Cyngn Executes Letter of Intent to Sell Multiple DriveMod Tuggers to Major Automotive Supplier
Cyngn has secured a Letter of Intent (LOI) from a major automotive supplier for the sale and deployment of multiple DriveMod Tuggers in early 2025. This follows a recent contract with another automotive manufacturing customer. The unnamed supplier will use the tuggers for intra-facility logistics across their North American distribution and manufacturing facilities.
The DriveMod Tuggers feature AI technology, 360° vision, and collision avoidance systems. They are integrated with Cyngn Insight, a fleet management platform enabling remote monitoring and control of autonomous vehicle fleets in real-time.
Cyngn ha ottenuto una Lettera di Intenti (LOI) da un importante fornitore automobilistico per la vendita e implementazione di più DriveMod Tuggers all'inizio del 2025. Ciò segue un recente contratto con un altro cliente del settore automobilistico. Il fornitore non nominato utilizzerà i tuggers per la logistica intra-struttura nelle loro strutture di distribuzione e produzione in Nord America.
I DriveMod Tuggers sono dotati di tecnologia AI, visione a 360° e sistemi di evitamento delle collisioni. Sono integrati con Cyngn Insight, una piattaforma di gestione della flotta che consente il monitoraggio e il controllo remoto delle flotte di veicoli autonomi in tempo reale.
Cyngn ha conseguido una Carta de Intención (LOI) de un importante proveedor automotriz para la venta e implementación de múltiples DriveMod Tuggers a principios de 2025. Esto sigue un contrato reciente con otro cliente de fabricación automotriz. El proveedor no nombrado utilizará los tuggers para la logística intra-facilidad en sus instalaciones de distribución y fabricación en América del Norte.
Los DriveMod Tuggers cuentan con tecnología de inteligencia artificial, visión de 360° y sistemas de evitación de colisiones. Están integrados con Cyngn Insight, una plataforma de gestión de flotas que permite el monitoreo y control remoto de flotas de vehículos autónomos en tiempo real.
Cyngn은 주요 자동차 공급업체로부터 2025년 초에 여러 DriveMod Tuggers의 판매 및 배치를 위한 의향서를 확보했습니다. 이는 또 다른 자동차 제조 고객과의 최근 계약에 이어진 것입니다. 이름이 밝혀지지 않은 공급업체는 미국 북부의 유통 및 제조 시설 내에서 물류 작업에 tuggers를 사용할 것입니다.
DriveMod Tuggers는 AI 기술, 360° 시각 및 충돌 회피 시스템을 갖추고 있습니다. 이들은 자율주행차량 플릿에 대한 원격 모니터링 및 제어를 가능하게 하는 플릿 관리 플랫폼인 Cyngn Insight와 통합되어 있습니다.
Cyngn a obtenu une Lettre d'Intention (LOI) d'un important fournisseur automobile pour la vente et le déploiement de plusieurs DriveMod Tuggers au début de 2025. Cela fait suite à un contrat récent avec un autre client du secteur automobile. Le fournisseur non nommé utilisera les tuggers pour la logistique intra-établissement au sein de ses installations de distribution et de fabrication en Amérique du Nord.
Les DriveMod Tuggers sont dotés de la technologie AI, d'une vision à 360° et de systèmes d'évitement des collisions. Ils sont intégrés à Cyngn Insight, une plateforme de gestion de flotte permettant la surveillance et le contrôle à distance des flottes de véhicules autonomes en temps réel.
Cyngn hat eine Absichtserklärung (LOI) von einem großen Automobilzulieferer für den Verkauf und die Implementierung mehrerer DriveMod Tuggers zu Beginn des Jahres 2025 gesichert. Dies folgt einem kürzlich abgeschlossenen Vertrag mit einem anderen Automobilhersteller. Der nicht genannte Zulieferer wird die Tuggers für die innerbetriebliche Logistik in seinen nordamerikanischen Vertriebs- und Produktionsstätten verwenden.
Die DriveMod Tuggers verfügen über KI-Technologie, 360°-Sicht und Kollisionsvermeidungssysteme. Sie sind mit Cyngn Insight, einer Flottenmanagementplattform, integriert, die eine Fernüberwachung und -kontrolle autonomer Fahrzeugflotten in Echtzeit ermöglicht.
- Secured new LOI for multiple DriveMod Tugger sales
- Customer has multiple facilities across North America, indicating expansion potential
- Second automotive industry contract secured in recent weeks
- Demonstrates product-market fit in automotive sector
- Final sale not yet confirmed - only LOI stage
- Customer confidentiality suggests deal terms may be sensitive
Insights
This LOI marks a significant development in Cyngn's market penetration strategy, particularly in the automotive sector. The commitment from a major automotive supplier, following another recent contract, indicates growing market validation for their autonomous solutions. The DriveMod Tugger deployment represents a strategic expansion in the high-value automotive manufacturing space, where automation adoption rates are traditionally strong.
The potential for expansion across multiple facilities within the customer's network presents substantial growth opportunities. The integration of Cyngn Insight for fleet management adds recurring revenue potential beyond the initial hardware sales. However, investors should note that this is still an LOI, not a final contract and deployment timelines extending into early 2025 suggest a gradual revenue recognition pattern.
The automotive manufacturing sector represents a $2.86 trillion global market, with significant investments in automation technologies. This LOI strengthens Cyngn's position in a highly attractive market segment. The company's ability to secure two automotive industry customers in quick succession demonstrates improving sales momentum and market acceptance of their technology platform.
The unnamed customer's multiple facilities across North America present significant potential for follow-on orders if the initial deployment proves successful. However, the small market cap of
The automotive supplier—who remains unnamed due to confidentiality—will utilize the DriveMod Tuggers to streamline intra-facility logistics. The global automotive supplier has several similar distribution facilities as well as manufacturing facilities in
"This milestone is another proof point of Cyngn's automation solutions achieving product-market fit with the automotive industry," said Lior Tal, CEO of Cyngn. "Automotive manufacturers are among the top robotics adopters in the world because of the competitive advantage derived from automation in this high-volume, heavy manufacturing industry. We hope to be able to share additional details on the customer and the nature of the deployment in the future."
The DriveMod Tuggers leverage advanced AI and a comprehensive suite of safety features, including 360° vision and collision avoidance systems, enabling seamless navigation in complex environments. Equipped with Cyngn Insight, Cyngn's fleet management and analytics platform, customers can remotely monitor and control fleets of autonomous vehicles, ensuring efficient coordination and task execution in real time.
As industries increasingly embrace automation, Cyngn continues to deliver scalable autonomous solutions tailored to the evolving demands of modern manufacturing and logistics. For more information on Cyngn's DriveMod Tuggers and other autonomous vehicle solutions, visit https://www.cyngn.com/vehicles/autonomous-tugger.
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
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 Securities 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. 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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