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PARK, Calif., March 11,
2025 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today
announced that it will be deploying its DriveMod Tugger at a
global Fortune 500 automotive supplier. This milestone highlights
Cyngn's growing proven ability to meet the unique demands of the
automotive manufacturing industry and deliver innovative autonomous
vehicle (AV) solutions. The automotive supplier company—whose name
is withheld for confidentiality—intends to integrate DriveMod
Tuggers to automate the transfer of finished goods.
Cyngn's solutions continue to provide value within the sector,
with this announcement building on the company's prior commercial
contract with a separate, major manufacturer in the automotive
service equipment space and a letter of intent that was signed
in Q4. Additionally, Cyngn signed a recent contract to deploy
DriveMod Tuggers with a major consumer packaged goods (CPG) company
in January.
"The automotive industry is increasingly looking for technology
that not only meets immediate needs—like high-demand, high-uptime
requirements—but also adapts to market and economic shifts," said
Marty Petraitis. "Our DriveMod
Tugger, with a 12,000-pound towing capacity, is built to do both.
We're excited to see our AV solution enhance efficiency and
scalability, ensuring manufacturers remain competitive in an
ever-changing market."
Factors such as recent tariffs and shifts in economic policies
have underscored the critical need for automation in U.S.
manufacturing. The implementation of tariffs on steel and aluminum
imports aims to bolster domestic production but also poses
challenges like increased material costs and potential
inflation. These developments highlight the importance of
integrating advanced autonomous vehicle (AV) solutions, such as
Cyngn's DriveMod Tugger, to enhance operational efficiency, reduce
dependency on fluctuating labor markets, and maintain
competitiveness in a dynamic global market.
The DriveMod Tugger features advanced AI technology combined
with a comprehensive set of safety features, such as 360°
visibility and collision avoidance, enabling smooth navigation in
complex industrial environments. Powered by Cyngn Insight, the
company's fleet management and analytics platform, users gain
complete visibility into performance and control over fleets of
DriveMod autonomous vehicles, driving enhanced coordination and
operational efficiency. 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). For all terms referenced within, please
refer to the Company's annual report on Form 10-K with the SEC
filed on March 6, 2025.
Where to find Cyngn:
- Website: https://cyngn.com
- X: https://x.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor Contact:
Donald 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 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 Securities and 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 6, 2025. 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
