Cyngn Launches its Autonomous DriveMod Kit

Apr 21, 2022 By MarketDepth

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Stock Jumps

Cyngn (NASDAQ: CYN) officially launched the DriveMod Kit, a turnkey autonomous vehicle solution.

Premarket Surge

Shares of Cyngn (NASDAQ: CYN) surged over 86% in premarket trading.

Adaptable to Other Vehicles

DriveMod Kit’s inaugural manufacturing run started coming off the assembly line in the first half of April 2022 and was initially developed as an efficient AV integration package for Columbia’s Stockchaser vehicles. Nevertheless, the kit technology can easily be adapted to fit other industrial vehicles.

“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.”

Lior Tal, Cyngn’s CEO

Additionally, DriveMod Kit features human machine interfaces and a lighting system that communicate vehicle status, mode, battery status as well as route obstruction and more.