Why Is Cyngn (CYN) Stock Up 65% Today?

Cyngn (NASDAQ:CYN) stock is rocketing higher on Thursday after the autonomous driving software solutions developer revealed a new product.

warehouse interior with shelves, pallets and boxes representing CYN stock.

Source: Don Pablo / Shutterstock.com

This new product is the company’s DriveMod Kit. That’s a turnkey autonomous vehicle developed by Cyngn for use in industrial and commercial spaces. It allows for the retrofitting of existing industrial vehicles or for easy adoption into newly manufactured vehicles.

According to Cyngn, the first batch of its DriveMod Kits started coming off production lines in the first half of April. These kits were originally made for Columbia Vehicle Group, but the company designed them for use with other industrial vehicles.

Cyngn believes that its DriveMod Kits open the way for rapid adoption of autonomous vehicles in the industrial and commercial markets. It claims customers purchasing the kits will benefit from “increased productivity, improved safety, and lowered operational costs.”

While Cyngn’s DriveMod Kit modifies current vehicles to autonomous use, they don’t cut out manual options. Also, they come with several status lights that let users know the status of the device and vehicle.

News of the DriveMod Kit product launch brings with it heavy trading to CYN stock. As of this writing, more than 140 million shares of the stock have changed hands. That’s a massive jump over its daily average trading volume of only about 228,000 shares.

CYN stock is up 65.7% as of Thursday morning.

Investors searching for more of the latest stock market news are in luck!

InvestorPlace has them covered with all the most recent stock news for Thursday! A few examples include what’s going on with Golden Nugget Online Gaming (NASDAQ:GNOG) stock, Bill Ackman selling Netflix (NASDAQ:NFLX) shares, as well as what has Mullen Automotive (NASDAQ:MULN) stock on the move. You can find out more on these matters at the following link!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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