Autonomous Trucks
A vendor of industrial driving solutions, Cyngn Inc., has received an order for 100 of its AI-powered autonomous electric forklifts. The deliveries are expected to begin in 2024 for Arauco, a wood products supplier. Cyngn creates autonomous forklifts by equipping new industrial vehicles with its DriveMod Kit or retrofitting them with the kit. While the forklift manufacturer is not disclosed, photographs of autonomous lift trucks from the Chinese electric vehicle manufacturer BYD were featured in Cyngn’s press release. This order marks a significant step forward for Cyngn, potentially covering up to 20% of its current monthly cash burn and demonstrating the potential for growth and expansion in the autonomous forklift market.