Mullen Automotive Inc (NASDAQ: MULN) has secured exclusive sales, distribution, and branding rights to the new compact urban delivery electric vehicle, the I-GO, in select European markets.
The license is for Spain, France, Germany, U.K., and Ireland.
The I-GO will join Mullen’s current commercial vehicle lineup, which includes Class 1 and 2 EV cargo vans.
Also Read: Mullen Automotive Acquires Assets Of Bankrupt ELMS
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, the vehicle is designed to handle the stop/go and weave in/out typical of narrow European urban streets.
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.
“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,” said David Michery, CEO and chairman of Mullen Automotive.
Also See: Mullen Automotive Hires Former GM Executive John Schwegman To Oversee EV Growth
Price Action: MULN shares are trading higher by 27.6% at $0.48 on the last check Monday.
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Source: https://finance.yahoo.com/news/mullen-automotive-soars-securing-sales-133625950.html