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- Agreement appoints Newgate as advertising, gross sales, distribution and servicing agent for the Mullen I-GO in Ireland and the UK.
- Newgate will buy preliminary items of the I-GO for car demonstrations, advertising and gross sales alternatives with potential clients.
- Expected supply date for the Mullen I-GO samples is Dec. 20, 2022.
BREA, Calif., Nov. 09, 2022 (GLOBE NEWSWIRE) — Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an rising electrical car (“EV”) producer, proclaims right this moment that it has entered into an settlement to nominate Newgate Motor Group, one among Ireland’s most acknowledged dealership teams, because the advertising, gross sales, distribution and servicing agent for the Mullen I-GO in Ireland and the United Kingdom.
Newgate Motor Group has over 40 years of expertise within the motor trade and has constructed a wonderful fame throughout that point. They are properly revered within the auto trade and characterize a number of manufacturers, together with Renault/Dacia, Kia and Mercedes-Benz. In addition to being a key retail group in Ireland, in addition they have substantial relationships within the car distribution business all through the United Kingdom and varied elements of Europe. Newgate Motor Group additionally represents XBUS and Evetta electrical automobiles from the German-based firm Electric Brands.
The I-GO is Mullen’s not too long ago introduced city industrial supply car, designed to bridge the hole between the rising demand for fast deliveries and house constraints in dense cities all through Europe. The Mullen I-GO is EU commonplace homologated, licensed and prepared on the market in preliminary markets of the U.Ok., Germany, Spain, France and Ireland, with the primary automobiles set to be launched in Germany in December 2022.
Mullen and Newgate will even enter into a supplier settlement, which is able to embody gross sales coaching, service coaching, flooring, elements, guarantee and related issues that an OEM would usually present to its sellers. That settlement will even tackle the phrases upon which Newgate Motor Group will buy the preliminary items of the I-GO for car demonstrations and the 500-vehicles-per-year buy order. The anticipated supply date for the primary cargo of automobiles is Dec. 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,” stated 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, and we believe Mullen has produced a vehicle to meet this demand and has the potential to command a substantial market share,” stated James Ring, basic supervisor of Newgate Motor Group.
The I-GO will be part of Mullen’s present industrial car lineup, which incorporates Class 1 and a pair of EV cargo vans. Mullen not too long ago made a majority acquisition of Bollinger Motors, whose portfolio contains Class 3 by means of Class 6 industrial automobiles. In addition to securing the unique gross sales, distribution and branding rights for the I-GO for Spain, France, Germany, the U.Ok. and Ireland, the Company entered into an asset buy settlement to amass all property 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 firm constructing the subsequent era of premium electrical automobiles (EVs) which can be reasonably priced and constructed totally within the United States. With an end-to-end ecosystem that helps homeowners from take a look at driving to financing and servicing by means of a novel hybrid dealership mannequin, clients are supported by means of each facet of EV possession. The Mullen FIVE, the Company’s first electrical crossover, is slated for supply in 2024 and options an award-winning design and its patented PERSONA know-how that makes use of facial recognition to personalize the driving expertise for each particular person. To study extra concerning the Company, go to www.MullenUSA.com.
About Newgate Motor Group
Newgate Motor Group is an Irish family-owned business and one among Ireland’s most acknowledged car retailers. Newgate at the moment represents a number of manufacturers, together with Renault passenger vehicles and industrial automobiles, Dacia, Kia and Mercedes-Benz. Newgate affords the very best stage of service and experience, whether or not clients want to preserve present automobiles or want to improve to a brand new or used automobile. We inventory the most recent fashions and all kinds of used vehicles, from small to luxurious premium automobiles. We are additionally approved to facilitate your car finance necessities, and we inventory the complete vary of Mercedes-Benz, Renault, Dacia and Kia real elements. Newgate Motor Group boasts a state-of-the-art facility in Navan, with workshops geared up to service and preserve Renault, Dacia, Kia and Mercedes automobiles.
Forward-Looking Statements
Certain statements on this press launch that aren’t historic details are forward-looking statements inside the that means of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained on this press launch that aren’t statements of historic reality could also be deemed forward-looking statements. Words equivalent to “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and related expressions are supposed to establish such forward-looking statements. All forward-looking statements contain important dangers and uncertainties that would trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements, a lot of that are typically exterior the management of Mullen and are troublesome to foretell. Examples of such dangers and uncertainties embrace however should not restricted to: whether or not Mullen and Newgate Motor Group will agree on phrases of the supplier settlement, together with however not restricted to the phrases of the 500-vehicles-per-year buy order; whether or not the Sample I-GOs can be delivered to Newgate inside the anticipated timeframe; whether or not the settlement and relationship with Newgate Motors Group can be successful; and whether or not the I-GO can be successful within the European or different markets. Additional examples of such dangers and uncertainties embrace however should not restricted to: (i) Mullen’s capability (or incapacity) to acquire extra financing in enough quantities or on acceptable phrases when wanted; (ii) Mullen’s capability to take care of current, and safe extra, contracts with producers, elements and different service suppliers regarding its business; (iii) Mullen’s capability to efficiently develop in current markets and enter new markets; (iv) Mullen’s capability to efficiently handle and combine any acquisitions of companies, options or applied sciences; (v) unanticipated working prices, transaction prices and precise or contingent liabilities; (vi) the power to draw and retain certified workers and key personnel; (vii) antagonistic results of elevated competitors on Mullen’s business; (viii) modifications in authorities licensing and regulation which will adversely have an effect on Mullen’s business; (ix) the danger that modifications in shopper habits might adversely have an effect on Mullen’s business; (x) Mullen’s capability to guard its mental property; and (xi) native, trade and basic business and financial situations. Additional elements that would trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements might be present in the newest annual report on Form 10-Ok, quarterly experiences on Form 10-Q and present experiences on Form 8-Ok filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent occasions and developments might trigger its plans, intentions and expectations to vary. Mullen assumes no obligation, and it particularly disclaims any intention or obligation, to replace any forward-looking statements, whether or not because of new info, future occasions or in any other case, besides as expressly required by legislation. Forward-looking statements communicate solely as of the date they’re made and shouldn’t 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]
A photograph accompanying this announcement is accessible at https://www.globenewswire.com/NewsRoom/AttachmentNg/20eebcf8-f78e-482d-ae0f-169dea2097d6
