Cyngn Executes Letter of Intent to Sell Multiple DriveMod Tuggers to Major Automotive Supplier
Cyngn has secured a Letter of Intent (LOI) from a major automotive supplier for the sale and deployment of multiple DriveMod Tuggers in early 2025. This follows a recent contract with another automotive manufacturing customer. The unnamed supplier will use the tuggers for intra-facility logistics across their North American distribution and manufacturing facilities.
The DriveMod Tuggers feature AI technology, 360掳 vision, and collision avoidance systems. They are integrated with Cyngn Insight, a fleet management platform enabling remote monitoring and control of autonomous vehicle fleets in real-time.
Cyngn ha ottenuto una Lettera di Intenti (LOI) da un importante fornitore automobilistico per la vendita e implementazione di pi霉 DriveMod Tuggers all'inizio del 2025. Ci貌 segue un recente contratto con un altro cliente del settore automobilistico. Il fornitore non nominato utilizzer脿 i tuggers per la logistica intra-struttura nelle loro strutture di distribuzione e produzione in Nord America.
I DriveMod Tuggers sono dotati di tecnologia AI, visione a 360掳 e sistemi di evitamento delle collisioni. Sono integrati con Cyngn Insight, una piattaforma di gestione della flotta che consente il monitoraggio e il controllo remoto delle flotte di veicoli autonomi in tempo reale.
Cyngn ha conseguido una Carta de Intenci贸n (LOI) de un importante proveedor automotriz para la venta e implementaci贸n de m煤ltiples DriveMod Tuggers a principios de 2025. Esto sigue un contrato reciente con otro cliente de fabricaci贸n automotriz. El proveedor no nombrado utilizar谩 los tuggers para la log铆stica intra-facilidad en sus instalaciones de distribuci贸n y fabricaci贸n en Am茅rica del Norte.
Los DriveMod Tuggers cuentan con tecnolog铆a de inteligencia artificial, visi贸n de 360掳 y sistemas de evitaci贸n de colisiones. Est谩n integrados con Cyngn Insight, una plataforma de gesti贸n de flotas que permite el monitoreo y control remoto de flotas de veh铆culos aut贸nomos en tiempo real.
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Cyngn a obtenu une Lettre d'Intention (LOI) d'un important fournisseur automobile pour la vente et le d茅ploiement de plusieurs DriveMod Tuggers au d茅but de 2025. Cela fait suite 脿 un contrat r茅cent avec un autre client du secteur automobile. Le fournisseur non nomm茅 utilisera les tuggers pour la logistique intra-茅tablissement au sein de ses installations de distribution et de fabrication en Am茅rique du Nord.
Les DriveMod Tuggers sont dot茅s de la technologie AI, d'une vision 脿 360掳 et de syst猫mes d'茅vitement des collisions. Ils sont int茅gr茅s 脿 Cyngn Insight, une plateforme de gestion de flotte permettant la surveillance et le contr么le 脿 distance des flottes de v茅hicules autonomes en temps r茅el.
Cyngn hat eine Absichtserkl盲rung (LOI) von einem gro脽en Automobilzulieferer f眉r den Verkauf und die Implementierung mehrerer DriveMod Tuggers zu Beginn des Jahres 2025 gesichert. Dies folgt einem k眉rzlich abgeschlossenen Vertrag mit einem anderen Automobilhersteller. Der nicht genannte Zulieferer wird die Tuggers f眉r die innerbetriebliche Logistik in seinen nordamerikanischen Vertriebs- und Produktionsst盲tten verwenden.
Die DriveMod Tuggers verf眉gen 眉ber KI-Technologie, 360掳-Sicht und Kollisionsvermeidungssysteme. Sie sind mit Cyngn Insight, einer Flottenmanagementplattform, integriert, die eine Fern眉berwachung und -kontrolle autonomer Fahrzeugflotten in Echtzeit erm枚glicht.
- Secured new LOI for multiple DriveMod Tugger sales
- Customer has multiple facilities across North America, indicating expansion potential
- Second automotive industry contract secured in recent weeks
- Demonstrates product-market fit in automotive sector
- Final sale not yet confirmed - only LOI stage
- Customer confidentiality suggests deal terms may be sensitive
Insights
This LOI marks a significant development in Cyngn's market penetration strategy, particularly in the automotive sector. The commitment from a major automotive supplier, following another recent contract, indicates growing market validation for their autonomous solutions. The DriveMod Tugger deployment represents a strategic expansion in the high-value automotive manufacturing space, where automation adoption rates are traditionally strong.
The potential for expansion across multiple facilities within the customer's network presents substantial growth opportunities. The integration of Cyngn Insight for fleet management adds recurring revenue potential beyond the initial hardware sales. However, investors should note that this is still an LOI, not a final contract and deployment timelines extending into early 2025 suggest a gradual revenue recognition pattern.
The automotive manufacturing sector represents a $2.86 trillion global market, with significant investments in automation technologies. This LOI strengthens Cyngn's position in a highly attractive market segment. The company's ability to secure two automotive industry customers in quick succession demonstrates improving sales momentum and market acceptance of their technology platform.
The unnamed customer's multiple facilities across North America present significant potential for follow-on orders if the initial deployment proves successful. However, the small market cap of
The automotive supplier鈥攚ho remains unnamed due to confidentiality鈥攚ill utilize the DriveMod Tuggers to streamline intra-facility logistics. The global automotive supplier has several similar distribution facilities as well as manufacturing facilities in
"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掳 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 .
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: cyngn.com
- Twitter: twitter.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Investor Contact:
Don Alvarez, CFO
investors@cyngn.com听
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
Forward-looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities Exchange Commission (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. 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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