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Cyngn Executes Letter of Intent to Sell Multiple DriveMod Tuggers to Major Automotive Supplier

Cyngn announced that it has received a signed Letter of Intent (LOI) from a major automotive supplier to sell and deploy multiple DriveMod Tuggers in early 2025.

Cyngn |

MENLO PARK, Calif., Oct. 31, 2024 – Today, Cyngn announced that it has received a signed Letter of Intent (LOI) from a major automotive supplier to sell and deploy multiple DriveMod Tuggers in early 2025. This achievement demonstrates Cyngn’s continued traction with its Enterprise Autonomy Suite (“EAS”) automation solutions for heavy manufacturing industries. Just last week, Cyngn announced a new contract with a different automotive manufacturing customer.

The automotive supplier—who remains unnamed due to confidentiality—will utilize the DriveMod Tuggers to streamline intra-facility logistics. The global automotive supplier has several similar distribution facilities as well as manufacturing facilities in North America alone.

“This milestone is another proof point of Cyngn’s automation solutions achieving product-market fit with the automotive industry,” said Lior Tal, CEO of Cyngn. “Automotive manufacturers are among the top robotics adopters in the world because of the competitive advantage derived from automation in this high-volume, heavy manufacturing industry. We hope to be able to share additional details on the customer and the nature of the deployment in the future.”

The DriveMod Tuggers leverage advanced AI and a comprehensive suite of safety features, including 360° vision and collision avoidance systems, enabling seamless navigation in complex environments. Equipped with Cyngn Insight, Cyngn’s fleet management and analytics platform, customers can remotely monitor and control fleets of autonomous vehicles, ensuring efficient coordination and task execution in real time.

As industries increasingly embrace automation, Cyngn continues to deliver scalable autonomous solutions tailored to the evolving demands of modern manufacturing and logistics. For more information on Cyngn’s DriveMod Tuggers and other autonomous vehicle solutions, visit https://www.cyngn.com/vehicles/autonomous-tugger.

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).

Investor Contact:

Don Alvarez

Media Contact:

Luke Renner

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 Securities and Exchange Commission (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.

Cautionary Note. 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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