Although Mullen Automotive (NASDAQ:MULN) has not yet officially confirmed the news, it appears that its I-GO electric vehicle (EV) has finally arrived in Ireland. On Newgate Motor Group’s website, a banner states that Mullen “has arrived in Ireland.”
This is welcome news for shareholders of MULN stock, as delivery of the I-GO has been delayed several times. The company announced in November that Newgate would become the “marketing, sales, distribution and servicing agent” for the I-GO in the U.K. and Ireland. The company also said it would sign a dealer agreement with Newgate that would encompass the initial units of the I-GO for demonstration and the purchase of 500 I-GOs per year.
Here’s what investors should know moving forward.
MULN Stock Alert: Newgate Announces Mullen I-GO Deliveries
In late December, Mullen disclosed that sample I-GOs had arrived in Europe, but not yet in the hands of Ireland’s Newgate. The original delivery date had been set to Dec. 20, while Mullen attributed the delay to Covid-19 shutdown issues in China. A new date of delivery was set to early January. At the time, Newgate General Manager Jim Ring added the following:
“Over the last month, we’ve received a significant uptick in interest and inquiries on the I-GO EV […] We are definitely excited to receive the initial sample vehicles and look forward to showcasing them for our customers firsthand.”
When contacted by InvestorPlace, a Newgate sales agent stated that pricing for the I-GO would be announced soon. Mullen previously announced in October that it would sell the I-GO at a starting price of $11,999, plus value-added tax (VAT) and local transportation costs. In addition, the I-GO will be equipped with a 16.5-kilowatt-hour battery pack that will offer a range of 124 miles. The vehicle’s compact nature will help it complete deliveries on Europe’s narrow roads.
Mullen Announces Class 1 EV Cargo Van Pilot Program
Earlier this month, Mullen also announced a pilot program for its Class 1 EV cargo van with Menzies Aviation and Loop Global at the Los Angeles International Airport, or LAX. Menzies has agreed to a 60-day pilot program to determine the efficiency and use cases of the vans, such as for transporting employees to aircrafts. Meanwhile, Loop will provide charging infrastructure services. Menzies is the “world’s largest aviation services company” with a fleet of over 8,000 vehicles operating in over 250 airports.
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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.
