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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.
Find Cyngn on:
- Website: https://cyngn.com
- X: https://x.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 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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