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Cyngn Successfully Completes Initial Deployment of DriveMod Tugger with Major Defense Contractor

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Cyngn Inc. (Nasdaq: CYN) has successfully deployed its DriveMod Tugger at a defense contractor's facility. While specific details remain undisclosed for security reasons, this deployment demonstrates the capability of Cyngn's autonomous vehicle technology to meet the demanding operational requirements of defense industry manufacturing. The deployment is particularly significant given that the aerospace and defense industry generated $955 billion in total business output in 2023 and employs over 2.2 million people, representing approximately 1.4% of U.S. total employment.

Cyngn Inc. (Nasdaq: CYN) ha implementato con successo il suo DriveMod Tugger presso un impianto di un appaltatore della difesa. Sebbene i dettagli specifici rimangano riservati per motivi di sicurezza, questa implementazione dimostra la capacità della tecnologia dei veicoli autonomi di Cyngn di soddisfare le elevate esigenze operative della produzione nel settore della difesa. Questa attivazione è particolarmente significativa poiché l'industria aerospaziale e della difesa ha generato 955 miliardi di dollari in produzione totale nel 2023 e impiega oltre 2,2 milioni di persone, rappresentando circa l'1,4% dell'occupazione totale negli Stati Uniti.

Cyngn Inc. (Nasdaq: CYN) ha desplegado con éxito su DriveMod Tugger en las instalaciones de un contratista de defensa. Aunque los detalles específicos se mantienen en secreto por razones de seguridad, este despliegue demuestra la capacidad de la tecnología de vehículos autónomos de Cyngn para cumplir con los exigentes requisitos operativos de la fabricación en la industria de defensa. Este despliegue es particularmente significativo dado que la industria aeroespacial y de defensa generó 955 mil millones de dólares en producción total en 2023 y emplea a más de 2,2 millones de personas, representando aproximadamente el 1,4% del empleo total en EE. UU.

Cyngn Inc. (Nasdaq: CYN)은 DriveMod Tugger를 성공적으로 배치했습니다 방산 계약업체의 시설에. 보안상의 이유로 구체적인 내용은 공개되지 않았지만, 이 배치는 Cyngn의 자율주행차 기술이 방산 산업 제조의 높은 운영 요구 사항을 충족할 수 있음을 보여줍니다. 2023년 항공우주 및 방산 산업이 총 9,550억 달러의 사업 생산을 창출했으며 220만 명 이상의 인력을 고용하고 있어 미국 전체 고용의 약 1.4%를 차지합니다.

Cyngn Inc. (Nasdaq: CYN) a déployé avec succès son DriveMod Tugger dans les installations d'un entrepreneur de défense. Bien que des détails spécifiques restent confidentiels pour des raisons de sécurité, ce déploiement démontre la capacité de la technologie des véhicules autonomes de Cyngn à répondre aux exigences opérationnelles strictes de la fabrication dans l'industrie de la défense. Ce déploiement est particulièrement significatif étant donné que l'industrie aérospatiale et de la défense a généré 955 milliards de dollars de chiffre d'affaires total en 2023 et emploie plus de 2,2 millions de personnes, représentant environ 1,4 % de l'emploi total aux États-Unis.

Cyngn Inc. (Nasdaq: CYN) hat seinen DriveMod Tugger erfolgreich in einer Einrichtung eines Verteidigungsauftragnehmers eingesetzt. Obwohl spezifische Details aus Sicherheitsgründen nicht offengelegt werden, zeigt dieser Einsatz die Fähigkeit der autonomen Fahrzeugtechnologie von Cyngn, die anspruchsvollen Betriebsanforderungen der Verteidigungsindustrie zu erfüllen. Dieser Einsatz ist besonders bedeutend, da die Luft- und Raumfahrt- sowie Verteidigungsindustrie 2023 insgesamt 955 Milliarden Dollar an Geschäftsausstoß generierte und über 2,2 Millionen Menschen beschäftigt, was etwa 1,4 % der gesamten Beschäftigung in den USA ausmacht.

Positive
  • Successfully deployed DriveMod Tugger in a defense industry application
  • Entered the $955 billion aerospace and defense market
  • Demonstrated capability to meet stringent defense industry requirements
Negative
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Insights

The successful deployment of DriveMod Tugger in a defense contractor facility marks a strategic entry into the lucrative defense manufacturing sector. With the U.S. defense industry generating $955 billion in output and employing 2.2 million people, this represents a significant market opportunity for Cyngn's autonomous technology. Defense contractors typically have substantial operating budgets and long-term contracts, making them ideal customers for industrial automation solutions. The high-security requirements and stringent operational standards in defense facilities also validate the robustness and reliability of Cyngn's technology, potentially opening doors to additional contracts in this sector.

MENLO PARK, Calif., Nov. 1, 2024 /PRNewswire/ -- Today, Cyngn Inc. (Nasdaq: CYN) announced that it successfully deployed its DriveMod Tugger at a defense contractor's facility.

While details are not being disclosed for security reasons, the engagement highlights the applicability of Cyngn's autonomous vehicle technology to address the rigorous operational needs of defense industry manufacturing applications, which can be particularly stringent work environments with high associated costs.

The aerospace and defense industry continues to be a significant economic force in the United States. In 2023, the industry generated an impressive $955 billion in total business output, showcasing its substantial impact on the economy. The sector employs over 2.2 million people, representing about 1.4% of the nation's total employment base.

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).

Where to find Cyngn:

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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SOURCE Cyngn

FAQ

What did Cyngn (CYN) announce about its DriveMod Tugger deployment?

Cyngn announced the successful deployment of its DriveMod Tugger at a defense contractor's facility, demonstrating its ability to meet rigorous defense industry manufacturing requirements.

What is the market size of the aerospace and defense industry where Cyngn (CYN) is deploying its technology?

The aerospace and defense industry generated $955 billion in total business output in 2023 and employs over 2.2 million people, representing about 1.4% of U.S. total employment.

Which sector did Cyngn (CYN) expand into with its latest DriveMod Tugger deployment?

Cyngn expanded into the defense sector by deploying its DriveMod Tugger at a defense contractor's facility.

Cyngn Inc.

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