Core Insights - Rivian Automotive has released a significant software update (2025.46) aimed at enhancing the driving experience and expanding assisted driving capabilities, responding to customer requests [1][9] Software Features - The "Universal Hands-Free" feature extends hands-free driving coverage from 135,000 miles to over 3.5 million miles across the U.S. and Canada, allowing operation on roads with clearly marked lanes, but not at slow speeds or at traffic signals [2] - Rivian's autonomy feature offers three driving styles: "Mild," "Medium," and "Spicy," each affecting vehicle behavior differently on the road [3] - The "Digital Key" feature allows users to add their Gen 2 car key to digital wallets on various devices, ensuring compatibility with future models [4] - The "Driver Display View" feature enables Gen 2 drivers to switch between different display modes, enhancing navigation and assistance visibility [5] - Exclusive to Gen 2 Quad-Motor vehicles, the "Kick Turn" feature allows steering in tight conditions at speeds under 15 mph (24 km/h) [6] Competitive Landscape - General Motors is advancing its autonomous strategy with its software-defined vehicle platform, OnStar and Super Cruise, which aims to enhance vehicle capabilities over time [7] - NIO Inc. is upgrading its NIO World Model platform, focusing on enhancing driver-assistance features and building recurring revenue through software improvements [8] Market Performance - Rivian's stock has increased by 64.5% over the past six months, outperforming the industry growth of 40.1% [10] - The company currently trades at a forward price-to-sales ratio of 4.13X, which is above the industry average and its own five-year average [11]

Core Insights - General Motors (GM) is focusing on increasing revenues from software and services, generating nearly $2 billion year-to-date from offerings like OnStar and Super Cruise [1][9] - GM ended Q3 2025 with 11 million OnStar global subscribers, a 34% year-over-year increase, and expects to exceed 12 million by year-end [2][9] - The company is developing a next-generation software-defined vehicle platform aimed at reducing complexity and creating new revenue streams [3][4][9] Financial Performance - GM's deferred revenues rose 14% from Q2 2025 to almost $5 billion [1] - The company anticipates $200 million in Super Cruise revenues for 2025 [2] Competitive Landscape - Chinese EV makers, such as NIO and XPeng, are also enhancing their software-defined vehicles to unlock recurring revenues [5][6][7] - NIO is upgrading its NIO World Model platform to improve vehicle capabilities and build recurring revenue streams [6] - XPeng is focusing on its advanced XNGP system to drive long-term revenue through subscription-based software features [7] Stock Performance - GM shares have increased by 70% over the past six months, outperforming the industry growth of 48.2% [8] - GM currently trades at a forward price-to-sales ratio of 0.42X, lower than the industry average and its own five-year average [11]