Shares of Mullen Automotive (NASDAQ:MULN) are accelerating higher after the company announced that it had secured exclusive sales, distribution and branding rights for the I-GO, an urban delivery electric vehicle (EV). The compact vehicle has already been homologated for the European Union (EU). Plus, it has been certified for sale in places like the United Kingdom, Germany, Spain, France and Ireland. MULN stock is up 35% on the news.
CEO David Michery added:
“The goal has always been for Mullen to build a complete line of commercial electric vehicles, and we realized that one of the most critical issues today is inefficient last-mile delivery in urban markets. The introduction of the I-GO, a fully EU homologated vehicle, creates opportunities for the Company in Europe where there is a huge demand for this type of small delivery vehicle.”
With that in mind, let’s take a look at 10 things to know about the new Mullen EV.
MULN Stock: 10 Things To Know About the I-GO
- Mullen believes there is a need for “ready-to-market urban delivery vehicles” in Europe.
- The company will make the first deliveries of the I-GO to Germany in December.
- The EV will have a starting price of $11,999, which does not include value-added tax (VAT) or local transportation costs.
- Mullen’s target audience for the vehicle is last-mile delivery companies.
- The company has already initiated licensing talks with potential partners and intends to sell the I-GO through reputable dealerships.
- The I-GO is not a proprietarily-made vehicle. Mullen did not disclose the manufacturer in its press release.
- The vehicle can be found on a wholesale Chinese website for $9,385 per vehicle or $9,080 per vehicle for orders of 50 or more. The website lists Henan Henrey Shiying Vehicle as the manufacturer.
- The EV will have an estimated range of 124 miles per charge and will carry a curb weight of 1,753 lbs and a 16.5-kWh battery pack.
- The release of the I-GO will bolster Mullen’s commercial vehicle lineup, which includes its Class 1 and Class 2 EV cargo vans.
- Finally, the compact nature of the EV will allow it to handle the complex urban streets of Europe.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.