Cyngn Announces Raymond West, a Leading Dealer with $800M+ in Annual Sales, Will Begin Selling DriveMod Tuggers
Cyngn Inc. (Nasdaq: CYN) has announced the expansion of its dealer network to include Raymond West, a leading distributor of intralogistics solutions with over $800 million in annual revenue. Raymond West will begin selling Cyngn's autonomous DriveMod Tugger, which integrates Cyngn's AV technology with Motrec's MT-160.
The decision came after a successful summit at Cyngn's headquarters, where key decision-makers experienced the company's autonomous mobile robots firsthand. Marc Breton, VP of Sales at Motrec, stated that they've identified several customers who could benefit from the DriveMod Tugger, highlighting the revolutionary impact of autonomous industrial vehicle technology in manufacturing and logistics facilities.
Cyngn plans to continue expanding its Dealer Network by adding more distribution and integration partners in the future.
Cyngn Inc. (Nasdaq: CYN) ha annunciato l'espansione della sua rete di concessionari per includere Raymond West, un distributore leader di soluzioni intralogistiche con oltre 800 milioni di dollari di fatturato annuo. Raymond West inizierà a vendere il DriveMod Tugger di Cyngn, che integra la tecnologia AV di Cyngn con il modello MT-160 di Motrec.
La decisione è stata presa dopo un summit di successo presso la sede di Cyngn, dove i principali decisori hanno potuto sperimentare in prima persona i robot mobili autonomi dell'azienda. Marc Breton, VP delle Vendite di Motrec, ha dichiarato di aver identificato diversi clienti che potrebbero beneficiare del DriveMod Tugger, sottolineando l'impatto rivoluzionario della tecnologia dei veicoli industriali autonomi nelle strutture di produzione e logistica.
Cyngn prevede di continuare a espandere la sua rete di concessionari aggiungendo ulteriori partner di distribuzione e integrazione in futuro.
Cyngn Inc. (Nasdaq: CYN) ha anunciado la expansión de su red de concesionarios para incluir a Raymond West, un distribuidor líder de soluciones intralogísticas con más de $800 millones en ingresos anuales. Raymond West comenzará a vender el DriveMod Tugger de Cyngn, que integra la tecnología AV de Cyngn con el modelo MT-160 de Motrec.
La decisión se tomó tras una exitosa cumbre en la sede de Cyngn, donde los principales tomadores de decisiones experimentaron de primera mano los robots móviles autónomos de la compañía. Marc Breton, VP de Ventas de Motrec, declaró que han identificado a varios clientes que podrían beneficiarse del DriveMod Tugger, destacando el impacto revolucionario de la tecnología de vehículos industriales autónomos en las instalaciones de fabricación y logística.
Cyngn planea continuar expandiendo su Red de Concesionarios añadiendo más socios de distribución e integración en el futuro.
Cyngn Inc. (Nasdaq: CYN)은 Raymond West를 포함한 대리점 네트워크를 확장한다고 발표했습니다. Raymond West는 연간 8억 달러 이상의 수익을 올리는 선도적인 물류 솔루션 유통업체입니다. Raymond West는 Cyngn의 자율주행 DriveMod Tugger를 판매하기 시작할 예정이며, 이는 Cyngn의 AV 기술을 Motrec의 MT-160 모델과 통합합니다.
이 결정은 Cyngn 본사에서의 성공적인 정상 회담 이후에 이루어졌으며, 주요 결정 권한자들이 회사의 자율 이동 로봇을 직접 경험할 수 있었습니다. Motrec의 영업 부사장인 Marc Breton은 DriveMod Tugger의 이점을 누릴 수 있는 여러 고객을 확인했다고 전하며, 제조 및 물류 시설에서 자율 산업 차량 기술의 혁신적인 영향을 강조했습니다.
Cyngn은 향후 더 많은 유통 및 통합 파트너를 추가하여 대리점 네트워크를 계속 확장해 나갈 계획입니다.
Cyngn Inc. (Nasdaq: CYN) a annoncé l'expansion de son réseau de concessionnaires pour inclure Raymond West, un distributeur leader de solutions intralogistiques avec plus de 800 millions de dollars de revenus annuels. Raymond West commencera à vendre le DriveMod Tugger de Cyngn, qui intègre la technologie AV de Cyngn avec le MT-160 de Motrec.
Cette décision a été prise après un sommet réussi au siège de Cyngn, où des décideurs clés ont pu découvrir les robots mobiles autonomes de l’entreprise. Marc Breton, VP des Ventes chez Motrec, a déclaré qu'ils avaient identifié plusieurs clients qui pourraient bénéficier du DriveMod Tugger, soulignant l'impact révolutionnaire de la technologie des véhicules industriels autonomes dans les installations de fabrication et de logistique.
