MENLO PARK, Calif. – Cyngn Inc. (NASDAQ: CYN), an autonomous vehicle technology company, has announced a series of milestones and partnerships from the past year that position the firm for a transformative 2024. These developments include a pre-order agreement potentially worth $5M annually with Arauco for 100 DriveMod Forklifts, a deployment with US Continental that automated 900 monthly trips, and the introduction of two new vehicle types through partnerships with Motrec and BYD (SZ:002594).
Cyngn's DriveMod technology has been integrated into Motrec's MT-160 tow tractors and BYD's electric forklifts, expanding the company's autonomous vehicle portfolio. The company also secured a contract to deploy DriveMod Tuggers at a North American facility of a Fortune 100 heavy machinery manufacturer.
In terms of technological advancements, Cyngn has obtained 19 U.S. patents related to its autonomous driving solutions. It also released its Enterprise Autonomy Suite 9.0, which includes advanced fleet management tools and intelligent mission deployment capabilities. In addition, the company has enhanced its product offerings with an auto-unhitch feature for autonomous industrial vehicles.
Cyngn's alignment with Nvidia (NASDAQ:NVDA) is set to power the artificial intelligence behind these technologies. The company's achievements are seen as a response to challenges such as labor shortages and the rising demand for eCommerce, aiming to increase productivity and efficiency in industrial settings.
The company's DriveMod Kit can be installed on new or existing industrial vehicles, allowing for a seamless transition to autonomous technology without the need for significant upfront investments or complete vehicle replacements.
This report is based on a press release statement from Cyngn Inc. and reflects the company's growth and strategic direction in the autonomous vehicle industry.
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