PLTR Stock: Why It Increased Today

By Amit Chowdhry ● Sep 16, 2021
  • The stock price of Palantir Technologies (NYSE: PLTR) increased by over 4% during intraday trading today. This is why it happened.

The stock price of Palantir Technologies (NYSE: PLTR) increased by over 4% during intraday trading today. Investors appear to be responding positively to Wejo (a global leader in connected vehicle data) and Palantir detailing the early success of a new partnership aiming to solve the most ambitious problems of the mobility revolution. 

And as the world moves at a furious pace to reduce emissions, improve vehicle safety, and design resilient smart cities, Wejo and Palantir are looking to create an integrated data ecosystem for the automotive industry and beyond. The 2 companies discuss the partnership, Palantir’s investment in Wejo — which entered into a definitive agreement to merge with Virtuoso Acquisition — and their progress to date in a video published today.

Connected vehicle data is underutilized across the automotive industry, and needs to be turned into actionable intelligence in order to address the most pressing mobility problems of the day. And Wejo collects and analyzes over 16 billion data points per day in near real-time across a network of 11 million live vehicles. So far, Wejo has ingested more than 10 trillion data points and 48 billion journeys from connected vehicles. 

The partnership is aiming to combine Wejo’s robust data asset with the power of Palantir’s Foundry platform to unlock a diverse set of use cases that will benefit society on a global scale. And these use cases range from working with parts suppliers on component quality to working with regulators in defining the future of autonomous driving to helping city planners make data-driven investments in smart city infrastructure.

Wejo and Palantir together are expanding the perimeter of who can benefit from the billions of journeys taken by millions of connected vehicles around the world (beyond just drivers and OEMs) all while implementing robust access control and data provenance tracking to secure the ownership, security, privacy, and safety of data. And the new data ecosystem will also allow OEMs and other stakeholders to discover the hidden value that lies within their data, spurring innovation, improving quality, and opening the doors for new products and services.

KEY QUOTES:

“The partnership between Wejo and Palantir is ultimately about delivering on the promise of connected vehicle data to improve the way we live, work, and travel for the better. It’s about putting our DataForGood products and services to work, and making a safer and better transportation experience. The partnership is accelerating the invaluable connected vehicle data insights we can give.”

— Sarah Larner, Executive Vice President of Strategy & Innovation at Wejo

“Wejo is SaaS for the real world, therefore, it must account for the complexity of the real world with a massive connected vehicle data asset. In this scenario, a cloud is not enough. Vast amounts of data require the robust, integrated infrastructure Foundry provides in order to deliver new solutions, opportunities, and accelerated growth.”

— Ted Mabrey, Head of Global Commercial at Palantir

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.