Cyngn Inc. (the “Company” or “Cyngn”) (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial applications, today announced the selection of a U.S.-based manufacturing partner to scale production of its DriveMod Kit for autonomous stockchasers.
DriveMod Kit was launched in April 2022 (patent application filed in February 2022) as a scalable solution for integrating Cyngn’s autonomous technology onto stockchasers. The kit is designed for either retrofitting existing stockchasers or integration onto newly manufactured ones. DriveMod Kit’s ease of installation creates more flexible and rapid deployment options for customers that are interested in leveraging Cyngn’s Enterprise Autonomy Suite across a wide range of industrial and commercial domains. The ability for Cyngn to retrofit existing vehicles with DriveMod Kit is a unique offering in industrial vehicle automation as AMR and AGV solutions typically require new vehicles to be purchased.
By engaging a manufacturing partner, Cyngn anticipates substantially increasing the volume of DriveMod Kits that can be produced while reducing the cost of manufacturing these AV hardware integration modules. Companies with fleets of stockchasers will be able to reap the efficiency and safety benefits of autonomous industrial vehicles more quickly and at a lower cost by simply upgrading their vehicles as opposed to replacing them. The kit’s similar installation process for retrofits and end-of-line integrations also eliminates the supply chain dependency on new vehicles being built.
“Through our partnership with Columbia Vehicle Group, we have been exposed to the opportunities as well as the challenges that stem from the growing demand for industrial vehicles, We are seeing customers that already have hundreds or even thousands of stockchasers awaiting delivery of hundreds more to continue expanding and replenishing their fleets. This is straining new vehicle production and exacerbating the labor shortages experienced by businesses that are growing while struggling to fulfill staffing needs. We are pleased to have found a domestic contract manufacturer with an exceptional track record to help us create a scaled solution for autonomous deployments that eases the strain and dependency on vehicle supply chains and labor shortages.”
-Lior Tal, CEO Cyngn.