Innoviz Technologies (INVZ) and Xpeng (XPEV) are advancing 25% and 6.5%, respectively, today. Israel-based Innoviz develops LiDAR for vehicles and perception software, while China-based Xpeng markets electric vehicles in China.

Innoviz to Demonstrate Its Software in Conjunction With Nvidia Product

The firm reported that it would show how its perception software is utilized in conjunction with Nvidia's (NVDA) DRIVE AGX Orin platform. According to Innoviz, the latter system provides "a range of software-driven features designed to accelerate autonomous driving applications." The demonstration will occur at the ongoing CES tech conference.

A closeup of a self-driving hardware unit inside the dashboard of a passenger vehicle.

Meanwhile, Innoviz's perception software enables vehicles to carry out "real-time processing," while obtaining an "advanced understanding of (their) environment." Consequently, the offering allows "exceptional object detection, classification, and tracking capabilities," the firm reported.

And finally, the software is expected to enhance the "safety and performance" of all autonomous vehicles and those with advanced driver-assistance systems, according to Innoviz.

Xpeng and Volkswagen Look to Team Up Again

Xpeng and its longtime partner, Volkswagen (VWAGY), disclosed that they intend to collaborate to develop a "super-fast charging network" in China. Specifically, according to their Memorandum of Understanding, they will look to build over 20,000 charging stations in 420 cities in the Asian country.

The stations will be available to both firms' customers.

While we acknowledge the potential of INVZ, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than INVZ but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ ALSO  8 Best Wide Moat Stocks to Buy Now  and  30 Most Important AI Stocks According to BlackRock Disclosure: The author owns shares of XPEV. He has no intention of trading them in the next 48 hours This article is originally published at Insider Monkey.