Breaking #EV #Stock News: Mullen (NASDAQ: $MULN) Enters into Agreement with Newgate
Motor Group, one of Ireland’s most Recognized Auto Groups, to Distribute the Mullen
I-GO™ in #Ireland and #UnitedKingdom; @Mullen_USA
Dealer Group agrees to purchase
500 vehicles per year
·
Agreement appoints Newgate as marketing,
sales, distribution and servicing agent for the Mullen I-GO in Ireland and the
UK
·
Newgate will purchase initial units of the
I-GO for vehicle demonstrations, marketing and sales opportunities with
potential customers
·
Expected delivery date for the Mullen I-GO samples
is December 20, 2022
Mullen I-GO: Urban Commercial Delivery Electric Vehicle
BREA,
Calif., November 9, 2022 – (Investorideas.com
Newswire) Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric
vehicle (“EV”) manufacturer, announces today that it has entered into an
agreement to appoint Newgate Motor Group, one of Ireland’s most
recognized dealership groups, as marketing, sales, distribution and servicing
agent for the Mullen I-GO in Ireland and the United Kingdom.
Read this news featuring MULN in
full at https://www.investorideas.com/CO/MULN/news/2022/11091I-GOTM-Ireland-UK.asp
Newgate
Motor Group has over forty years of experience in the motor industry and has
built up an excellent reputation during that time. They are well respected in
the auto industry and represent several brands including Renault/Dacia, Kia, and
Mercedes Benz. In addition to being a key retail group in Ireland, they also have
substantial relationships in the vehicle
distribution business throughout the United Kingdom and various parts of
Europe. Newgate Motor Group also represents XBUS and Evetta electric vehicles
from the German based company Electric Brands.
The
I-GO is Mullen’s recently announced urban commercial delivery vehicle designed
to bridge the gap between the growing demand for quick deliveries and space
constraints in dense cities throughout Europe. The Mullen I-GO is EU standard
homologated, certified, and ready for sale in initial markets of UK, Germany,
Spain, France, and Ireland, with the first vehicles set for Germany in December
2022.
Mullen and Newgate will also enter into a
Dealer Agreement which will encompass, sales
training, service training, flooring, parts,
warranty and similar matters that an OEM would
typically provide to its dealers. That agreement will also address the terms
upon which
Newgate Motor Group will purchase the initial
units of the I-GO for vehicle demonstrations
and the 500 vehicles per year purchase
order. The expected delivery date on first shipment
of vehicles is December 20, 2022.
“This
is a highly strategic partnership for Mullen, with Newgate being one of Ireland’s
most recognizable dealers for New and Used vehicles; it brings us an incredible
opportunity to enter the commercial EV market in Europe with a very successful
retail group,” said David Michery, CEO and chairman of Mullen Automotive. “We
are currently working closely with Newgate on the importation, registration,
and licensing requirements for the successful import and distribution of the I-GO
into Ireland and the United Kingdom.”
“We believe the
Mullen I-GO is the logistical solution the European market is looking for as
demand increases for zero emission delivery vehicles. The demand for zero
emission, compact, delivery vehicles has never been higher, we believe Mullen
have produced a vehicle to meet this demand and has the potential to command a
substantial market share” said James Ring, General Manager Newgate Motor Group.
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.
About Newgate Motor Group
Newgate
Motor Group is an Irish family-owned business and one of Ireland’s most
recognized vehicle retailers. Newgate currently represent several brands
including Renault passenger cars and commercial vehicles, Dacia, Kia and
Mercedes-Benz. Newgate offers the highest level of service and expertise
whether customers wish to maintain current vehicles or are looking to upgrade
to a New or Used car. We stock the latest models and a wide variety of used
cars from small to luxury premium vehicles. We are also authorized to
facilitate your vehicle finance requirements, and we stock the full range of
Mercedes-Benz &, Renault, Dacia and Kia genuine parts. Newgate Motor
Group boasts a state-of-the-art facility in Navan, with workshops equipped to
service and maintain Renault, Dacia Kia & Mercedes vehicles.
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: Mullen and Newgate Motor
Group will agree on terms of the Dealer Agreement, including but not limited to
the terms of the 500 vehicles per year purchase order; whether the Sample
I-Go’s will be delivered to Newgate within the expected time frame; whether the agreement and
relationship with Newgate Motors Group will be a success and whether the I-Go
will be a success in the European or other markets. 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; (vii) adverse effects of increased competition on
Mullen’s business; (viii) changes in government licensing and regulation that
may adversely affect Mullen’s business; (ix) the risk that changes in consumer
behavior could adversely affect Mullen’s business; (x) Mullen’s ability to
protect its intellectual property; and (xi) 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)
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