Cyngn Announces Raymond West, a Leading Dealer with $800M+ in Annual Sales, Will Begin Selling DriveMod Tuggers

Rhea-AI Summary

Cyngn Inc. (Nasdaq: CYN) has announced the expansion of its dealer network to include Raymond West, a leading distributor of intralogistics solutions with over $800 million in annual revenue. Raymond West will begin selling Cyngn's autonomous DriveMod Tugger, which integrates Cyngn's AV technology with Motrec's MT-160.

The decision came after a successful summit at Cyngn's headquarters, where key decision-makers experienced the company's autonomous mobile robots firsthand. Marc Breton, VP of Sales at Motrec, stated that they've identified several customers who could benefit from the DriveMod Tugger, highlighting the revolutionary impact of autonomous industrial vehicle technology in manufacturing and logistics facilities.

Cyngn plans to continue expanding its Dealer Network by adding more distribution and integration partners in the future.

Positive

• Expansion of dealer network to include Raymond West, a company with $800+ million in annual revenue
• Raymond West will begin selling Cyngn's autonomous DriveMod Tugger
• Potential for increased sales and market reach through Raymond West's 21 branches across the West Coast
• Positive feedback from sales channels on automating the high-tow capacity MT-160 vehicle

Negative

• None.

MENLO PARK, Calif., Oct. 15, 2024 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today announced the expansion of its dealer network to include Raymond West. A leading distributor and integrator of intralogistics solutions, Raymond West will begin selling Cyngn's autonomous DriveMod Tugger. The autonomous tugger integrates Cyngn's AV technology with Motrec's MT-160.

"With 21 branches across the West Coast, Raymond West is an impressive company. It boasts more than $800 million in annual revenue — and we are excited to be able to add Cyngn's autonomous vehicles to their catalog," said Lior Tal, CEO of Cyngn. "Motrec's industrial vehicles are known for high towing capacity and reliability. We are excited to equip Raymond West with the tools and training needed to offer our self-driving industrial vehicles to their customers. Their success is integral to our success."

Raymond West's decision to join Cyngn's Dealer Network came after a successful summit hosted at Cyngn's Menlo Park headquarters, where key decision-makers experienced the company's autonomous mobile robots (AMRs) firsthand.

"We've identified several customers who stand to gain immensely from the DriveMod Tugger," stated Marc Breton, Vice President of Sales at Motrec. "Autonomous industrial vehicle technology is revolutionizing manufacturing and logistics facilities, and the positive feedback from our sales channels confirms that automating a high-tow capacity vehicle like the MT-160, renowned for its quality, is a game-changer."

Cyngn plans to continue expanding its Dealer Network by adding more distribution and integration partners in the future. To join Cyngn's dealer network, please visit https://www.cyngn.com/company/dealer-network.

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 

Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com 

About Raymond West. Raymond West is a leading global provider of best-in-class material handling products and intelligent intralogistics solutions that help you Store, Move and Optimize your operations, regardless of scale. Their aim is to deliver the utmost quality and to work for continuous improvement every day, in every aspect of their business. The company values the trust that they've earned through decades of proven performance and hands-on innovation.  Their clients can rely on them to exceed their expectations by providing supply chain knowledge as well as commitment to ensure their business is up and running 24/7.

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 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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SOURCE Cyngn

FAQ

What is the significance of Cyngn's partnership with Raymond West?

Raymond West, a leading distributor with over $800 million in annual sales, will begin selling Cyngn's autonomous DriveMod Tugger. This partnership expands Cyngn's dealer network and potentially increases its market reach through Raymond West's 21 branches across the West Coast.

What is the DriveMod Tugger and how does it integrate with Motrec's MT-160?

The DriveMod Tugger is Cyngn's autonomous vehicle that integrates their AV technology with Motrec's MT-160, a high towing capacity and reliable industrial vehicle. This integration aims to offer self-driving industrial vehicles to Raymond West's customers.

How does this partnership affect Cyngn's (CYN) market position?

This partnership potentially strengthens Cyngn's (CYN) market position by leveraging Raymond West's $800+ million annual revenue and extensive branch network. It allows Cyngn to expand its reach in the autonomous industrial vehicle market and potentially increase sales of its DriveMod Tugger.

What are Cyngn's (CYN) future plans for its Dealer Network?

Cyngn (CYN) plans to continue expanding its Dealer Network by adding more distribution and integration partners in the future. This strategy aims to increase the company's market presence and sales opportunities for its autonomous vehicle technology.