SoundHound Chat AI is now live in vehicles across Europe


SoundHound AI Inc (NASDAQ: SOUN) says its voice assistant with integrated ChatGPT capabilities “is now live and in production” across multiple Stellantis brands in Europe. 

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Shares of the artificial intelligence company are up more than 10% on Wednesday. 

SoundHound stock is still down about 45% versus its year-to-date high in mid-March. 

SoundHound Chat AI launches in Europe

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SoundHound Chat AI rolled out in Vauxhall, Opel, and Peugeot vehicles across eleven European markets today, including Italy, Austria, Germany, Spain, France, and the United Kingdom. 

The Nasdaq-listed firm plans on extending the launch in 12 different languages to 17 markets by the end of this month. Michael Zagorsek – the chief operating officer of SoundHound AI said in a press release today:

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 stock is not currently a dividend payer. 

SoundHound Chat AI changes in-vehicle experience

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SoundHound Chat AI is an in-vehicle voice assistant with integrated ChatGPT like capabilities. COO Zagorsek also said today:

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 Chat AI will enable driver or passengers to ask detailed questions, make follow-up queries, and seamlessly interact not just with in-vehicle controls but with external knowledge sources as well, as per the press release on Wednesday. 

SoundHound stock is currently up well over 100% versus the start of 2024. 

Is SoundHound stock worth buying in July 2024?

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SoundHound AI is committed to revolutionising in-vehicle voice assistants. In fact, its recently cited data that indicated a whopping sixfold increase in the use of its technology. 

That’s perhaps why the artificial intelligence leader Nvidia Corp took a sizable stake in SOUN last year. It held 1.73 million shares of the California based company at the end of 2023. 

SoundHound saw its revenue increase by a whopping 73% on a year-over-year basis to $11.6 million in its latest reported quarter. It also recently paid debt worth $100 million in full to save some $55 million in interest and fees. 

The Nasdaq-listed firm has released $14 million of restricted cash as well and is expected to rebound as the AI hype continues, as per our market analyst Crispus Nyaga

Wall Street also currently has a consensus “buy” rating on SoundHound stock with upside to $7.75 on average that translates to potential for a 65% gain from here. 

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