Joint Venture to Deliver New Line of All-Electric Cars to North America; Mullen Battery Technology to Be Used in Vehicles Globally
BREA, Calif., October 11, 2018—Mullen Technologies, Inc. announced today a new manufacturing partnership with Beijing Kingdom Motors (BKM), a major automotive manufacturer in China.
The new joint venture, via an executed Definitive Manufacturing Agreement, is specifically for the manufacturing and development of an electric vehicle platform. The first model in development will be the Mullen 750, a sedan, and will be followed by several future models, including an SUV, commercial and other passenger vehicles. Mullen will be responsible for branding, R&D, engineering and technology including the battery management system and battery chemistry in compliance with US Department of Transportation (DOT) and National Highway Traffic Safety Administration (NHTSA) regulations. Mullen will also assist BKM with homologation requirements for modification of the manufacturing process in China.
The joint venture will entail equal ownership between Mullen and BKM. Mullen’s battery systems will be employed on all vehicles distributed globally including in North America, South America, China, Japan, India, Vietnam and Europe markets. US Market production will be handled by Mullen Technologies in California and/or Nevada. BKM’s investment has included US$262 million of paid-in capital, including manufacturing equipment, facility and labor expenses with plans to invest another US$1.45 billion for the expansion of facilities and manufacturing capabilities.
This joint venture is planned to ramp up to 250,000 vehicle production capacity per year. In addition to the revenue and profit generated by the import, assembly and distribution of these vehicles, Mullen will receive an ongoing battery management system royalty for each vehicle produced in China and also including component exports to Mullen for US manufacturing assembly.
“Our partnership with Beijing Kingdom Motors is a major step in the development of Mullen’s long-term plan to manufacture and distribute state-of-the-art, affordable electric vehicles”. David Michery, CEO of Mullen Technologies, Inc., said. “This business model allows Mullen to manufacture, assemble and distribute electric vehicles at a dramatically reduced development, infrastructure and start-up cost. Mullen is all about generating revenue and profit without sacrificing good, fundamental business practices, while looking forward and developing technology for a burgeoning global market.”
About Mullen Technologies
Mullen Technologies, Inc. is a California based pre-IPO Electric Vehicle (EV) manufacturer and international distributor of high tech, zero emission vehicles. The Company aims at solving the significant environmental problem caused by gasoline-powered vehicles and providing a variety of affordable, electric cars to the American market and the entire world market. Currently, the Company manufactures a proprietary USDOT certified four-door electric sedan. The company is in negotiations with several international vehicle manufacturers to develop joint ventures to bring quality, cost-effective vehicles to the United States for certification and distribution.
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