The autonomous vehicle technology company, Cyngn Inc. (CYN) after recently making its public debut has launched its AV hardware integration module. Called DriveMod Kit, the module was launched on April 21. Following the announcement, CYN stock saw a huge uptick of 96.30% to reach $2.12 in yesterday’s trading.
Currently, in today’s premarket, April 22, the stock has succumbed to corrections in order to shed its gains. At the time of writing, the stock had declined by 8.02% in the premarket and was valued at $1.95 a share. Corrections were inevitable after a mammoth gain of nearly 100% in a single session.
CYN’s DriveMod Kit
Initially made for Columbia Vehicle Group, the DriveMod Kit has now been designed for use with other industrial vehicles as well. It was only in February that the company filed a patent for the AV solution and officially launched it yesterday.
The module is designed to streamline retrofitting of existing industrial vehicles while simplifying integration onto new ones. Moreover, the module also eliminates traditional barriers of high costs and complex installation of autonomous vehicle adoptions. Additionally, the module also has human-machine interfaces and a lighting system for communicating vehicle status, mode, battery status, route obstructions, etc. While the module modifies current vehicles to autonomous use, the manual options still exist in the vehicle.
According to the company, DriveMod Kits’ first batch started coming off production lines in the first half of April.
Vehicle Autonomy & Outlook
As the world continues to evolve technologically, autonomy is becoming part of almost every facet of life. Similarly, vehicle autonomy or more precisely driverless vehicle driving is also being increasingly adopted. While technologies are being developed for adopting already existing vehicles into autonomous, many of the new vehicles manufactured come with already integrated solutions. Even most if not all of the EVs come with autonomous features. Increased productivity, improved safety, and lowered operational costs are some of the many reasons for autonomous vehicles being adopted.
The global autonomous cars market is expected to reach $2,161.79 billion by 2030 at a CAGR of 40.1% from 2021.
Having made its public debut last October only, the early-stage company has made some good progress. From partnering with GLF and Greenland Technologies on top of Columbia to patenting and launch of its AV kit, CYN has made many developments in 2022 alone.
With cash of $22 million and no debt, the company has a cash runway at the very least through 2023.