Cyngn Revolutionizing Labor Shortage Challenges Through Driverless Forklift Partnership, Featured in Forbes

Menlo Park, Calif., Oct. 5, 2023  – Cyngn Inc. (the “Company” or “Cyngn”) (Nasdaq: CYN), a developer of AI-powered autonomous driving solutions for industrial applications, has taken a leap toward addressing the ongoing labor shortage crisis with its recent partnership with Arauco, as reported by Forbes in August 2023. The article highlights the innovative approach that Cyngn is taking to tackle this pressing issue by deploying driverless forklifts in collaboration with Arauco, a leading player in the wood and pulp products industry. 

Labor shortages have been a major concern across various industries, and the logistics and manufacturing sectors have been hit particularly hard. Cyngn, known for its cutting-edge autonomous technology solutions, has stepped in to provide a game-changing solution to this problem that the US Chamber of Commerce emphasizes would persist with approximately 3.5 million jobs remaining unfilled even if every unemployed person in the country found a job. 

As told to Forbes, Cyngn CEO, Lior Tal, characterizes DriveMod as an artificial intelligence tool with revolutionary capabilities like ChatGPT. DriveMod uses artificial intelligence and sophisticated software to transform industries that hinge on production and movement of goods, just as ChatGPT is revolutionizing industries that hinge on communication. 

Arauco recognized the opportunity to optimize its operations amid the labor shortage, and Cyngn’s expertise in autonomous technology made it the perfect partner to address this challenge. Together, the companies have embarked on a journey to integrate driverless forklifts into Arauco’s operations, culminating in a 100 unit DriveMod Forklift pre-order. 

Cyngn’s collaboration with Arauco to deploy driverless forklifts is a significant step toward addressing the labor shortage crisis. By embracing innovation and automation, these companies are not only future-proofing their operations, but also setting a precedent for other industries to follow suit. As the partnership between Cyngn and Arauco continues to evolve, so will the transformative impact of autonomous technology on the world of logistics and manufacturing. 

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

Cyngn Investor Contact:

Bill Ong

Cyngn Inc. 

bill@cyngn.com

650-204-1551

Forward-Looking Statements

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