Business
Cyngn Continues its Commercial and Technological Momentum for AI-Powered Autonomous Vehicle Solutions
Deal signed with Fortune 100 heavy machinery and agriculture equipment company for DriveMod Stockchaser DeploymentPartnership with BYD to develop autonomous
About this update from Cyngn Inc.
[{"type":"text","content":"Deal signed with Fortune 100 heavy machinery and agriculture equipment company for DriveMod Stockchaser DeploymentPartnership with BYD to develop autonomous DriveMod ForkliftsPartnership with new OEM, Motrec, to launch autonomous DriveMod TuggersPre-order from Arauco for 100 DriveMod Forklifts, potentially represents up to $5 million per year in recurring revenue Continued sales traction for autonomous stockchaser and tugger vehicles, with concentration in automotive manufacturing and private sector companies that serve the public sector and defense applicationsKicked off U.S. autonomous vehicle roadshow at manufacturing and warehousing facilitiesMENLO PARK, Calif., Aug. 17, 2023 /PRNewswire/ -- Cyngn Inc. (the \"Company\" or \"Cyngn\") (Nasdaq: CYN), a developer of AI-powered autonomous driving solutions for industrial applications, today shared several company milestones and key achievements including significant customer wins, key partnerships with leading OEMs, and product enhancements to increase customer satisfaction, safety, and efficiency. Together, these achievements are positioning the Company for growth.\n\n \n \n\n \nCEO Commentary \"The Cyngn team has delivered exciting results this year as we continue to capitalize on the industrial sector's growing demand for autonomous utility vehicles, allowing industrial enterprises to overcome labor shortages, reduce labor costs, and enhance workplace safety in manufacturing and logistics,\" said Lior Tal, Chief Executive Officer of Cyngn.\n\"Our main focus is material handling across logistics and manufacturing facilities. Our DriveMod Forklift launch was well received, and we are actively working to sign-up new commercial customers and deployments. We have successfully completed paid development contracts with leading companies to showcase leading-edge autonomous vehicle capabilities, expanded our sales efforts, rolled out Enterprise Autonomy Suite (EAS 9.2), and expanded our engineering leadership.\" \"We conservatively estimate that the addressable market for self-driving industrial vehicles is over $200 billion today. We are well-positioned to deliver the next generation of autonomous driving solutions to some of the most pressing problems in the industrial space. AI is transforming the way work gets done and given the traction we are seeing with DriveMod, Cyngn is at the...