Initial purchase order valued at approximately $321K with subsequent orders anticipated to follow
BREA, Calif., July 17, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today a 30-unit purchase order for the Mullen-GO™ (“Mullen-GO”) Commercial Urban Delivery EV for Newgate Motor Group (“Newgate”). Newgate, one of Ireland’s most recognized dealership groups, is the marketing, sales, distribution, and servicing agent for the Mullen-GO in Ireland and the United Kingdom.
The 30-unit order of the Mullen-GO represents the first sale of vehicles for delivery outside of the U.S. and into the European market. The estimated value of the booked order is $321K and is expected to be reflected in Mullen’s current fiscal quarter reporting. Mullen and Newgate have previously announced plans for up to 500 vehicles per year.
The Mullen-GO is Mullen’s urban commercial delivery vehicle, which is designed to bridge the gap between the growing demand for quick deliveries and space constraints in dense cities throughout Europe. The vehicle is EU standard homologated, certified, and ready for sale in initial markets of the U.K., Germany, Spain, France and Ireland.
“The feedback from the Irish automotive market has been positive in relation to the Mullen-GO. We see potential for this model and the Mullen brand. This decision reflects our commitment to the Newgate - Mullen partnership and zero-emission transport solutions,” said James Ring, general manager of Newgate Motor Group.
Newgate Motor Group has over 40 years of experience in the motor industry and has built an excellent reputation during that time. Newgate is well respected in the auto industry and represents several brands including Renault/Dacia, Kia and Mercedes-Benz. In addition to being a key retail group in Ireland, Newgate also has 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.
“Newgate has generated great interest on the Mullen-GO to-date, and we are excited to kick off sales in Europe with them,” said David Michery, CEO and chairman of Mullen Automotive. “As I have stated previously, the Mullen-GO is a great alternative vehicle for commercial delivery in dense metro European cities. The small size is perfect on tight Euro streets and the zero emissions and lower cost of ownership is a great combination for potential commercial customers.”
About Newgate Motor Group
Newgate Motor Group is an Irish family-owned business and one of Ireland’s most recognized vehicle retailers. Newgate currently represents 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. It stocks the latest models and a wide variety of used cars, from small to luxury premium vehicles. Newgate is also authorized to facilitate customers’ vehicle finance requirements, and stocks 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 and Mercedes vehicles.
To learn more about Newgate Motor Group, visit www.Newgate.ie
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV and trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions' (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
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 the final value of the purchase order; whether additional purchase orders will materialize as anticipated and the timing that the revenue from the order will be recognized by the Company. 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.
Mullen Automotive, Inc.
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