Cyngn's Drive for Commercialization and Technical Innovation Continues
Cyngn Inc. (Nasdaq: CYN) has announced several key achievements and milestones, positioning the company for growth in the industrial autonomous vehicle sector. Notable accomplishments include:
- Execution of the first paid DriveMod Forklift deployment
- Deployment of the next-gen 12,000 lb. DriveMod Tugger at customer facilities
- Signing a commercial contract with a major automotive service equipment manufacturer
- Expansion of the dealer network
- Securing the 20th and 21st US Patents
- Enhancing DriveMod Tuggers with outdoor mission capabilities
CEO Lior Tal emphasized Cyngn's focus on addressing labor shortages, cost management, and safety improvements in the manufacturing sector. The company is leveraging the growing smart manufacturing market, predicted to reach $985.5 billion by 2032, through its autonomous solutions and technological innovations.
Cyngn Inc. (Nasdaq: CYN) ha annunciato numerosi traguardi e risultati chiave, posizionando l'azienda per la crescita nel settore dei veicoli autonomi industriali. Tra i successi rilevanti ci sono:
- Realizzazione del primo dispiegamento a pagamento del carrello elevatore DriveMod
- Dispiegamento del sistema di trazione DriveMod di nuova generazione da 12.000 libbre presso le strutture dei clienti
- Firma di un contratto commerciale con un importante produttore di attrezzature per servizi automobilistici
- Espansione della rete di concessionari
- Ottenimento del 20° e 21° brevetto statunitense
- Miglioramento dei carrelli DriveMod con capacità di missione all'aperto
Il CEO Lior Tal ha sottolineato l'impegno di Cyngn nell'affrontare le carenze di manodopera, la gestione dei costi e il miglioramento della sicurezza nel settore manifatturiero. L'azienda sta sfruttando il crescente mercato della smart manufacturing, previsto raggiungere i 985,5 miliardi di dollari entro il 2032, attraverso le sue soluzioni autonome e innovazioni tecnologiche.
Cyngn Inc. (Nasdaq: CYN) ha anunciado varios logros y hitos clave, posicionando a la empresa para el crecimiento en el sector de vehículos autónomos industriales. Los logros notables incluyen:
- Ejecutar el primer despliegue de carretillas elevadoras DriveMod pagadas
- Despliegue del Tugger DriveMod de próxima generación de 12,000 lb. en las instalaciones de los clientes
- Firma de un contrato comercial con un importante fabricante de equipos de servicio automotriz
- Expansión de la red de distribuidores
- Obtención de las 20ª y 21ª patentes estadounidenses
- Mejora de los Tugger DriveMod con capacidades de misión al aire libre
El CEO Lior Tal destacó el enfoque de Cyngn en abordar la escasez de mano de obra, la gestión de costos y las mejoras en seguridad en el sector manufacturero. La empresa está aprovechando el creciente mercado de fabricación inteligente, que se prevé alcanzará los 985.5 mil millones de dólares para 2032, a través de sus soluciones autónomas e innovaciones tecnológicas.
Cyngn Inc. (Nasdaq: CYN)은 산업 자율주행차 분야에서 성장할 수 있도록 여러 주요 성과와 이정표를 발표했습니다. 주목할 만한 성과에는 다음과 같은 것들이 포함됩니다:
- 첫 유료 DriveMod 포크리프트 배포 실행
- 고객 시설에 차세대 12,000lb DriveMod 턱거 배포
- 대형 자동차 서비스 장비 제조업체와 상업 계약 체결
- 딜러 네트워크 확장
- 20번째 및 21번째 미국 특허 확보
- 야외 임무능력을 갖춘 DriveMod 턱거 개선
CEO Lior Tal은 Cyngn이 제조업에서 노동력 부족, 비용 관리, 그리고 안전 개선을 해결하는 데 주력하고 있다고 강조했습니다. 이 회사는 2032년까지 9,855억 달러에 이를 것으로 예상되는 스마트 제조 시장의 성장 기회를 활용하고 있습니다.
Cyngn Inc. (Nasdaq: CYN) a annoncé plusieurs réalisations et jalons clés, positionnant l'entreprise pour la croissance dans le secteur des véhicules autonomes industriels. Parmi les réussites notables, on trouve :
- Exécution du premier déploiement payant de chariots élévateurs DriveMod
- Déploiement du Tugger DriveMod de nouvelle génération de 12 000 lb dans les installations des clients
- Signature d'un contrat commercial avec un important fabricant d'équipements de service automobile
- Expansion du réseau de concessionnaires
- Obtention des 20ème et 21ème brevets américains
- Amélioration des Tugger DriveMod avec des capacités de missions en extérieur
Le PDG Lior Tal a souligné l'engagement de Cyngn à faire face aux pénuries de main-d'œuvre, à la gestion des coûts et à l'amélioration de la sécurité dans le secteur manufacturier. L'entreprise tire parti du marché croissant de la fabrication intelligente, dont la valeur devrait atteindre 985,5 milliards de dollars d'ici 2032, grâce à ses solutions autonomes et à ses innovations technologiques.