Cyngn envisage de continuer à élargir son réseau de concessionnaires en ajoutant davantage de partenaires de distribution et d'intégration à l'avenir.
Cyngn Inc. (Nasdaq: CYN) hat die Erweiterung seines Händlernetzwerks angekündigt, um Raymond West einzuschließen, einen führenden Anbieter von intralogistischen Lösungen mit über 800 Millionen Dollar Jahresumsatz. Raymond West wird damit beginnen, den autonomen DriveMod Tugger von Cyngn zu verkaufen, der die AV-Technologie von Cyngn mit dem MT-160 von Motrec integriert.
Die Entscheidung fiel nach einem erfolgreichen Gipfeltreffen in der Zentrale von Cyngn, bei dem die wichtigsten Entscheidungsträger die autonomen mobilen Roboter des Unternehmens aus erster Hand erleben konnten. Marc Breton, VP für Sales bei Motrec, erklärte, dass sie mehrere Kunden identifiziert haben, die vom DriveMod Tugger profitieren könnten, und hob die revolutionären Auswirkungen der Technologie autonomer Industriefahrzeuge in Produktions- und Logistikeinrichtungen hervor.
Cyngn plant, sein Händlernetzwerk durch die Hinzufügung weiterer Vertriebs- und Integrationspartner in der Zukunft weiter auszubauen.
- Expansion of dealer network to include Raymond West, a company with $800+ million in annual revenue
- Raymond West will begin selling Cyngn's autonomous DriveMod Tugger
- Potential for increased sales and market reach through Raymond West's 21 branches across the West Coast
- Positive feedback from sales channels on automating the high-tow capacity MT-160 vehicle
- None.
Insights
The addition of Raymond West to Cyngn's dealer network is a significant development for the company. With
The integration of Cyngn's AV technology with Motrec's MT-160 tugger addresses a specific need in the industrial vehicle market for high-capacity, reliable autonomous solutions. This strategic alignment with established players like Raymond West and Motrec positions Cyngn favorably in the competitive AMR landscape.
However, investors should note that while this partnership is promising, it's still early to gauge its impact on Cyngn's financial performance. The success will depend on factors such as market adoption rates, integration challenges and the ability to scale operations to meet potential demand. Given Cyngn's relatively small market cap of
Cyngn's DriveMod Tugger represents a notable advancement in the autonomous mobile robot (AMR) sector, particularly for industrial applications. The integration with Motrec's MT-160, known for its high towing capacity, addresses a important need in manufacturing and logistics for robust, autonomous material handling solutions.
The technology's ability to automate high-capacity vehicles could lead to significant operational efficiencies for end-users. This is especially relevant given the current trends towards automation and Industry 4.0 initiatives across various sectors. The positive feedback from sales channels, as mentioned by Motrec's VP of Sales, suggests a strong product-market fit.
However, the success of this technology will depend on factors such as ease of integration, reliability in diverse industrial environments and the total cost of ownership compared to traditional solutions. Investors should monitor customer adoption rates and any reported performance metrics to gauge the long-term viability and scalability of Cyngn's technology in real-world applications.
"With 21 branches across the West Coast, Raymond West is an impressive company. It boasts more than
Raymond West's decision to join Cyngn's Dealer Network came after a successful summit hosted at Cyngn's
"We've identified several customers who stand to gain immensely from the DriveMod Tugger," stated Marc Breton, Vice President of Sales at Motrec. "Autonomous industrial vehicle technology is revolutionizing manufacturing and logistics facilities, and the positive feedback from our sales channels confirms that automating a high-tow capacity vehicle like the MT-160, renowned for its quality, is a game-changer."
Cyngn plans to continue expanding its Dealer Network by adding more distribution and integration partners in the future. To join Cyngn's dealer network, please visit https://www.cyngn.com/company/dealer-network.
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).
Find Cyngn on:
- Website: cyngn.com
- Twitter: twitter.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor Contact:
Don Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
About Raymond West. Raymond West is a leading global provider of best-in-class material handling products and intelligent intralogistics solutions that help you Store, Move and Optimize your operations, regardless of scale. Their aim is to deliver the utmost quality and to work for continuous improvement every day, in every aspect of their business. The company values the trust that they've earned through decades of proven performance and hands-on innovation. Their clients can rely on them to exceed their expectations by providing supply chain knowledge as well as commitment to ensure their business is up and running 24/7.
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed 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. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Cyngn is not responsible for the contents of third-party websites.
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SOURCE Cyngn
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