MONROVIA, California, April 2, 2018 – Mullen Technologies, Inc. is proud to announce the opening of its’ new automotive brand, Ottava Automotive Inc. in Monrovia, California. Ottava Automotive, initially incorporated as of March 28th, 2018 will design and manufacture the next generation of battery electric vehicles (BEV’s) with its’ flagship vehicle being a mid-premium compact – midsize SUV.
Ottava’s core principle is efficiency – balancing performance, sustainability and affordability while maintaining superior styling. A typical mid-premium SUV starts around $45,000 in the ICE market. “There seems to be a disconnect in the EV sector about what mid-premium is. I see mid – premium pricing without the expected features like ride & handling, quality stylish interior, interior space, amazing exterior styling and seamless integration of infotainment systems. In today’s EV sector this comes at a price point above $75,000”, stated Mullen Technologies Group CEO, David Michery. “With our strategic partnerships in key areas and focusing on consumer wants in this segment we believe we can bring a premium SUV to market, on par in cost, to today’s current ICE’s”.
Mr. Michery goes on further to say, “and we will do this entirely in the USA. Funded, designed, engineered and manufactured right here. Headquartered in Brea, CA. R&D in Monrovia. And a manufacturing site to be located in either California or Nevada as site selection is ongoing.”
Ottava (“8va” for short) is expected to launch its’ battery electric SUV in the fourth quarter of 2021. Led by CEO Frank McMahon (formerly of Magna, Nissan and Fisker), “8va” has acquired industry leaders in all of it’s verticals that have vast volume production experience as well as being at the forefront of the electric vehicle industry. Total number of employees is expected to be over 60 by the end of the year and peaking out around 300 for the development and delivery of its’ flagship vehicle. “For Ottava’s first vehicle we have engaged key suppliers and engineering partners in certain areas. We will utilize their expertise and existing teams to allow us to ramp up quickly to stay on our development schedule while building our infrastructure”, stated Frank McMahon.
Ottava Automotive is not only committed to efficiency and quality, but sustainability. Sustainability in every respect which also means being a fiscally responsible organization that values good business sense and refuses to spend indiscriminately or irresponsibly.
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.
Mullen Technologies, Inc. is committed to not only low cost, high quality product, but to being a fiscally responsible organization that values good business sense and refuses to spend indiscriminately or irresponsibly.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements. Forward looking statements in this press release include statements relating to the Company’s corporate finance and other strategic initiatives, and the Company’s expansion into markets outside of the golf industry. Forward-looking statements are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following: the timing and nature of any capital raising transactions; our ability to offer products and services for use by customers in new markets outside of the golf industry; the risk of competition; our ability to find, recruit and retain personnel with knowledge and experience in selling products and services in these new markets; our ability to manage growth; and general market, economic and business conditions. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Current Report on Form 8-K filed with the Securities and Exchange Commission on May 12, 2015. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements.
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