Why Rivian (RIVN) Is Rising Today

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.

A state-of-the-art electric vehicle charging at a station at a suburban mall.

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.

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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.