Cerence Inc - CRNC STOCK NEWS

Cerence (NASDAQ: CRNC) announced the launch of an intelligent voice assistant for BJEV's ARCFOX αT electric SUV, enhancing the in-car experience. This assistant integrates Cerence Drive, utilizing both embedded and cloud technologies for speech recognition and natural language understanding. It features voice biometrics for user personalization and multi-zone processing to identify the speaker's location. Cerence's long-standing partnership with BJEV aims to meet the growing demand in the Chinese EV market.

Cerence Inc. (NASDAQ: CRNC) has unveiled new features in its Cerence Car Life suite, designed to enhance the vehicle purchasing and ownership experience. A recent study indicates that only one in three customers is satisfied with traditional car buying methods. The new in-car feature advertising solution aids dealerships and buyers by providing detailed product information during test drives. Additionally, the Contextual Car Status Module keeps drivers informed about their vehicle's real-time status, fostering brand loyalty. These innovations are vital as the automotive industry shifts towards technology-driven solutions amid the COVID-19 pandemic.

On September 16, 2020, Cerence (NASDAQ: CRNC) announced that Volkswagen selected Cerence to enhance the voice assistant for its electric vehicle, the ID.3. This assistant allows voice-activated control over in-car functions such as navigation, music, and climate control. Cerence Drive's technology enables natural speech recognition and integrates with an LED feature called ID. Light, which signals when the assistant is active. Volkswagen aims for a pioneering in-car experience with Cerence's innovations, with ID.3 vehicles set for delivery in October 2020.

Cerence (NASDAQ: CRNC) has expanded into the global two-wheeler market, signing a key agreement with 70mai, a Chinese smart car electronics company, to integrate AI-driven voice recognition technology into its A1 Pro Smart Electric Scooters. This move aligns with rising consumer demand for sustainable transportation options, particularly in the wake of COVID-19. A report predicts over 261 million two-wheelers will be produced from 2020-2024, presenting significant growth opportunities for Cerence, leveraging its automotive expertise in innovative transportation solutions.

Cerence (NASDAQ: CRNC) will host a virtual event on September 24, 2020, from 10:00 a.m. to 11:30 a.m. Eastern Time. This event aims to provide insights into Cerence's product and technology leadership, featuring presentations from key leaders in engineering and product teams. A notable fireside chat will include Charan Lota, Chief Engineer of Connected Technologies at Toyota North America. Participants can join via the company’s website or by dialing in, with a replay available within 24 hours.

BURLINGTON, Mass., Sept. 09, 2020 – Cerence (NASDAQ: CRNC) will present at the Jefferies 2020 Software Conference on September 14, 2020, at 5:00 p.m. ET, and at the RBC Capital Markets Global Industrials Conference on September 15, 2020, at 3:40 p.m. ET. Both presentations will feature CEO Sanjay Dhawan in a fireside chat format. Webcasts of these events will be available on Cerence's website under the 'Events & Resources' section. A replay will also be accessible post-presentation.

For more information, visit www.cerence.com.

Cerence (NASDAQ: CRNC) has launched Cerence Pay, aiming to provide a secure, voice-powered payment experience in vehicles. This system integrates with future Audi cars and facilitates various services like parking and fuel payments. Initial partners include Arrive and Parkopedia. With the rise of contactless payments, driven by the COVID-19 pandemic, Cerence Pay seeks to enhance convenience and safety for drivers. Visa has also joined as a payment partner for Central Europe, highlighting the growing trend of in-car payments.

Cerence, a leader in automotive AI, has successfully refinanced its senior secured term loan B and revolving credit facility. This was achieved through the sale of $175 million in convertible senior notes and a new $125 million term loan A facility. The refinancing is expected to save the company approximately $5.7 million in cash interest expenses in the first half of fiscal 2020, translating to a 53% savings, enhancing non-GAAP net income by 16%. The complete payoff of term loan B will significantly reduce future interest costs.