Raymond James analyst Brian Gesuale initiated Cerence (CRNC) with a Strong Buy rating and a $38 price target. The analyst said that "Cerence is an artificial intelligence based natural language digital assistant in the automobile that unlocks a broader content ecosystem, enabling a safer more enjoyable customer experience. Think of this as the 'Siri' or 'Alexa' of the car." Gesuale said that the market is valuing Cerence as a high-end auto supplier, but he believes that will go up as more becomes known about the story. As previously reported, Nuance Communications (NUAN) is spinning off Cerence.

Cerence announced that Foxtron, a subsidiary of Hon Hai Technology Group, has selected Cerence to bring voice-powered interaction to its new electric vehicles, EVs, bringing these features to drivers in Taiwan for the first time. With bilingual recognition in Taiwanese Mandarin and English, Foxtron's new voice-powered experience will support the automakers' expansion in Taiwan and globally. Foxtron will deploy Cerence Assistant, the company's full-stack audio and voice AI solution, including technologies ranging from noise reduction to conversational interaction. With this solution, customers will have voice-powered access to control key vehicle features and functions, including media, navigation, car controls, climate controls, and more. The system will support dual sound zones, meaning both drivers and passengers can benefit from the experience.