Cyngn Initiates Production Deployment with COATS, a Major North American Automotive Service Equipment Manufacturer

Rhea-AI Summary

Cyngn Inc. (Nasdaq: CYN) has announced a production deployment with COATS Company, North America's largest wheel service equipment manufacturer. The deployment involves Cyngn's next-generation DriveMod Tugger at COATS' 150,000+ square foot facility in La Vergne, Tennessee.

The enhanced DriveMod Tugger features doubled towing capacity from 6,000 lbs to 12,000 lbs and will automate the delivery of wheel service components from production lines. This implementation aims to improve efficiency at COATS' facility.

This deployment follows Cyngn's earlier success with Rivian and demonstrates growing commercial momentum in the automotive sector, which was among the top adopters of industrial robotics in 2023.

Positive

• Secured deployment with major manufacturer COATS Company
• DriveMod Tugger's towing capacity doubled to 12,000 lbs
• Expanding presence in automotive sector following Rivian deployment

Negative

• None.

MENLO PARK, Calif., Jan. 16, 2025 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) today announced the initiation of a production deployment with COATS Company, the largest full-line wheel service equipment manufacturer in North America, boasting over 70 years of industry experience. The deployment of Cyngn's DriveMod Tugger is underway at COATS' 150,000+ square foot manufacturing facility in La Vergne, Tennessee.

This deployment will leverage Cyngn's previously announced next-generation DriveMod Tugger, which features an increased towing capacity from 6,000 lbs to 12,000 lbs. By automating the delivery of wheel service components from its production lines, COATS will be able to enhance efficiency and further its innovation goals at the facility.

Steve Bergmeyer, Continuous Improvement and Quality Manager at COATS, said "Cyngn's self-driving tugger was the perfect solution to support our strategy of advancing automation and incorporating scalable technology seamlessly into our operations. With its high load capacity, we can concentrate on increasing our ability to manage heavier components and bulk orders, driving greater efficiency, reducing costs, and accelerating delivery timelines."

"We're excited to be working with a major North American automotive service equipment manufacturer that's trusted by wheels service professionals worldwide," said Lior Tal, Chief Executive Officer at Cyngn. "This win highlights the growing commercial momentum behind our autonomous DriveMod products. We're continuing to find a perfect fit with companies that do high-uptime heavy manufacturing, especially in the automotive sector where maximizing production efficiency is crucial."

The automotive sector was one of the top adopters of industrial robotics in 2023, demonstrating the escalating need for advanced autonomous solutions. Cyngn's ongoing progress with leading automotive manufacturers, including its initial DriveMod Tugger deployment with Rivian earlier this year, reflects the company's unwavering dedication to leveraging AI to drive innovation and unlock new efficiencies to meet the demands of today's competitive manufacturing landscape.

About COATS

The COATS Company is a leading, global manufacturer and distributor of wheel service, alignment, inspection, lift, and shop productivity equipment. COATS engineers, manufactures, and builds equipment, accessories, and consumables for the automotive market. All our products are made with quality, durability, and usability in mind. We have a dedicated team of top-notch direct technicians across the United States to support our customers and their COATS equipment. We're proud to be made in Nashville, Tennessee while supplying equipment globally to our customers. Drawing on decades of expertise, market perspective, and innovative engineering, Coats keeps repair shops, tire dealers, big box retailers, and car dealerships rolling and ready for the next industry evolution.

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: https://cyngn.com
• Twitter: http://twitter.com/cyngn
• LinkedIn: https://www.linkedin.com/company/cyngn
• YouTube: https://www.youtube.com/@cyngnhq

Investor Contact:
Don Alvarez
investors@cyngn.com 

Media Contact:
Luke Renner
media@cyngn.com 

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 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.

 

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SOURCE Cyngn

FAQ

What is the new towing capacity of Cyngn's (CYN) DriveMod Tugger?

Cyngn's next-generation DriveMod Tugger has increased its towing capacity from 6,000 lbs to 12,000 lbs.

Where is COATS implementing Cyngn's (CYN) DriveMod Tugger?

COATS is implementing the DriveMod Tugger at their 150,000+ square foot manufacturing facility in La Vergne, Tennessee.

What is the purpose of Cyngn's (CYN) deployment with COATS?

The deployment aims to automate the delivery of wheel service components from production lines to enhance efficiency at COATS' facility.

Which major automotive company previously deployed Cyngn's (CYN) DriveMod Tugger?

Rivian previously deployed Cyngn's DriveMod Tugger earlier in the year.