Mullen Announces the I-GO™, New Urban Commercial Electric Delivery Vehicle Available Now for European Markets
(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.
BREA, Calif., Oct. 24, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- 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) 613-1900
www.MullenUSA.com
Wire Service Contact:
InvestorWire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 Office
[email protected]
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