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PARK, Calif., Oct. 17,
2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or
"Cyngn") (Nasdaq: CYN) today announced a commercial deployment of
its next-generation DriveMod Tugger, featuring a recent upgrade to
12,000-pound towing capacity, with a customer that is a major
manufacturer of automotive service equipment. Furthermore, next-gen
DriveMod Tuggers have been used in several pilot deployments with
automotive and defense customers in recent weeks, highlighting
continued traction in focal sectors that have been previously
emphasized by Cyngn. These deployments not only underscore the
growing commercial interest in Cyngn's AI-powered solutions but
also highlight the Company's ability to efficiently bring
autonomous vehicles online at diverse customer facilities across
manufacturing and logistics.
The production customer, a major manufacturer in the automotive
service equipment space, is embarking on a multi-faceted strategy
to adopt new industrial automation technologies. With evolving
growth and production demands, they turned to Cyngn to help tackle
challenges related to labor shortages, high operational costs, and
increased safety requirements.
This announcement follows the recent achievement of the
first next-generation 12,000 lb. DriveMod-enabled MT-160 Tugger
being built at Motrec's state-of-the-art facility. This
state-of-the-art autonomous tugger is designed to improve
operational efficiency, enhance safety, and provide valuable
insights through Cyngn Insight—the simple software tools that
enable customers to harness Cyngn's AI-powered DriveMod autonomous
vehicle technology.
"By deploying Cyngn solutions, we're empowering our customers to
handle their material transport needs efficiently, conveniently,
and reliably," said Cyngn's Chief Executive Officer, Lior Tal. "Businesses are increasingly seeking
technology that not only meets their immediate needs but also
adapts to the future growth of their operations. Our next-gen
DriveMod Tugger delivers on both fronts."
The latest DriveMod Tugger model, featuring a motor controller
upgrade from Motrec, doubles the towing capacity of its predecessor
to deliver an even more robust solution that can address additional
material handling applications of large-scale industrial
operations. This advancement reflects the strong market demand for
smarter but proven vehicle solutions and underscores the growing
commercial momentum of Cyngn's autonomous DriveMod technology.
This deployment builds upon the company's recent announcement
that its DriveMod Tuggers are now available for outdoor use
cases.
About Cyngn
Cyngn develops and deploys scalable, differentiated autonomous
vehicle technology for industrial organizations. Cyngn's
self-driving solutions allow existing workforces to increase
productivity and efficiency. The Company addresses significant
challenges facing industrial organizations today, such as labor
shortages, costly safety incidents, and increased consumer demand
for eCommerce.
Cyngn's DriveMod Kit can be installed on new industrial vehicles
at end of line or via retrofit, empowering customers to seamlessly
adopt self-driving technology into their operations without high
upfront costs or the need to completely replace existing vehicle
investments.
Cyngn's flagship product, its Enterprise Autonomy Suite,
includes DriveMod (autonomous vehicle system), Cyngn Insight
(customer-facing suite of AV fleet management, teleoperation, and
analytics tools), and Cyngn Evolve (internal toolkit that enables
Cyngn to leverage data from the field for artificial intelligence,
simulation, and modeling).
Find Cyngn on:
- Website: https://cyngn.com
- Twitter: http://twitter.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor Contact:
Don Alvarez
investors@cyngn.com
Media Contact:
Luke Renner
media@cyngn.com
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Any statement that is
not historical in nature is a forward-looking statement and may be
identified by the use of words and phrases such as "expects,"
"anticipates," "believes," "will," "will likely result," "will
continue," "plans to," "potential," "promising," and similar
expressions. These statements are based on management's current
expectations and beliefs and are subject to a number of risks,
uncertainties and assumptions that could cause actual results to
differ materially from those described in the forward-looking
statements, including the risk factors described from time to time
in the Company's reports to the SEC, including, without limitation
the risk factors discussed in the Company's annual report on Form
10-K filed with the SEC on March 7,
2024. Readers are cautioned that it is not possible to
predict or identify all the risks, uncertainties and other factors
that may affect future results No forward-looking statement can be
guaranteed, and actual results may differ materially from those
projected. Cyngn undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
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SOURCE Cyngn