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PARK, Calif., Jan. 16,
2025 /PRNewswire/ -- Cyngn Inc. (the "Company" or
"Cyngn") (Nasdaq: CYN) today announced the initiation of a
production deployment with COATS Company, the largest full-line
wheel service equipment manufacturer in North America, boasting over 70 years of
industry experience. The deployment of Cyngn's DriveMod
Tugger is underway at COATS' 150,000+ square foot
manufacturing facility in La Vergne,
Tennessee.
This deployment will leverage Cyngn's previously
announced next-generation DriveMod Tugger, which features an
increased towing capacity from 6,000 lbs to 12,000 lbs. By
automating the delivery of wheel service components from its
production lines, COATS will be able to enhance efficiency and
further its innovation goals at the facility.
Steve Bergmeyer, Continuous
Improvement and Quality Manager at COATS, said "Cyngn's
self-driving tugger was the perfect solution to support our
strategy of advancing automation and incorporating scalable
technology seamlessly into our operations. With its high load
capacity, we can concentrate on increasing our ability to manage
heavier components and bulk orders, driving greater efficiency,
reducing costs, and accelerating delivery timelines."
"We're excited to be working with a major North American
automotive service equipment manufacturer that's trusted by wheels
service professionals worldwide," said Lior
Tal, Chief Executive Officer at Cyngn. "This win highlights
the growing commercial momentum behind our autonomous DriveMod
products. We're continuing to find a perfect fit with companies
that do high-uptime heavy manufacturing, especially in the
automotive sector where maximizing production efficiency is
crucial."
The automotive sector was one of the top adopters of industrial
robotics in 2023, demonstrating the escalating need for advanced
autonomous solutions. Cyngn's ongoing progress with leading
automotive manufacturers, including its initial DriveMod Tugger
deployment with Rivian earlier this year, reflects the
company's unwavering dedication to leveraging AI to drive
innovation and unlock new efficiencies to meet the demands of
today's competitive manufacturing landscape.
About COATS
The COATS Company is a leading, global manufacturer and
distributor of wheel service, alignment, inspection, lift, and shop
productivity equipment. COATS engineers, manufactures, and builds
equipment, accessories, and consumables for the automotive market.
All our products are made with quality, durability, and usability
in mind. We have a dedicated team of top-notch direct technicians
across the United States to
support our customers and their COATS equipment. We're proud to be
made in Nashville, Tennessee while
supplying equipment globally to our customers. Drawing on decades
of expertise, market perspective, and innovative engineering, Coats
keeps repair shops, tire dealers, big box retailers, and car
dealerships rolling and ready for the next industry evolution.
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
