MENLO PARK, Calif., Jan. 23, 2025 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today announced that it has continued making notable inroads with the automotive manufacturing sector. To date, the company has conducted DriveMod Tugger deployments at varying stages of maturity with no less than five major automotive Original Equipment Manufacturers (OEMs) or Tier-1 Suppliers.
This traction has led to deployments across the United States and into Mexico, underscoring Cyngn's ability to provide scalable, cross-functional automation in diverse environments.
The announcement today builds upon announcements the company has made in recent months. In October, Cyngn announced two wins in this sector: on October 17th, the Company announced that it had signed a commercial contract with a major manufacturer in the automotive service equipment space; two weeks later, the company announced it had executed a letter of intent to sell multiple DriveMod Tuggers to a global Automotive Supplier. The Company also joined John Deere's supply base in April.
"These exciting milestones reflect a strategic and ongoing effort to target a sector that we know stands to derive value from our solutions," said Lior Tal, Cyngn CEO. "Our DriveMod Tugger tows up to 12,000 pounds, which makes it an excellent solution to handle the high-uptime demands of moving heavy parts across automotive manufacturing floors."
The manufacturing industry is facing a critical talent shortage, with over 620,000 job openings unfilled as of January 2024 and a potential gap of 2.1 million jobs by 2030. Deloitte's projections further underscore this challenge, estimating that the industry will need around 3.8 million new employees between 2024 and 2033 to keep up with demand. To bridge this workforce gap, leaders are demonstrating a growing need and willingness to invest in automation, with 90% recognizing it as vital to future success. However, only 9% of manufacturers have currently implemented autonomous technologies, leaving substantial room for growth as companies realize the efficiency gains and cost reductions that these innovations offer.
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 7, 2024.
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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 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 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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