MENLO
PARK, Calif., Oct. 31,
2024 /PRNewswire/ -- Today, Cyngn announced that it
has received a signed Letter of Intent (LOI) from a major
automotive supplier to sell and deploy multiple DriveMod Tuggers in
early 2025. This achievement demonstrates Cyngn's continued
traction with its Enterprise Autonomy Suite ("EAS") automation
solutions for heavy manufacturing industries. Just last week, Cyngn
announced a new contract with a different automotive manufacturing
customer.
The automotive supplier—who remains unnamed due to
confidentiality—will utilize the DriveMod Tuggers to streamline
intra-facility logistics. The global automotive supplier has
several similar distribution facilities as well as manufacturing
facilities in North America
alone.
"This milestone is another proof point of Cyngn's automation
solutions achieving product-market fit with the automotive
industry," said Lior Tal, CEO of
Cyngn. "Automotive manufacturers are among the top robotics
adopters in the world because of the competitive advantage derived
from automation in this high-volume, heavy manufacturing industry.
We hope to be able to share additional details on the customer and
the nature of the deployment in the future."
The DriveMod Tuggers leverage advanced AI and a comprehensive
suite of safety features, including 360° vision and collision
avoidance systems, enabling seamless navigation in complex
environments. Equipped with Cyngn Insight, Cyngn's fleet management
and analytics platform, customers can remotely monitor and control
fleets of autonomous vehicles, ensuring efficient coordination and
task execution in real time.
As industries increasingly embrace automation, Cyngn continues
to deliver scalable autonomous solutions tailored to the evolving
demands of modern manufacturing and logistics. For more information
on Cyngn's DriveMod Tuggers and other autonomous vehicle solutions,
visit https://www.cyngn.com/vehicles/autonomous-tugger.
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: cyngn.com
- Twitter: twitter.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor Contact:
Don Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
Forward-looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and similar
expressions or variations of such words are intended to identify
forward-looking statements. Forward-looking statements are not
historical facts, and are based upon management's current
expectations, beliefs and projections, many of which, by their
nature, are inherently uncertain. Such expectations, beliefs and
projections are expressed in good faith. However, there can be no
assurance that management's expectations, beliefs and projections
will be achieved, and actual results may differ materially from
what is expressed in or indicated by the forward-looking
statements. Forward-looking statements are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in the forward-looking
statements, including the risk factors described from time to time
in the Company's reports to the Securities Exchange Commission
(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. References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. Cyngn is not
responsible for the contents of third-party websites.
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