Mullen Announces the I-GO™, New Urban Commercial Electric Delivery Vehicle Available Now for European Markets
October 24 2022 - 8:00AM
via NewMediaWire – 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.
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 the 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 available at the starting price of $11,999
plus VAT and local transportation; and whether the envisioned
branding, marketing reach and revenue generating opportunities
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)
613-1900www.MullenUSA.com
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