Mullen and CRRC Group’s Subsidiary, Tenglong Automotive, Sign Definitive Agreement for Class 1 and Class 2 EV Cargo Vans for Assembly and Sales in US and Mexico Market With Deliveries Commencing March 2022
September 21 2021 - 9:55AM
via InvestorWire - Mullen Technologies, Inc., an emerging electric
vehicle manufacturer, which previously announced a definitive
agreement to merge with Net Element (Nasdaq: NETE), announces today
that it has entered into a definitive agreement with Tenglong
Automotive, a subsidiary of CRRC Group, for manufacturing,
distribution and retail sales of Class 1 and Class 2 EV Cargo Vans
in the U.S. and Mexico. The agreement provides Mullen with an
effective solution for the fast-developing EV cargo van market and
its existing EV fleet van orders. Mullen will homologate and
assemble the vans at its Advanced Manufacturing and Engineering
Facility (AMEC), located in Tunica, Mississippi. Vehicles will be
assembled in the United States and branded: “Assembled in the
United States.”
Mullen’s Class 1 EV cargo van (CarGO®) is based on a 120-inch
wheelbase, 40-kWh battery pack, rear-wheel drive and modular 210
cubic feet cargo area. Vehicle range is estimated at 160 miles with
a max payload of 2,249 lbs. Mullen’s Class 2 EV van (ONE®) is based
on a 144-inch wheelbase, 78.8-kWh battery pack, rear-wheel drive
and modular 460 cubic feet cargo area. Vehicle range is estimated
at over 200 miles with a max payload of 3,296 lbs. Both EV vans are
built on a similar skateboard platform that allows for modular
cargo areas that can be easily adapted to different client
configuration requirements.
“EV Cargo Vans are a natural segment for us and is a perfect fit
for our Tunica AMEC facility. This is also a win-win for us and our
investors. We can begin to fulfill existing fleet orders in the
first quarter of 2022, which will generate revenue and begin our
manufacturing process in Tunica, Mississippi. We expect to hire a
significant number of Americans for start of production at our AMEC
facility,” said David Michery, CEO and chairman of Mullen.
“We are very happy to work with our new North American Partner,
Mullen Technologies. They have a great team and we know that they
will be very successful in this market. We are looking forward to
providing the best service and products for their rapidly expanding
EV market,” said Li Yongyan, director of International Trade for
Tenglong.
About Mullen:Mullen Technologies is a Southern
California-based licensed vehicle manufacturer that operates in
various verticals, focusing on the automotive industry: Mullen
Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp.
and CarHub. Each of these divisions provides Mullen with a
diversity of products and services within the automotive industry.
For more information, please visit www.MullenUSA.com.
About Tenglong Automotive (CRRC):Headquartered
in Beijing, CRRC Corporation Limited (CRRC) has 46 wholly owned
and majority-owned subsidiaries with over 180,000
employees. CRRC is the world's largest supplier of rail transit
equipment with the most complete product lines and leading
technologies. Its main businesses cover the R&D, design,
manufacture, repair, sale, lease and technical services for rolling
stock, urban rail transit vehicles, engineering machinery, all
types of electrical equipment, electronic equipment and parts,
electric products and environmental protection equipment, as well
as consulting services, industrial investment and management, asset
management, and import and export. For more information,
please visit https://www.crrcgc.cc/ and
https://www.tenglongauto.cn/.
Forward-Looking Statements: This press release
contains "forward-looking statements." Words such as "may,"
"should," "could," "would," "predicts," "potential," "continue,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar expressions, as well as statements in
future tense, often signify forward-looking statements. These
forward-looking statements include, without limitation, statements
relating to the proposed production date of the MX-05 midsize and
perceived advantages and future deployment of the solid-state
polymer battery technology. These forward-looking statements are,
by their nature, subject to significant risks and uncertainties.
Forward-looking statements should not be read as a guarantee of
future performance or results and may not be accurate indications
of when such performance or results will be achieved.
Forward-looking statements are based on information that the
Company has when those statements are made or management's good
faith belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements, including any
changes in the laws, rules and regulations relating to any aspects
of the Company's business operations; general economic, market and
business conditions, including capital market developments; the
actions and developments of the Company's competitors and the
effects of competition in the EV industry on the demand for, and
price of, the Company's current and proposed products and services;
various business opportunities that the Company, and factors beyond
the Company's control. As a result of these and other risks,
uncertainties and assumptions, forward-looking events and
circumstances discussed herein might not occur in the way the
Company expects, or at all. Accordingly, you should not place
reliance on any forward-looking information or statements. The
Company assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events or otherwise. All forward-looking statements herein are
qualified by reference to the cautionary statements set forth in
this section.
For Information, Please Contact:Mullen
Technologies, Inc. +1 (714) 613-1900 www.MullenUSA.com
marketing@mullenusa.com
Wire Service Contact InvestorWire (IW) Los
Angeles, California www.InvestorWire.com 212.418.1217 Office
Editor@InvestorWire.com
- Mullen Announces EV FLEET VANS
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