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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.
Posted In: NETE
