Cyngn Launches Dealer Network for Industrial Autonomous Vehicles, Expanding Its Market Reach

Rhea-AI Summary

Cyngn announces the Cyngn Dealer Network to accelerate the adoption of its autonomous vehicle software products

Positive

• Cyngn's strategic initiative aims to create new revenue opportunities and provide cutting-edge solutions to customers
• Multiple dealers and service providers have already partnered with Cyngn, including prominent distributors of BYD forklifts in the Midwest
• Dealers participating in the network can expand their offerings and introduce self-driving technologies to their customers as an additional revenue stream

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• None.

• With multiple partners already signed, Cyngn's DriveMod solutions are now better positioned to reach a growing base of new customers across North America

MENLO PARK, Calif., Oct. 19, 2023 /PRNewswire/ -- Cyngn, (the "Company" or "Cyngn") (Nasdaq: CYN), a developer of AI-powered autonomous driving solutions for industrial applications, proudly announces the Cyngn Dealer Network. This strategic initiative is designed to accelerate the widespread adoption of Cyngn's autonomous vehicle (AV) software products by partnering with dealers and service providers on joint sales efforts to create new revenue opportunities and provide cutting-edge solutions to their customers. Multiple dealers and service providers have already partnered with Cyngn, including prominent distributors of BYD forklifts in the Midwest—a region the Company has been growing its footprint in via its traction in automotive and other heavy equipment manufacturing.

"Industrial autonomous vehicles are already transforming the way organizations conduct their operations," said CEO Lior Tal. "The Cyngn Dealer Network aims to facilitate this transformation by making it easier for dealers to tap into this emerging market and start offering autonomous vehicle solutions to their customers."

Cyngn's technology integrates with vehicles from prominent Original Equipment Manufacturers (OEMs) in the industry, including BYD, Motrec, and Columbia Vehicle Group. OEMs typically have their own established dealer networks, and Cyngn engages those channels via its OEM relationships. With the launch of this network, dealers have the option to engage more closely with Cyngn to expand their offerings and introduce self-driving technologies to their customers as an additional revenue stream.

Dealers participating in Cyngn's recently-launched network will be able to take advantage of co-marketing opportunities and resources.

"The goal is to make it easy," said Tal. "The sooner DriveMod-powered vehicles can be in end users' hands, solving their pressing challenges, the better. This network expands our commercial reach while providing our partners with opportunities to expand the products and services they offer their customers to cover the new additions introduced by autonomous vehicles."

The Industrial Automation Market is expected to reach $306.2 billion by 2027, according to Meticulous Market Research, Inc. This rapid surge in industrial autonomy has brought profound changes in workflow, profit pools, and value chains, ushering global industries into an era of unprecedented transparency, flexibility, scalability, and efficiency.

For more information about joining Cyngn's Dealer Network, please visit https://cyngn.com/autonomous-vehicle-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: https://cyngn.com
• Twitter: http://twitter.com/cyngn
• LinkedIn: https://www.linkedin.com/company/cyngn
• YouTube: https://www.youtube.com/@cyngnhq

Investor/Media Contact:
Bill Ong, bill@cyngn.com
650-204-1551

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 SEC, including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 17, 2023. 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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SOURCE Cyngn

FAQ

What is the Cyngn Dealer Network?

The Cyngn Dealer Network is a strategic initiative by Cyngn to accelerate the adoption of its autonomous vehicle software products by partnering with dealers and service providers.

Who are some of the partners that have already partnered with Cyngn?

Multiple dealers and service providers, including prominent distributors of BYD forklifts in the Midwest, have already partnered with Cyngn.

What are the benefits for dealers participating in the Cyngn Dealer Network?

Dealers participating in the network can take advantage of co-marketing opportunities and resources, expand their offerings, and introduce self-driving technologies to their customers as an additional revenue stream.

What is the expected size of the Industrial Automation Market?

The Industrial Automation Market is expected to reach $306.2 billion by 2027, according to Meticulous Market Research, Inc.