SPX3,998.84-72.86 -1.79%
DIA340.03-4.71 -1.37%
IXIC11,239.94-221.56 -1.93%

Cyngn Signs Contract To Deploy Autonomous Industrial Vehicles For U.S. Continental; No Terms Disclosed

Benzinga · 11/16/2022 08:11

Cyngn Inc. ("Cyngn" or the "Company") (NASDAQ:CYN), a developer of innovative autonomous driving software solutions for industrial and commercial applications, today announced it has been awarded a contract to provide self-driving stockchasers for U.S. Continental, a leading manufacturer of leather and fabric care products. U.S. Continental will be utilizing autonomous stockchasers powered by Cyngn's Enterprise Autonomy Suite ("EAS") to transport pallets of materials throughout its main manufacturing plant in Corona, Calif., starting early 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221116005144/en/

Cyngn announces the signing of a contract with U.S. Continental, a leading manufacturer of quality leather and fabric care products, to provide self-driving stockchasers. Source: Cyngn

David Williams, U.S. Continental's CEO, said, "Our facility spans multiple buildings, which is why we needed a solution that would enable us to autonomously move pallets across our campus. Cyngn's autonomous stockchaser works both indoors and outdoors, making it an excellent fit for our needs. According to our research, there were very few solutions that could work in both environments, so when we found Cyngn, we knew we were onto something."

Lior Tal, Cyngn's CEO, said, "We are excited about the opportunity to help U.S. Continental overcome current supply chain challenges, increase productivity, and reduce operating costs through the implementation of our Enterprise Autonomy Suite. This is a critical time for manufacturers to stay competitive through the utilization of industrial automation to adapt to a changing business landscape. We are pleased to have secured another revenue-generating win."

"Cyngn's AI-enabled autonomous vehicle technology offers a variety of benefits, including ease of use, rapid deployment, and industry-leading towing capacity — all bundled with Cyngn Insight, our intelligent fleet management software."

The global leather chemicals market size was valued at USD 7.4 billion in 2021 and is anticipated to expand at a compound annual growth rate of 6.6% from 2022 to 20301. The adoption of warehouse automation will allow U.S. Continental to meet growing demand and address supply chain issues and labor shortages.