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Cyngn Partners With Formel D

The partnership marks a key milestone for Cyngn's ongoing effort to deliver scalable, secure, and reliable AV solutions to a variety of domains.

Luke Renner |

MENLO PARK, Calif., March 4, 2021 (Newswire.com) - Cyngn, the autonomous vehicle organization, announced a partnership with Formel D, the international service provider to the automotive technology and supply industry. The collaboration will help Cyngn deploy DriveMod, its autonomous vehicle technology, across a variety of industries and applications.

“For us, the Formel D partnership was a perfect fit,” said Cyngn’s CEO Lior Tal. “For the last five years, we have been developing our autonomous driving technology and deploying it in a variety of industrial use cases. However, it was always our intention to stay focused on the software and partner with the automotive and industrial ecosystems to meet the increasing demand for our autonomous driving solutions.

“Formel D has a sterling reputation for quality assurance and a deep experience retrofitting existing vehicle fleets with innovative technologies. We are very excited to work with them.”

"We are very much looking forward to working with an emerging and future-ready company like Cyngn," added Matthias Grossmann, Vice President Strategy & Digitalization at Formel D. "We are happy to contribute our expertise regarding autonomous vehicles and our experience from numerous projects along the entire automotive value chain."

About Formel D

Founded in 1993, Formel D is a globally active service provider to the automotive and supply industry. The Group develops concepts and scalable solutions for quality assurance and process optimization along the entire automotive value chain — from product development and production to aftersales. Formel D now employs over 12,000 associates and is present across the globe with more than 90 locations in 22 countries. The Formel D Group's subsidiaries include CPS Quality, Formel K GmbH, and Vdynamics GmbH.

Watch Cyngn's Vehicles in Action

Formel D:
Thomas Hemmerle
Corporate Communications
thomas.hemmerle@formeld.com
+49 221 67006-226

This press release was originally published on Newswire.

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).

Investor Contact:

Don Alvarez

Media Contact:

Luke Renner

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 17, 2023. 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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