- Mullen Technologies’ EV SUV “serious competition” for Tesla’s Model Y
- MX-05 will have more mass-market appeal than competition
- NETE has definitive agreement with Mullen outlining stock-for-stock reverse merger
One of the most-recognized names in the electric vehicle (“EV”) world, Tesla (NASDAQ: TSLA), may be facing serious competition from several entrants into the EV space, including a lesser-known start-up, according to a recent “CarBuzz” report (http://ibn.fm/8kM9V). And Net Element (NASDAQ: NETE), a global financial technology and value-added solutions group, may stand to benefit from the news.
“The Tesla Model Y is about to face some stiff competition from the Fisker Ocean and Mercedes EQA electric crossovers,” the Aug. 18 article stated. “But there’s another competitor you probably haven’t considered. California-based US startup Mullen Technologies is also joining the electric crossover bandwagon with the MX-05, the company’s second electric model following the Qiantu K50 electric sports car.”
The article goes on to note that the MX-05, a mid-size luxury SUV, features a 150-kWh solid-state battery that provides a driving range of more than 500 miles and will “inevitably have more mass-market appeal than the K50,” the article reads. “Based on results during independent testing, Mullen claims the battery technology will allow electric vehicles to travel 640 miles when cruising at 55 mph on a flat surface and 550 miles at a cruising speed of 75 mph. For comparison, the Tesla Model Y Long Range has 316 miles of range. Using a fast charger, the battery takes just 35 minutes to recharge.”
Last month, Net Element announced the execution of a definitive agreement to merge with Mullen Technologies Inc., a Southern California-based electric vehicle company, in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company. That agreement means NETE is closely watching the development of the MX-05 SUV, which is slated for 2022 production.
“We believe our licensed solid-state battery technology should provide us with an advantage over many other companies in the EV space as it could have the ability to provide vehicle owners with significantly increased range from a single charge,” said Mullen CEO David Michery. “We believe the launch of our MX-05 will change the way that owners think about EVs and their capabilities.
“Modifying an existing, functional plant to create our vehicles will immediately catapult Mullen into very rare territory: an electric car manufacturer producing vehicles and distributing them throughout our internal network of dealers,” Michery continued. “Mullen has the ability to rise above the competition and be a true Tesla competitor, especially in the SUV market. Once the facilities are fully operational, Mullen will be able to integrate its proprietary solid-state battery technology into our vehicles and other consumer products.”
Net Element Inc. is a global financial technology and value-added solutions group that supports electronic payments acceptance in an omni-channel environment spanning across point-of-sale, e-commerce and mobile devices. The company operates a payments-as-a-service transactional model and value-added services platform for small to medium enterprises in the United States and selected emerging markets.
For more information, visit the company’s website at www.NetElement.com.
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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