Cyngn Inc. (Nasdaq: CYN) hat mehrere wichtige Erfolge und Meilensteine angekündigt, die das Unternehmen für Wachstum im Bereich der industriellen autonomen Fahrzeuge positionieren. Zu den bemerkenswerten Errungenschaften gehören:
- Umsetzung des ersten kostenpflichtigen DriveMod Gabelstapler-Einsatzes
- Bereitstellung des nächsten 12.000 lb schweren DriveMod Tugger bei Kundenstandorten
- Unterzeichnung eines Handelsvertrags mit einem großen Hersteller von Automobilservice-Ausrüstung
- Erweiterung des Händlernetzwerks
- Erhalt des 20. und 21. US-Patents
- Verbesserung der DriveMod Tugger mit Fähigkeiten für Einsätze im Freien
CEO Lior Tal betonte Cyngns Fokus auf die Bekämpfung von Arbeitskräftemangel, Kostenmanagement und Sicherheitsverbesserungen im Fertigungssektor. Das Unternehmen nutzt den wachsenden Markt für intelligente Fertigung, von dem prognostiziert wird, dass er bis 2032 985,5 Milliarden Dollar erreichen wird, durch seine autonomen Lösungen und technologischen Innovationen.
- Executed first paid DriveMod Forklift deployment, indicating market adoption
- Signed commercial contract with major automotive service equipment manufacturer
- Expanded dealer network, adding multiple sales channels
- Secured 20th and 21st US Patents, strengthening intellectual property portfolio
- Launched next-gen 12,000 lb. DriveMod Tugger with outdoor mission capabilities
- OEM partner Motrec started building DriveMod Tugger, streamlining production
- None.
Insights
Cyngn's recent developments showcase significant progress in autonomous industrial vehicle technology. The execution of their first paid DriveMod Forklift deployment and the deployment of the 12,000 lb. DriveMod Tugger at customer facilities indicate real-world adoption and commercialization of their solutions. This is a important step for any tech company moving from development to revenue generation.
The expansion of their dealer network and the commercial contract with a major automotive service equipment manufacturer are positive indicators for market penetration. These partnerships can potentially accelerate Cyngn's growth by leveraging established sales channels and industry connections.
Technologically, securing their 20th and 21st US patents demonstrates ongoing innovation and strengthens their intellectual property portfolio. The ability of DriveMod Tuggers to operate outdoors expands their use cases, potentially opening up new market segments. However, it's important to note that while these developments are promising, the autonomous vehicle market is highly competitive and Cyngn will need to maintain its innovation pace to stay relevant.
Cyngn's focus on the intralogistics segment within manufacturing aligns well with industry trends. The smart manufacturing market's projected growth from
The diversification of their product line, including the DriveMod Forklift and the 12,000 lb. DriveMod Tugger, allows Cyngn to cater to various industrial needs. This product range expansion, coupled with the ability to perform outdoor missions, could enhance their market appeal and competitive positioning.
However, investors should consider that while the market potential is significant, Cyngn is still in the early stages of commercialization. The company's ability to scale operations, manage production costs and maintain a technological edge will be important for long-term success in this rapidly evolving market.
In recent weeks, Cyngn —
- Executed its first paid DriveMod Forklift Deployment.
- Started deploying its next-gen 12,000 lb. DriveMod Tugger at customer facilities.
- Signed a commercial contract with a major automotive service equipment manufacturer.
- Expanded its dealer network, adding multiple sales channels that offer Motrec vehicles as well as other 3rd party system integrators.
- Secured its 20th and 21st US Patent.
- Announced DriveMod Tuggers capability to run missions outside.
CEO Commentary
"Cyngn has made significant progress this year, aligning with the growing demand for autonomous utility vehicles in the industrial sector. These solutions are designed to help enterprises address labor shortages, manage costs, and improve safety," said Lior Tal, CEO of Cyngn.
"Our primary focus is on intralogistics within manufacturing. Recently, we launched our first paid DriveMod Forklift deployment, began deploying the 12,000 lb. DriveMod Tugger at customer sites, and signed a commercial contract with a major automotive service equipment manufacturer. Additionally, we continue expanding our dealer network, and secured our 20th and 21st
"The smart manufacturing market is predicted to grow from
Key Milestones and Achievements:
Notable Deployments and Customer Contracts.
Cyngn recently secured a commercial contract with a major automotive service equipment manufacturer. The company also executed its first paid deployment of the DriveMod Forklift, demonstrating real-world adoption of its technology. Additionally, Cyngn started deploying its next-gen 12,000 lb. DriveMod Tugger at customer sites, further expanding its footprint in industrial automation.
New Product Launches and Features.
The DriveMod Forklift and the next-generation 12,000 lb. DriveMod Tugger represent the latest additions to Cyngn's product lineup with the latter now able to complete outdoor missions. To streamline the production of DriveMod Tugger, Cyngn's OEM vehicle partner, Motrec, started building the DriveMod Tugger.
Technological Innovation.
Cyngn's commitment to technological advancement is evident in its recent securing of the 20th and 21st
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 and Exchange Commission (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
FAQ
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