Menlo Park, Calif., October 19, 2023 – 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.