Dealer Group Agrees to Purchase 500 Vehicles per Year
- Agreement appoints Newgate as marketing, sales, distribution and servicing agent for the Mullen I-GO in Ireland and the UK.
- Newgate will purchase initial units of the I-GO for vehicle demonstrations, marketing and sales opportunities with potential customers.
- Expected delivery date for the Mullen I-GO samples is Dec. 20, 2022.
BREA, CA, Nov. 09, 2022 (GLOBE NEWSWIRE) — via NewMediaWire â€“ Mullen Automotive, Inc. (NASDAQ: MULN ) (â€œMullenâ€ or the â€œCompanyâ€), an emerging electric vehicle (â€œEVâ€) manufacturer, announces today that it has entered into an agreement to appoint Newgate Motor Group , one of Irelandâ€™s most recognized dealership groups, as the marketing, sales, distribution and servicing agent for the Mullen I-GO in Ireland and the United Kingdom.
Newgate Motor Group has over 40 years of experience in the motor industry and has built an excellent reputation during that time. They are well respected in the auto industry and represent several brands, including Renault/Dacia, Kia and Mercedes-Benz. In addition to being a key retail group in Ireland, they also have 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.
The I-GO is Mullenâ€™s recently announced urban commercial delivery vehicle, designed to bridge the gap between the growing demand for quick deliveries and space constraints in dense cities throughout Europe. The Mullen I-GO is EU standard homologated, certified and ready for sale in initial markets of the U.K., Germany, Spain, France and Ireland, with the first vehicles set to be released in Germany in December 2022.
Mullen and Newgate will also enter into a dealer agreement, which will encompass sales training, service training, flooring, parts, warranty and similar matters that an OEM would typically provide to its dealers. That agreement will also address the terms upon which Newgate Motor Group will purchase the initial units of the I-GO for vehicle demonstrations and the 500-vehicles-per-year purchase order. The expected delivery date for the first shipment of vehicles is Dec. 20, 2022.
â€œThis is a highly strategic partnership for Mullen, with Newgate being one of Irelandâ€™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,â€ said David Michery, CEO and chairman of Mullen Automotive. â€œWe 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.â€
â€œWe 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,â€ said James Ring, general manager of Newgate Motor Group.
The I-GO will join Mullenâ€™s current commercial vehicle lineup, which includes Class 1 and 2 EV cargo vans. Mullen recently made a majority acquisition of Bollinger Motors, whose portfolio includes Class 3 through Class 6 commercial vehicles. In addition to securing the exclusive sales, distribution and branding rights for the I-GO for Spain, France, Germany, the U.K. and Ireland, the Company entered into an asset purchase agreement to acquire all assets of Electric Last Mile Solutions, Inc. and Electric Last Mile, Inc. (â€œELMSâ€) from the ELMS Bankruptcy Estates.
Mullen Automotive is a Southern California-based automotive company building the next generation of premium electric vehicles (EVs) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. The Mullen FIVE, the Companyâ€™s first electric crossover, is slated for delivery in 2024 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. To learn more about the Company, visit www.MullenUSA.com .
About Newgate Motor Group
Newgate Motor Group is an Irish family-owned business and one of Irelandâ€™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. We stock the latest models and a wide variety of used cars, from small to luxury premium vehicles. We are also authorized to facilitate your vehicle finance requirements, and we stock 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.
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: whether Mullen and Newgate Motor Group will agree on terms of the dealer agreement, including but not limited to the terms of the 500-vehicles-per-year purchase order; whether the Sample I-GOs will be delivered to Newgate within the expectedÂ time frame; whether the agreement and relationship with Newgate Motors Group will be a success; and whether the I-GO will be a success in the European or other markets.Â Additional examples of such risks and uncertainties include but are not limited to: (i) Mullenâ€™s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen’s ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullenâ€™s ability to successfully expand in existing markets and enter new markets; (iv) Mullenâ€™s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullenâ€™s business; (viii) changes in government licensing and regulation that may adversely affect Mullenâ€™s business; (ix) the risk that changes in consumer behavior could adversely affect Mullenâ€™s business; (x) Mullenâ€™s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. 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 Mullenâ€™s plans and expectations as of any subsequent date.
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