Cyngn Inc. (NASDAQ: CYN), a company specializing in autonomous driving software solutions for industrial applications, and BYD have announced significant progress in developing autonomous forklifts using their AI-powered DriveMod technology. 

The DriveMod-enabled forklift features flexible pallet detection, enhanced safety through AI algorithms, and an industry-leading load capacity of 10,000 lbs. With the global forklift market projected to reach $103.9 billion by 2031, Cyngn's autonomous forklifts offer a transformative solution to material handling challenges. The commercial launch is planned for 2024, with early access available through the waitlist.

Cyngn CEO, Lior Tal stated: “Adapting DriveMod to electric forklifts represents a significant milestone in the expansion of Cyngn's portfolio of DriveMod-enabled vehicles to the most universal material handling vehicle.”

Audrey Li, BYD’s VP of Operations added: “This development represents a significant step forward in our commitment to innovation and delivering advanced, next-generation solutions to our customers, who choose BYD because they want to ‘Work Smarter’.”

Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn’s self-driving solutions allow existing workforces to increase productivity and efficiency.

Shares of Cyngn trade on the NASDAQ under the ticker symbol CYN.