Rivian's stock price surged after announcing the release of its autonomous driving hardware and custom chip.

Rivian surged 15.1% in early trading on Friday, following the company's launch of its self-developed RAP1 chip architecture, equipped with lidar autonomous driving hardware, and the paid Autonomy+ plan. The goal is to achieve "hands-free driving" on 3.5 million miles of roads and long-term target L4 level autonomous driving and unmanned taxi vision.