BREA, Calif. – October 24, 2022 (Investorideas.com Newswire) Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Firm”), an rising electrical automobile (“EV”) producer, broadcasts in the present day it has secured unique gross sales, distribution and branding rights to the brand new compact city supply electrical automobile, the I-GO, which is totally EU Normal homologated and authorized on the market in choose European Markets.
Excellent for city European markets, the I-GO bridges the hole between the rising demand for fast deliveries and area constraints discovered all through the dense cities of Europe.
There may be excessive demand for able to market city supply automobiles in Europe. The Firm has seized the chance to increase its branding and advertising attain to the European market by way of its partnership with the producers of the I-Go. The Mullen I-GO, supposed for firms specializing in final mile deliveries, is predicated on a 96-inch wheelbase, 16.5-kWh battery pack, rear-wheel drive, and a curb weight of 1,753 lbs. With a variety of 124 miles, in response to NEDC estimate, the automobile can simply deal with the cease/go and weave in/out typical of slim European city streets. The I-Go was constructed with the intention to get to the shopper’s door sooner, all whereas lowering air pollution and congestion ranges throughout Europe. The I-GO can have a beginning value of $11,999 plus VAT and native transportation and can be retailed and serviced by way of native European distributors.
“Securing the unique gross sales, distribution and branding rights in main European international locations for a able to market electrical business supply automobile is a large win for the Firm. The Firm plans on licensing its rights to established dealerships in these fascinating European markets. Basically, this transaction offers the Firm income producing alternatives, promotes and extends the Firm’s model into different international locations whereas on the identical time permitting the Firm to stay totally targeted on its mission of producing its lineup of electrical automobiles within the USA. The objective has at all times been for Mullen to construct an entire line of business electrical automobiles, and we realized that one of the vital important points in the present day is inefficient last-mile supply in city markets,” mentioned David Michery, CEO and chairman of Mullen Automotive. “The introduction of the I-GO, a totally EU homologated automobile, creates alternatives for the Firm in Europe the place there’s a enormous demand for this kind of small supply automobile.”
The I-GO will be part of Mullen’s present business automobile lineup which incorporates Class 1 and a couple of EV cargo vans. Mullen not too long ago made a majority acquisition of Bollinger Motors, whose portfolio contains Class 3 by way of Class 6 business automobiles. Along with securing the unique gross sales, distribution and branding rights for the I-GO for Spain, France , Germany, UK and Eire, the Firm entered into an Asset Buy Settlement to amass all property of Electrical Final Mile Options, Inc. and Electrical Final Mile, Inc. (“ELMS”) from the ELMS Chapter Estates.
Mullen Automotive is a Southern California-based automotive firm constructing the subsequent technology of premium electrical automobiles (EVs) which are reasonably priced and constructed totally in america. With an end-to-end ecosystem that helps homeowners from take a look at driving to financing and servicing by way of a singular hybrid dealership mannequin, prospects are supported by way of each facet of EV possession. The Mullen FIVE, the Firm’s first electrical crossover, is slated for supply in 2024 and options an award-winning design and its patented PERSONA expertise that makes use of facial recognition to personalize the driving expertise for each particular person. To be taught extra in regards to the firm, go to www.MullenUSA.com.
Sure statements on this press launch that aren’t historic information are forward-looking statements inside the that means of Part 27A of the Securities Alternate Act of 1934, as amended. Any statements contained on this press launch that aren’t statements of historic truth could also be deemed forward-looking statements. Phrases similar to “proceed,” “will,” “could,” “might,” “ought to,” “count on,” “anticipated,” “plans,” “intend,” “anticipate,” “imagine,” “estimate,” “predict,” “potential” and related expressions are supposed to establish such forward-looking statements. All forward-looking statements contain important dangers and uncertainties that might trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements, lots of that are usually exterior the management of Mullen and are troublesome to foretell. Examples of such dangers and uncertainties embrace however will not be restricted as to if the Firm will meet the required contractual benchmarks to proceed with its unique rights to the I-GO; whether or not the Firm can be profitable in its endeavors to safe licensing or related preparations for the I-GO with European automobile dealerships; whether or not demand for able to market city supply automobiles will proceed within the European market; whether or not the I-GO will in the end be obtainable on the beginning value of $11,999 plus VAT and native transportation; and whether or not the envisioned branding, advertising attain and income producing alternatives related to the I-GO will materialize and if that’s the case, show profitable for the Firm. Further examples of such dangers and uncertainties embrace however will not be restricted to; (i) Mullen’s potential (or lack of ability) to acquire further financing in adequate quantities or on acceptable phrases when wanted; (ii) Mullen’s potential to keep up present, and safe further, contracts with producers, elements and different service suppliers regarding its enterprise; (iii) Mullen’s potential to efficiently increase in present markets and enter new markets; (iv) Mullen’s potential to efficiently handle and combine any acquisitions of companies, options or applied sciences; (v) unanticipated working prices, transaction prices and precise or contingent liabilities; (vi) the flexibility to draw and retain certified staff and key personnel; (ix) adversarial results of elevated competitors on Mullen’s enterprise; (vii) adjustments in authorities licensing and regulation that will adversely have an effect on Mullen’s enterprise; (viii) the danger that adjustments in client conduct might adversely have an effect on Mullen’s enterprise; (ix) Mullen’s potential to guard its mental property; and (x) native, business and common enterprise and financial situations. Further elements that might trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements will be present in the latest annual report on Type 10-Ok, quarterly studies on Type 10-Q and present studies on Type 8-Ok filed by Mullen with the Securities and Alternate Fee. Mullen anticipates that subsequent occasions and developments could trigger its plans, intentions and expectations to vary. Mullen assumes no obligation, and it particularly disclaims any intention or obligation, to replace any forward-looking statements, whether or not because of new info, future occasions or in any other case, besides as expressly required by regulation. Ahead-looking statements converse solely as of the date they’re made and shouldn’t be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Mullen Automotive, Inc.
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