MENLO PARK, Calif., Sept. 24, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) Cyngn today announced the first build of the next-generation 12,000 lb DriveMod Tugger has been successfully completed at the facility of its OEM partner, Motrec International Inc. This key milestone achieves the previously announced upgrade that increases towing capacity from 6,000 lb to 12,000 lb and marks a step forward for integrating Cyngn's proprietary DriveMod technology with Motrec's MT-160 tow tractor at scale.
The collaboration plays a crucial role in reducing production costs and delivering more streamlined logistics to end customers. By leveraging Motrec's manufacturing expertise and infrastructure, the DriveMod Tugger can provide exceptional standards of vehicle performance and reliability that Motrec is already known for.
"Our partnership exemplifies a synergistic collaboration between a high-tech company and an established OEM," said Cyngn's Vice President of Business Development, Ben Landen. "Building the first DriveMod Tugger at Motrec's facility highlights another positive step of validation for our strategy that includes leveraging complementary strengths between partners to bring the best combination of products, services, and support to the industrial automation market."
"Beginning to build DriveMod Tuggers at our facility reinforces our commitment to innovation and demonstrates our ability to evolve with the needs of our customers who are actively seeking automation solutions," adds Marc Breton, VP of Sales at Motrec. "We are excited to continue enhancing the vehicles we offer with Cyngn's cutting-edge technology that builds on our long track record of high-quality, reliable material handling solutions."
Engineered to streamline repetitive hauling tasks such as moving finished goods or delivering supplies, the next-gen DriveMod Tugger features a towing capacity of 12,000 pounds, automatic unhitching, two ruggedized touch-screen user interfaces, safety lights and indicators, and the Cyngn Insight data and fleet management software suite. DriveMod Tuggers are already deployed at customer facilities and are available for sale today.
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).
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Investor Contact:
Don Alvarez
investors@cyngn.com
Media Contact:
Luke Renner
media@cyngn.com
About Motrec International
Motrec International Inc. is a globally recognized manufacturer of electric industrial vehicles. Established in Sherbrooke, Quebec, Canada since 1988, Motrec specializes in state-of-the-art vehicles that are crafted to meet the exact needs of the biggest players in the industry. Motrec has established itself as a leader in the material handling industry due to its commitment to innovation, unmatched product quality, and exceptional customer service.
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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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