Cyngn, Inc. (NASDAQ: CYN) is engaged as an autonomous vehicle (AV) technology company, which is focused on developing innovative software solutions for industrial and commercial customers. Shares of the autonomous vehicle tech company are surging 75% through early trading on Thursday, April 21, 2022. Over the past three months, Cyngn has seen average daily volume of 230,340 shares. However, volume of 143.67 million shares or dollar volume of around $261.48 million, has already exchanged hands through early trading.
Shares of Cyngn are soaring after the company announced the launch of DriveMod Kit, a turnkey autonomous vehicle software solution. The company had previously filed a patent for the new solution in February 2022. The DriveKit Mod’s initial manufacturing run is slated to occur during April 2022.
The AV technology solution contains all necessary sensors and hardware needed to deploy the technology for use in industrial and commercial settings. DriveMod Kit is designed to help enterprise clients retrofit existing industrial vehicles or be placed on new ones. Aside from the AV aspect, the DriveMod Kit will also feature human machine interfaces and a lighting system that can communicate the vehicle status, mode, battery condition, obstruction, and more.
The AV kit was initially developed in partnership with Columbia Vehicle Group to serve as an integration with Columbia’s Stockchaser vehicles. However, the kit is easily adaptable to fit other types of industrial vehicles.
Lior Tal, Cyngn’s CEO: “We are excited to have launched production of DriveMod Kit for Columbia’s Stockchaser. With 883,000 new material-handling vehicles sold each year in the U.S., DriveMod Kit creates a sizable opportunity for Cyngn to lead the rapid adoption of turnkey AV solutions for both retrofit and new vehicles. Installation can be done quickly and does not require special training. Anyone who works on these vehicles can retrofit an existing Columbia Stockchaser into a fully autonomous vehicle with very little effort. DriveMod Kit is a complete AV integration solution, a game-changer that eliminates traditional barriers to autonomous vehicle adoption.”
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