Mullen Automotive (NASDAQ:MULN) has gained distribution rights to their K50 Dragonfly EV supercar.
Shares of the automaker have risen more than 2.5% on Tuesday.
What’s happening with Mullen Automotive today?
The company won license for IP and exclusive distribution rights in North and South American markets for the Qiantu K50/DragonFLY, per SeekingAlpha.
This is big and positive news for Mullen; will we finally begin to see shares of the company grow in value?
“This agreement with Qiantu is an important milestone for the company, said Mullen’s CEO and Chairman David Michery, adding that “since day one, we have received overwhelming positive feedback for this vehicle, including our original debut at the 2019 New York Auto Show and the Indy 500 in May 2019.
We are excited to start the GT and GTRS programs on March 20, 2023.”
According to sources, Mullen Automotive will work to re-engineer the product to meet U.S. standards with final assembly in Mishawka, Indiana.
The EV supercar will be rebranded and refreshed to sell under the Mullen GT & GTRS brands with expected performance specs of 0-60 MPH in 1.95 seconds and a top speed over 200 MPH.
An Incredible Development for MULN
One of the biggest takeaways from what’s happening with Mullen Automotive today is that the company continues to move forward, despite falling share prices.
Is this company a sleeper?
The company’s plans to already begin production in Indiana to meet U.S. standards is a big steppingstone for the company.
Skeptics have criticized Mullen for not having any cars on the road yet, but the company has taken some steps forward to doing just that.
In February, the company partnered with Menzies Aviation in a 60-day pilot program that will evaluate the Class 1 electric vehicle cargo vans in several use cases across its operations at LAX.
Menzies Aviation is the world’s largest aviation service company and it’s looking for innovative solutions to support its ambitious goal of becoming carbon neutral by 2033.
Menzies has a global fleet of 27,000 ground service equipment, including over 8,000 vehicles, at 250-plus airports worldwide and is committed to switching to electric wherever possible to reduce emissions in line with its sustainability strategy.
Mullen Automotive confirmed just last week the delivery for 6,000 Class 1 EV cargo vans will be taken place end of March, valued at $200 million.
Are these positive developments in Mullen Automotive enough to send shares skyrocketing this year?
I’d love to hear your thoughts below.
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