SANTA CLARA, Calif. - SoundHound AI , Inc. (NASDAQ:SOUN) has announced the integration of its voice assistant technology, SoundHound Chat AI, into the Lancia Ypsilon's S.A.L.A. infotainment system, now available in several European countries. The new feature allows drivers to interact with their vehicles using natural language commands to access a range of information and services while on the move.
The S.A.L.A. system, which stands for Sound, Air, Light, and Augmentation, now incorporates SoundHound Chat AI's Generative AI capabilities, enabling dynamic conversations on a variety of topics, including navigation, weather, and local services like restaurants or hotels. For instance, users can ask for recommendations on scenic towns to visit or inquire about the nearest rest stop with EV charging.
Michael Zagorsek, COO of SoundHound AI, expressed excitement about the collaboration, highlighting the company's commitment to enhancing in-car experiences with sophisticated voice technology. The integration with Lancia marks the latest partnership within the Stellantis (NYSE:STLA) brand family, following the adoption of SoundHound AI's technology by Alfa Romeo, Citroën, Peugeot (OTC:PUGOY), Opel, and Vauxhall. DS Automobiles was noted as the first automaker to launch a voice assistant with generative AI technology from SoundHound Chat AI earlier this year.
Data from SoundHound indicates a growing consumer demand for advanced in-vehicle voice assistants, with notable increases in usage and consumer loyalty metrics. The company, known for its conversational intelligence solutions across various industries, aims to provide businesses with voice AI that offers speed and accuracy in multiple languages.
This development is expected to offer Lancia customers an enhanced and more interactive driving experience, with the convenience of voice-activated services that adapt to their needs. The information for this article is based on a press release statement from SoundHound AI, Inc.
In other recent news, SoundHound AI Inc. has experienced significant growth in earnings and revenue, with a 54% increase in the second quarter of 2024, reaching a total of $13.5 million. The company has also reported a substantial increase in its cumulative subscriptions and bookings backlog, reaching $723.0M, which indicates a strong demand for its services, particularly the Polaris (NYSE:PII) model.
SoundHound AI continues to expand its footprint in the conversational AI space through strategic acquisitions like SYNQ3 and Amelia AI. These acquisitions are expected to enhance its customer service capabilities and contribute positively to earnings in the latter half of 2025.
H.C. Wainwright maintains a positive stance on SoundHound AI, expressing confidence in its revenue growth strategy and cost management. The firm anticipates a move towards operating profitability over time, despite acknowledging that recent acquisitions might delay full-year profitability until possibly 2026 or 2027.
Among other developments, MUSC Health, in collaboration with SoundHound, has launched an AI-powered agent named Emily to streamline patient appointment management. This is expected to improve operational efficiency and patient satisfaction at MUSC Health. These developments highlight SoundHound AI's commitment to innovation in the voice AI market.
InvestingPro Insights
SoundHound AI's recent integration with Lancia's infotainment system underscores the company's growth trajectory in the automotive sector. This expansion aligns with several key financial indicators from InvestingPro.
According to InvestingPro data, SoundHound AI has demonstrated impressive revenue growth, with a 53.47% increase in the last twelve months as of Q2 2024. This growth is reflected in the company's stock performance, which has seen a substantial 176.32% price return over the past year.
InvestingPro Tips highlight that analysts anticipate continued sales growth for SoundHound AI in the current year. This projection is particularly relevant given the company's expanding partnerships within the Stellantis brand family and the increasing consumer demand for in-vehicle voice assistants.
Despite these positive indicators, it's worth noting that SoundHound AI is currently trading at a high revenue valuation multiple. This suggests that investors are pricing in significant future growth expectations, which aligns with the company's recent technological advancements and market expansions.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for SoundHound AI, providing a deeper understanding of the company's financial health and market position.
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