Autonomous Trucks
A vendor of industrial driving solutions has received an order for 100 of its AI-powered autonomous electric forklifts, according to Menlo Park, California-based Cyngn Inc. Deliveries are targeted to begin in 2024 to Arauco, a wood products supplier that had over $7 billion in revenue in 2022. The dollar value of the deal was not disclosed, but Cyngn said that while the initial pre-order of 100 autonomous electric forklifts refers to only a small portion of Arauco's existing fleet, it represents a meaningful initial annual recurring revenue deployment for Cyngn. The firm said that new revenue could cover up to approximately 20% of its current monthly cash burn, demonstrating the potential for growth and expansion. The forklift manufacturer was also not disclosed, but Cyngn’s press release showed photographs of autonomous lift trucks from the Chinese electric vehicle manufacturer BYD.