via InvestorWire -- Mullen Technologies Inc. (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer, which
previously announced a definitive agreement to merge with Net
Element, Inc. (NASDAQ: NETE) 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, announces its intent
to execute a long-term lease on an 820,000-square-foot facility in
Memphis, Tennessee. With the help of local and state incentives
from the city of Memphis and the state of Tennessee, respectively,
Mullen plans to create up to 800 jobs and deliver 100,000 vehicles
over a five-year period, commencing in Q4 of 2023.
The 2P6 SUV crossover (formerly MX-05) will be the first in
Mullen’s line of fully electric vehicles that will be manufactured
at this facility. Mullen is currently working on midstage design
efforts for the 2P6 in Southern California. Once completed, Mullen
will begin building prototype vehicles in its newly acquired
facility in Tunica, Mississippi, for initial engineering
development and certification. Simultaneously, Mullen will spend
the next 33 months creating the necessary infrastructure and
installing the required machinery and equipment for the Memphis
facility to support large-scale EV production.
“Memphis moved the world when an alternative new sound known as
rock ’n’ roll came from a recording studio on Union Avenue, and we
continue to move the world by positioning Memphis to be considered
as the new home to an alternative electric vehicle manufacturer in
Mullen Technologies,” said Ted Townsend, chief economic development
officer for the Greater Memphis Chamber. “This is only the
beginning of fulfilling our promise to attract new businesses in
innovative industry sectors that will bring good-paying jobs – 800
of them to be exact in this case – to the community. We will
continue to aggressively seek this type of growth in advanced
automotive manufacturing for Memphis and Shelby County, while at
the same time continuing to pursue other industries that create
good-paying, sustainable jobs.”
“Tennessee Valley Authority (TVA) and Memphis Light, Gas &
Water (MLGW) congratulate Mullen Technologies on the decision to
locate its new electric vehicle operations in Memphis. Attracting
quality jobs and investment from innovative companies like Mullen
is central to TVA’s mission to serve the people of the Valley. We
are proud to partner with EDGE, City of Memphis, Shelby County and
the Memphis Chamber to help further that mission and support
economic growth in the region,” said John Bradley, TVA senior vice
president of economic development.“Memphis’ location makes it a
primary logistical hub for distribution throughout the U.S. and
will provide Mullen with key strategic advantages. The local and
state-level administrations are both fully supportive of our
manufacturing plan and are showcasing their commitment with
significant financial incentives that will help us grow along with
the city and state over the next decade,” said John Taylor, VP of
Manufacturing for Mullen.“Shelby County is the home of hard work
and innovation, and we are open for business. We are excited about
the substantial announcement that Mullen Technologies is
considering Memphis as the location for their electric vehicle
manufacturing operation. We would be honored to welcome Mullen
Technologies and hundreds of quality jobs to our community,” said
Lee Harris, mayor of Shelby County.“Having a project of this
magnitude and in the electric vehicle industry is extremely
exciting for Memphis,” said Mayor Jim Strickland. “I’m looking
forward to working with the Mullen Technologies team to make this
project happen and bring more good-paying jobs to our city.”
“Our Tunica and Memphis facility arrives at a very important
time for Mullen,” said David Michery, CEO and chairman of Mullen
Technologies. “Our pilot facility in Monrovia, California, has now
been moved to Tunica, Mississippi. Tunica is more cost-effective
and efficient, with close proximity to Memphis. Ultimately, this
will produce significant savings in time and money.”
“The Memphis factory provides us with the necessary
manufacturing footprint to take Mullen to the next level while also
helping us create an economic powerhouse in the region. This is a
critical point for us and will be very mutually beneficial for
Mullen, Memphis and the state of Tennessee,” Michery added.
On March 11, 2021, Mullen announced the purchase of a facility
located 50 miles away from Memphis, Tennessee, in Tunica,
Mississippi, which will provide advanced engineering and
manufacturing capabilities. Both facilities will support Mullen’s
manufacturing requirements for the next 10-plus years.
About Mullen Technologies:Mullen Technologies
is a Southern California-based licensed vehicle manufacturer that
operates in various verticals, focusing on the automotive industry:
Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding
Corp. and CarHub. Each of these divisions provides Mullen with a
diversity of products and services within the automotive industry.
For more information, please visit: www.MullenUSA.com.
Forward-Looking Statements: This press release
contains "forward-looking statements." Words such as "may,"
"should," "could," "would," "predicts," "potential," "continue,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar expressions, as well as statements in
future tense, often signify forward-looking statements. These
forward-looking statements include, without limitation, statements
relating to the proposed production date of the MX-05 midsize and
perceived advantages and future deployment of the solid-state
polymer battery technology. These forward-looking statements are,
by their nature, subject to significant risks and
uncertainties.
Forward-looking statements should not be read as a guarantee of
future performance or results and may not be accurate indications
of when such performance or results will be achieved.
Forward-looking statements are based on information that the
Company has when those statements are made or management's good
faith belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements, including any
changes in the laws, rules and regulations relating to any aspects
of the Company's business operations; general economic, market and
business conditions, including capital market developments; the
actions and developments of the Company's competitors and the
effects of competition in the EV industry on the demand for, and
price of, the Company's current and proposed products and services;
various business opportunities that the Company; and factors beyond
the Company's control. As a result of these and other risks,
uncertainties and assumptions, forward-looking events and
circumstances discussed herein might not occur in the way the
Company expects, or at all. Accordingly, you should not place
reliance on any forward-looking information or statements. The
Company assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events or otherwise. All forward-looking statements herein are
qualified by reference to the cautionary statements set forth in
this section.
Corporate Communications:
InvestorBrandNetwork (IBN) Los Angeles, California
www.InvestorBrandNetwork.com 310.299.1717 Office
Editor@InvestorBrandNetwork.com
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