SoundHound AI stock (NASDAQ: SOUN) soared during intraday trading Wednesday following the launch of its ChatGPT-Powered voice assistant in various European automotive brands.
SoundHound AI revealed that its ChatGPT-powered voice assistant is now live and operational in Peugeot, Opel, and Vauxhall vehicles across 11 European markets. These markets include Austria, France, Germany, Italy, Spain, and the United Kingdom. The company plans to extend the rollout to 17 markets in 12 different languages by the end of this month.
This integration follows the successful March 2024 launch in Stellantis™ DS Automobiles, marking a milestone as the first full-scale deployment of a voice assistant with generative AI technology in the automotive sector.
Functionality and Benefits
The SoundHound Chat AI voice assistant aims to improve the driving experience by offering features such as interactive knowledge discovery, real-time data access, and in-vehicle controls. Starting July 2024, new vehicle models will come equipped with this service, while certain existing models will receive it via over-the-air updates.
This service will enable drivers and passengers to leverage voice commands for various functions such as navigation, making phone calls, and accessing live information like weather updates and sports scores. The integration with ChatGPT enables more natural voice interactions, allowing users to ask different questions and receive informative responses, enhancing both convenience and entertainment while traveling.
SoundHound AI reports a substantial increase in the adoption of its voice AI technology, with a sixfold surge in usage and a 50% rise in interaction frequency, as observed with DS Automobiles. The company has also noted a notable reduction in unfulfilled requests and a fivefold improvement in the Net Promoter Score based on consumer loyalty, indicating a growing demand for advanced AI-driven voice assistants in automotive settings.
Michael Zagorsek, COO of SoundHound AI, emphasized the significance of their collaboration with Stellantis, stating,
“Our collaboration with Stellantis has put both companies right at the cutting edge of innovation in the automotive sector, bringing the driver experience into a new and exciting era. SoundHound is proud to deliver voice AI technology that meets the market’s demand for a next-generation consumer experience built on natural conversation.”
SoundHound AI Stock (NASDAQ: SOUN) Movement
SOUN stock surged 22.46% on Wednesday, closing at $5.07, marking a 28.68% increase for the week. The trading volume was 78,868,400 shares, significantly higher than the average daily volume of 23.20 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
