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PARK, Calif., Sept. 24,
2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or
"Cyngn") (Nasdaq: CYN) Cyngn today announced the first build of the
next-generation 12,000 lb DriveMod Tugger has been
successfully completed at the facility of its OEM partner, Motrec
International Inc. This key milestone achieves the previously
announced upgrade that increases towing capacity from 6,000 lb
to 12,000 lb and marks a step forward for integrating Cyngn's
proprietary DriveMod technology with Motrec's MT-160 tow tractor at
scale.
The collaboration plays a crucial role in reducing production
costs and delivering more streamlined logistics to end customers.
By leveraging Motrec's manufacturing expertise and infrastructure,
the DriveMod Tugger can provide exceptional standards of vehicle
performance and reliability that Motrec is already known for.
"Our partnership exemplifies a synergistic collaboration between
a high-tech company and an established OEM," said Cyngn's Vice
President of Business Development, Ben
Landen. "Building the first DriveMod Tugger at Motrec's
facility highlights another positive step of validation for our
strategy that includes leveraging complementary strengths between
partners to bring the best combination of products, services, and
support to the industrial automation market."
"Beginning to build DriveMod Tuggers at our facility reinforces
our commitment to innovation and demonstrates our ability to evolve
with the needs of our customers who are actively seeking automation
solutions," adds Marc Breton, VP of
Sales at Motrec. "We are excited to continue enhancing the vehicles
we offer with Cyngn's cutting-edge technology that builds on our
long track record of high-quality, reliable material handling
solutions."
Engineered to streamline repetitive hauling tasks such as moving
finished goods or delivering supplies, the next-gen DriveMod Tugger
features a towing capacity of 12,000 pounds, automatic unhitching,
two ruggedized touch-screen user interfaces, safety lights and
indicators, and the Cyngn Insight data and fleet management
software suite. DriveMod Tuggers are already deployed at customer
facilities and are available for sale today.
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 Contact:
Don Alvarez
investors@cyngn.com
Media Contact:
Luke Renner
media@cyngn.com
About Motrec International
Motrec International Inc. is a globally recognized manufacturer
of electric industrial vehicles. Established in Sherbrooke, Quebec, Canada since 1988, Motrec
specializes in state-of-the-art vehicles that are crafted to meet
the exact needs of the biggest players in the industry. Motrec has
established itself as a leader in the material handling industry
due to its commitment to innovation, unmatched product quality, and
exceptional customer service.
Find Motrec on:
- Website: https://www.motrec.com/
- LinkedIn: https://www.linkedin.com/company/motrec
- YouTube: https://www.youtube.com/@MotrecIntl
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 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.
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SOURCE Cyngn