After weeks of struggling and high volatility, many tech stocks are back in the green today, including Rivian Automotive (RIVN) .
The electric truck and SUV producer made a massive splash in November 2021 with its record-setting initial public offering (IPO). But in the years since, it has been forced to work hard to remain competitive in an increasingly competitive electric vehicle (EV) market and an increasingly uncertain economy.
💰💸 Don’t miss the move: SIGN UP for TheStreet’s FREE Daily newsletter 💰💸
While Tesla’s (TSLA) place as leader of the EV sector still appears precarious, Rivian hasn’t been able to demonstrate it’s a truly formidable rival, as some experts once framed it. That said, over the past two quarters, RIVN’s performance has been extremely similar to Tesla’s; both stocks have risen roughly 10%.
However, Rivian has recently reported something unexpected that has pushed shares up today and could help usher in a turnaround if its progress on this front continues.
Rivian CEO RJ Scaringe is making a bold move as the EV startup prepares to turn a new corner.
Image source: Jucevic/Bloomberg via Getty Images
Rivian is going all in on a red-hot type of technology
Over the past few years, many companies in the EV space have realized the importance of embracing artificial intelligence (AI) and using it to enhance their products. Tesla helped lead the charge in this area, but its use of AI has led to many questions, particularly concerning its autonomous driving technology and the crashes to which it’s been linked.
Related: Analysts agree to disagree on Rivian’s “empty” 2025
Rivian just took a major step toward utilizing AI by appointing a key figure in the space to its board of directors. An 8-K filing with the U.S. Securities and Exchange Commission (SEC) dated April 21 reveals that Aidan Gomez, founder and CEO of AI enterprise startup Cohere, has been elected to the company’s board.
Noted for his expertise in the fields of AI research and data science, Gomez is an established leader in both areas. He previously served as a key member of Google Brain, a deep learning research and intelligence team that helped lay the groundwork for Google’s AI innovations.
Now he will be lending this expertise to Rivian as the company prepares to continue establishing itself as a key player in the industry. This decision from Rivian shows that it plans to further its AI endeavors, offering investors exposure to multiple fast-growing markets.
In a LinkedIn post published today, Gomez revealed that his work with Rivian will include work in areas spanning autonomy, manufacturing, and large language models (LLMs).
“We are thrilled to welcome Aidan to the Rivian board,” states Rivian founder and CEO RJ Scaringe. “Aidan has demonstrated exceptional leadership in the rapidly evolving AI industry, and his thinking and expertise will support Rivian as we integrate new, cutting-edge technologies into our products, services, and manufacturing.”
In March 2025, Scaringe highlighted Rivian’s full autonomy goals for its EVs, specifically the R1T truck and R1S SUV. He added that the company intends to “capitalize on improvements in AI and data collection in the newest iteration of its vehicles.”
More Tech Stock News:
Rivian CEO updates loyal fans on hotly anticipated Tesla rivalTesla stock mega bull gives Elon Musk an ultimatumTariffs could lead to major nightmare for U.S. tech stocks
Now the company seems to be doubling down on this initiative by electing an AI expert like Gomez to its board of directors. For investors, this may be reassuring, as it shows the company is focused on streamlining its AI goals and isn’t just prioritizing building more cars.
A strong AI market may help take Rivian even higher
Despite the well-publicized troubles Tesla has faced over the past few months, the actual EV market isn’t struggling. Data from Kelley Blue Book shows that EV sales rose 10% between January and March 2025, even as Tesla’s own sales plummeted.
Related: Rivian ventures away from cars, heads down an unexpected avenue
If EV sales continue rising in the U.S., there may be ample opportunity for companies like Rivian to chip away at Tesla’s market share. The former EV leader is also reportedly having trouble selling its Cybertrucks, which could mean more opportunity for Rivian to sell its more traditional-looking electric pickup trucks.
For Rivian, though, its best chance at growth may be to continue establishing itself as an automaker with cutting-edge AI technology. This seems to be the company’s goal, and Gomez seems highly optimistic about its prospects in this area.
“In this pivotal moment, Rivian is the best positioned to become the global leader in automotive and manufacturing AI, and I am eager to support the company in realizing that,” he states.
Related: Veteran fund manager unveils eye-popping S&P 500 forecast
