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 – Mullen Automotive, Inc. (NASDAQ: MULN ) (“Mullen†or the “Companyâ€), an emerging electric vehicle (“EVâ€) manufacturer, announces today that it has entered into an agreement to appoint Newgate Motor Group , one of Irelandâ€
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€
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.
“This is a highly strategic partnership for Mullen, with Newgate being one of Irelandâ€
“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,†said James Ring, general manager of Newgate Motor Group.
The I-GO will join Mullenâ€
About Mullen
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€
About Newgate Motor Group
Newgate Motor Group is an Irish family-owned business and one of Irelandâ€
Forward-Looking Statements
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 expected 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. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullenâ€
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
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