07/11/2024 | Press release | Archived content
Cyngn announces the expansion of its dealer network to include Alta's Equipment Group.
"Alta has an impressive record of sales, and we are thrilled to have Cyngn's autonomous vehicles included in their catalog," said Lior Tal, CEO of Cyngn. "Motrec's industrial vehicles are renowned for their high towing capacity and reliability. With their extensive dealer coverage across North America, we are excited to equip Alta with the tools and training needed to offer our self-driving industrial vehicles to their customers. Their success is integral to our success."
This announcement follows two significant milestones for Cyngn: the launch of the DriveMod Tugger and the Cyngn Dealer Networkin the fall of 2023. Cyngn has continued to grow its Dealer Network, including the recent addition of RobotLab,a robotics company with over 10,000 robots deployed.
Alta's decision to join Cyngn's Dealer Network came after a successful summit at Cyngn's Menlo Park headquarters, where key decision-makers experienced the company's autonomous mobile robots (AMRs) firsthand.
"We know of several customers who would greatly benefit from the DriveMod Tugger," said Marc Breton, Motrec's Vice President of Sales. "Autonomous industrial vehicle technology is already making a significant impact at manufacturing and logistics facilities, and we've gotten a great response from our sales channels to introducing an automated version of a tried and true high-tow capacity vehicle like the MT-160 that is known for its quality."
Cyngn plans to continue expanding its Dealer Network by adding more distribution and integration partners in the future.
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).
Don Alvarez
Luke Renner
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 SEC, including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 17, 2023. 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.