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Cyngn's Next-Gen 12,000 lb. DriveMod Tugger Deploying With Customers, Including Commercial Contract With Major Automotive Equipment Manufacturer

Cyngn announced a commercial deployment of its next-generation DriveMod Tugger with a customer that is a major manufacturer of automotive service equipment.

Cyngn |

MENLO PARK, Calif., October. 17, 2024 – Cyngn Inc. (the “Company” or “Cyngn”) (Nasdaq: CYN) today announced a commercial deployment of its next-generation DriveMod Tugger, featuring a recent upgrade to 12,000-pound towing capacity, with a customer that is a major manufacturer of automotive service equipment.

Furthermore, next-gen DriveMod Tuggers have been used in several pilot deployments with automotive and defense customers in recent weeks, highlighting continued traction in focal sectors that have been previously emphasized by Cyngn. These deployments not only underscore the growing commercial interest in Cyngn’s AI-powered solutions but also highlight the Company's ability to efficiently bring autonomous vehicles online at diverse customer facilities across manufacturing and logistics.

The production customer, a major manufacturer in the automotive service equipment space, is embarking on a multi-faceted strategy to adopt new industrial automation technologies. With evolving growth and production demands, they turned to Cyngn to help tackle challenges related to labor shortages, high operational costs, and increased safety requirements.

This announcement follows the recent achievement of the first next-generation 12,000 lb. DriveMod-enabled MT-160 Tugger being built at Motrec’s state-of-the-art facility. This state-of-the-art autonomous tugger is designed to improve operational efficiency, enhance safety, and provide valuable insights through Cyngn Insight—the simple software tools that enable customers to harness Cyngn’s AI-powered DriveMod autonomous vehicle technology.

“By deploying Cyngn solutions, we’re empowering our customers to handle their material transport needs efficiently, conveniently, and reliably,” said Cyngn’s Chief Executive Officer, Lior Tal. “Businesses are increasingly seeking technology that not only meets their immediate needs but also adapts to the future growth of their operations. Our next-gen DriveMod Tugger delivers on both fronts.”

The latest DriveMod Tugger model, featuring a motor controller upgrade from Motrec, doubles the towing capacity of its predecessor to deliver an even more robust solution that can address additional material handling applications of large-scale industrial operations. This advancement reflects the strong market demand for smarter but proven vehicle solutions and underscores the growing commercial momentum of Cyngn’s autonomous DriveMod technology.

This deployment builds upon the company’s recent announcement that its DriveMod Tuggers are now available for outdoor use cases.

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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