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Cyngn Launches Dealer Network for Industrial Autonomous Vehicles, Expanding Its Market Reach

With multiple partners already signed, Cyngn’s DriveMod solutions are now better positioned to reach a growing base of new customers across North America.

Cyngn |

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. 

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.

Investor Contact

Natalie Russell, CFO

Media Contact

Luke Renner, Head of Marketing

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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