicles will include cameras, a powerful radar array, and a front-facing long-range lidar. In the next few weeks, however, the company will send an over-the-air update to its existing R1 customers with the latest computer platform, which will significantly expand their existing hands-free driving capacity.
NASDAQ: RIVN
Key Data Points
Scaringe said that the update will open up existing hands-free capabilities for its customers on more than 3.5 million miles of roads in North America. Investors may have wanted to hear more about imminent capabilities, however.
Rivian won't be offering fully autonomous vehicles yet. Its next step in 2026 will allow the vehicles to drive point-to-point. But investors may have wanted to hear more concrete dates for hands-free, eyes-off-the-road driving.
Scaringe said that it will come as part of a series of steps. Rivian investors should look at the long term, though. Today's presentation was another step for the company. It plans to add a new revenue source with an Autonomy+ subscription that will continuously improve with updates. Some investors may have just decided to sell the news today.
