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Cyngn Continues Momentum in Automotive Sector with Several DriveMod Tugger Deployments at Major Automotive Brands

Cyngn has continued making notable inroads with the automotive manufacturing sector.

Cyngn |

MENLO PARK, Calif., January 23, 2025 – Cyngn Inc. (Nasdaq: CYN) today announced that it has continued making notable inroads with the automotive manufacturing sector. To date, the company has conducted DriveMod Tugger deployments at varying stages of maturity with no less than five major automotive Original Equipment Manufacturers (OEMs) or Tier-1 Suppliers.

This traction has led to deployments across the United States and into Mexico, underscoring Cyngn’s ability to provide scalable, cross-functional automation in diverse environments.

The announcement today builds upon announcements the company has made in recent months. In October, Cyngn announced two wins in this sector: on October 17th, the Company announced that it had signed a commercial contract with a major manufacturer in the automotive service equipment space; two weeks later, the company announced it had executed a letter of intent to sell multiple DriveMod Tuggers to a global Automotive Supplier. The Company also joined John Deere's supply base in April.

“These exciting milestones reflect a strategic and ongoing effort to target a sector that we know stands to derive value from our solutions," said Lior Tal, Cyngn CEO. “Our DriveMod Tugger tows up to 12,000 pounds, which makes it an excellent solution to handle the high-uptime demands of moving heavy parts across automotive manufacturing floors."

The manufacturing industry is facing a critical talent shortage, with over 620,000 job openings unfilled as of January 2024 and a potential gap of 2.1 million jobs by 2030. Deloitte’s projections further underscore this challenge, estimating that the industry will need around 3.8 million new employees between 2024 and 2033 to keep up with demand. To bridge this workforce gap, leaders are demonstrating a growing need and willingness to invest in automation, with 90% recognizing it as vital to future success. However, only 9% of manufacturers have currently implemented autonomous technologies, leaving substantial room for growth as companies realize the efficiency gains and cost reductions that these innovations offer.

About Cyngn

Cyngn develops and deploys autonomous vehicle technology for industrial organizations like manufacturers and logistics companies. The Company addresses significant challenges facing industrial organizations today, such as labor shortages and costly safety incidents.

Cyngn's DriveMod technology empowers customers to seamlessly bring self-driving technology to their operations without high upfront costs or infrastructure installations. DriveMod is currently available on Motrec MT-160 Tuggers and BYD Forklifts.

The DriveMod Tugger hauls up to 12,000 lbs, travels inside and out, and targets a typical payback period of less than 2 years. The DriveMod Forklift lifts heavy loads that use non-standard pallets and is currently available to select customers. For all terms referenced within, please refer to the Company's annual report on Form 10-K with the SEC filed on March 6, 2025.

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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 (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 6, 2025. 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.

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