BURLINGTON, Mass. - Cerence Inc . (NASDAQ: NASDAQ:CRNC), a leader in AI-driven in-car virtual assistants, has announced a collaboration with global premium electric vehicle (EV) brand Zeekr, under Geely Holding Group, to integrate its conversational AI technology into Zeekr's vehicles. This move aligns with Zeekr's global expansion efforts, as the company plans to enter 50 international markets by the end of 2024.
Zeekr, which already has a presence in over 20 markets including Sweden, the Netherlands, the UAE, Singapore, and Australia, is set to start delivering its right-hand drive (RHD) models in the third quarter of this year. The integration of Cerence's AI technology aims to enhance the in-car experience by providing proactive and personalized assistance to drivers worldwide.
The Cerence Assistant platform is designed to deliver a multi-modal experience that leverages data from car sensors to interpret complex situations both inside and around the vehicle, supporting 14 regions in 10 different languages.
Christian Mentz, Chief Revenue Officer at Cerence, highlighted Zeekr's commitment to innovation and user-centered design, noting that the partnership will provide Zeekr drivers with an intuitive and intelligent in-car assistant experience well-suited for the global market.
Zeekr's product lineup includes models such as the Zeekr 001, Zeekr 001 FR, Zeekr 009 MPV, Zeekr X urban SUV, and Zeekr 007 luxury sedan. Since its inception, the brand has delivered over 250,000 vehicles and is focused on creating a fully integrated user ecosystem that emphasizes innovation, sustainability, and diversity.
The information for this article is based on a press release statement from Cerence Inc.
InvestingPro Insights
As Cerence Inc. (NASDAQ: CRNC) forges ahead with its collaboration with Zeekr to deliver advanced AI-driven in-car virtual assistants, investors are closely monitoring the company's financial health and stock performance. According to InvestingPro data, Cerence is currently operating with a market capitalization of $159.17 million and a revenue growth of 16.49% over the last twelve months as of Q2 2024. Despite this growth, the company's stock has experienced a significant downturn, with a price total return of -86.04% over the past year.
Two important InvestingPro Tips to consider are that Cerence's stock is trading at a low Price / Book multiple of 0.34, suggesting that the market may undervalue the company's assets relative to its share price. Additionally, the stock's Relative Strength Index (RSI) indicates that it is currently in oversold territory, which could attract investors looking for potential bargains in the market.
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