Breaking #EV #Stock News: Mullen (NASDAQ: $MULN) Announces the
I-GOTM, New Urban Commercial Electric Delivery Vehicle Available Now
for European Markets; @Mullen_USA
A commercial EV that is EU standard homologated, certified and ready for sale in the UK, Germany, Spain, France, and Ireland, with the first vehicles set for Germany in December 2022. Starting Price of $11,999 plus VAT and Local Transportation. Company is engaged in licensing discussions with potential partners
BREA, Calif., October 24, 2022 –
(Investorideas.com Newswire) Mullen Automotive, Inc. (NASDAQ:MULN) (“Mullen” or the “Company”), an emerging
electric vehicle (“EV”) manufacturer, announces today it has secured exclusive
sales, distribution and branding rights to the new compact urban delivery
electric vehicle, the I-GO, which is fully EU Standard homologated and
certified for sale in select European Markets.
Read this news,
featuring MULN in full at https://www.investorideas.com/CO/MULN/news/2022/10241I-GO-Urban-Electric-Vehicle.asp
Perfect for urban European markets, the I-GO bridges the gap between
the growing demand for quick deliveries and space constraints found throughout
the dense cities of Europe.
There is high demand for ready to market urban delivery vehicles in
Europe. The Company has seized the opportunity to extend its branding and
marketing reach to the European market through its partnership with the
manufacturers of the I-Go. The Mullen
I-GO, intended for companies focusing on last mile deliveries, is based on a
96-inch wheelbase, 16.5-kWh battery pack, rear-wheel drive, and a curb weight
of 1,753 lbs. With a range of 124 miles, according to NEDC estimate, the
vehicle can easily handle the stop/go and weave in/out typical of narrow
European urban streets. The I-Go was built with the intention to get to the
customer's door faster, all while decreasing pollution and congestion levels
across Europe. The I-GO will have a
starting price of $11,999 plus VAT and local transportation and will be
retailed and serviced through local European distributors.
"Securing the exclusive sales, distribution and branding rights
in major European countries for a ready to market electric commercial delivery
vehicle is a huge win for the Company.
The Company plans on licensing its rights to established dealerships in
these desirable European markets. Essentially, this transaction provides the
Company revenue generating opportunities, promotes and extends the Company’s
brand into other countries while at the same time allowing the Company to
remain fully focused on its mission of manufacturing its lineup of electric
vehicles in the USA. The goal has
always been for Mullen to build a
complete line of commercial electric vehicles, and we realized that one of the
most critical issues today is inefficient last-mile delivery in urban
markets," said David Michery, CEO and chairman of Mullen Automotive.
"The introduction of the I-GO, a
fully EU homologated vehicle, creates opportunities for the Company in Europe where there is a huge demand for
this type of small delivery vehicle."
The I-GO will join Mullen’s current commercial vehicle lineup which
includes Class 1 and 2 EV cargo vans. Mullen recently made a majority
acquisition of Bollinger Motors, whose portfolio includes Class 3 through Class
6 commercial vehicles. In addition to securing the exclusive sales, distribution
and branding rights for the I-GO for Spain, France , Germany, UK and Ireland,
the Company entered into an Asset Purchase Agreement to acquire all assets of
Electric Last Mile Solutions, Inc. and Electric Last Mile, Inc. (“ELMS”) from
the ELMS Bankruptcy Estates .
About Mullen
Mullen Automotive is a Southern California-based automotive company
building the next generation of premium electric vehicles (EVs) that are
affordable and built entirely in the United States. With an end-to-end
ecosystem that supports owners from test driving to financing and servicing
through a unique hybrid dealership model, customers are supported through every
aspect of EV ownership. The Mullen FIVE, the Company’s first electric
crossover, is slated for delivery in 2024 and features an award-winning design and
its patented PERSONA technology that utilizes facial recognition to personalize
the driving experience for every individual. To learn more about the company,
visit www.MullenUSA.com.
Forward-Looking
Statements
Certain statements in this press release that are not historical facts
are forward-looking statements within the meaning of Section 27A of the
Securities Exchange Act of 1934, as amended. Any statements contained in this
press release that are not statements of historical fact may be deemed
forward-looking statements. Words such as "continue,"
"will," "may," "could," "should,"
"expect," "expected," "plans," "intend,"
"anticipate," "believe," "estimate,"
"predict," "potential" and similar expressions are intended
to identify such forward-looking statements. All forward-looking statements
involve significant risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in the forward-looking
statements, many of which are generally outside the control of Mullen and are
difficult to predict. Examples of such risks and uncertainties include but are
not limited to whether the Company will meet the required contractual
benchmarks to continue with its
exclusive rights to the I-GO;
whether ther Company will be successful in its endeavors to secure licensing or
similar arrangements for the I-GO with
European vehicle dealerships; whether demand for ready to market urban delivery
vehicles will continue in the European market; whether the I-GO will ultimately
be avaibale at the starting price of $11,999 plus VAT and local transportation;
and whether the envisioned branding, marketing reach and revenue
generating oppotnuties associated with the I-GO will materialize and if so,
prove successful for the Company. Additional examples of such risks and
uncertainties include but are not limited to; (i) Mullen’s ability (or
inability) to obtain additional financing in sufficient amounts or on
acceptable terms when needed; (ii) Mullen's ability to maintain existing, and
secure additional, contracts with manufacturers, parts and other service
providers relating to its business; (iii) Mullen’s ability to successfully
expand in existing markets and enter new markets; (iv) Mullen’s ability to
successfully manage and integrate any acquisitions of businesses, solutions or
technologies; (v) unanticipated operating costs, transaction costs and actual
or contingent liabilities; (vi) the ability to attract and retain qualified
employees and key personnel; (ix) adverse effects of increased competition on
Mullen’s business; (vii) changes in government licensing and regulation that
may adversely affect Mullen’s business; (viii) the risk that changes in
consumer behavior could adversely affect Mullen’s business; (ix) Mullen’s
ability to protect its intellectual property; and (x) local, industry and
general business and economic conditions. Additional factors that could cause
actual results to differ materially from those expressed or implied in the forward-looking
statements can be found in the most recent annual report on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen
with the Securities and Exchange Commission. Mullen anticipates that subsequent
events and developments may cause its plans, intentions and expectations to
change. Mullen assumes no obligation, and it specifically disclaims any
intention or obligation, to update any forward-looking statements, whether as a
result of new information, future events or otherwise, except as expressly
required by law. Forward-looking statements speak only as of the date they are
made and should not be relied upon as representing Mullen’s plans and
expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
Wire Service
Contact:
InvestorWire (IW)
Los Angeles, California
212.418.1217 Office
Mullen Automotive, Inc. (OTCQB:MULN)
is a featured EV stock on
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