MENLO PARK, Calif.,
April 9, 2024 /PRNewswire/ -- Cyngn
Inc. (the "Company" or "Cyngn") (Nasdaq: CYN), today announced
its initial deployment with Polaris Inc. ("Polaris), a Fortune 500
industry leader in powersports that boasted $8.9 billion in sales in 2023. The deployment
brings the DriveMod Tugger to Polaris' Madison, Alabama manufacturing facility,
enabling chains of multiple carts containing vehicle frames and
components to be towed autonomously.
"Deploying with Polaris reflects our continued traction in the
automotive and vehicle manufacturing sectors," said Lior Tal, Cyngn's Chairman and Chief Executive
Officer. "Polaris is a well-known brand for various offroad
vehicles that we would often think of as DriveMod integration
targets for Cyngn, so we are excited at the product validation that
comes from a leading OEM applying Cyngn technology to its own
vehicle manufacturing processes."
Polaris extends its reach to over 100 countries worldwide,
showcasing a robust portfolio that features over 35 best-in-class
brands. Polaris boasts an extensive production footprint, with its
output leaning heavily on industrial vehicles like tuggers, moving
material across its 20 manufacturing facilities. This presents a
significant opportunity to automate additional tasks for efficient
manufacturing and establish a resiliency to the challenging labor
market.
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: https://twitter.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
About Polaris
As the global leader in powersports,
Polaris Inc. (NYSE: PII) pioneers product breakthroughs and
enriching experiences and services that have invited people to
discover the joy of being outdoors since our founding in 1954.
Polaris' high-quality product line-up includes the RANGER®, RZR®
and Polaris XPEDITION® and GENERAL™ side-by-side off-road vehicles;
Sportsman® all-terrain off-road vehicles; military and commercial
off-road vehicles; snowmobiles; Indian Motorcycle® mid-size and
heavyweight motorcycles; Slingshot® moto-roadsters; Aixam
quadricycles; Goupil electric vehicles; and pontoon and deck boats,
including industry-leading Bennington pontoons. Polaris enhances
the riding experience with a robust portfolio of parts, garments,
and accessories. Headquartered in Minnesota, Polaris serves more than 100
countries across the globe. www.polaris.com
Media Contact: Luke
Renner, luke@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
