Shares of Cyngn (NASDAQ: CYN) skyrocketed as much as 115% this morning as the developer of autonomous driving solutions announced the official launch of its DriveMod Kit, a turnkey autonomous vehicle solution geared towards industrial and commercial enterprise. The DriveMod Kit started coming off the assembly line in the first half of April 2022, with the patent filed back in February.
Commercial and industrial advancement means a greater availability of autonomous support. Roles that have historically been filled with paid workers are being replaced with advanced AI systems tasked with basic, mundane but critical industry roles. The DriveMod kit is designed to streamline retrofitting of existing industrial vehicles or integration onto new vehicles.
High costs and complexity are two of the key barriers to wide-scale autonomous vehicle adoption, but Cyngn’s DriveMod minimises unnecessary apparatus or complex hardware; facilitating the rapid expansion of autonomous vehicles across commercial and industrial spaces.
Lior Tal, Cyngn CEO commented on the revolutionary nature of DriveMod:
“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,”
As well as self-driving technology, the DriveMod Kit also features human machine interfaces and communicative lighting systems to update its user on vehicle status, battery status, route obstruction, and more.
Cyngn’s DriveMod Kit has the potential to change the industrial and commercial landscape. While barriers to autonomy were normally cost and complexity related, the DriveMod creates a new vision of autonomy.
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Oliver is a financial writer and analyst specialising in the US stock market, with years of personal experience in understanding micro/macroeconomic structures, market trends and fundamental analysis.