- 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