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Mullen Automotive and Qiantu Motor to launch EV supercar in North and South America

Published 20/03/2023, 18:06
Updated 20/03/2023, 18:06
© Reuters.

© Reuters.

By Michael Elkins 

American EV maker, Mullen Automotive (NASDAQ:MULN) announced today that it has been granted the North and South American IP and distribution rights from Qiantu Motor and affiliated companies as part of a license agreement allowing assembly and distribution of the DragonFLY K50 in the Americas.

Mullen will begin its program to re-engineer and re-design the product to meet homologation requirements for U.S. certification and customer expectations for today's supercars, with final assembly in Mishawaka, Indiana. To ensure supercar status, the vehicle will also feature an updated powertrain, targeting sub 2.0 sec 0-60 MPH and a top speed exceeding 200 MPH. The DragonFLY K50 supercar will be rebranded and refreshed to sell under the Mullen GT & GTRS brands.

"Qiantu has been working on developing electric vehicles since 2013. We are honored to cooperate with Mullen Automotive to bring Qiantu K50 to the U.S. market," said Chairman Lu of Qiantu Motor. "As an important step in Qiantu's internationalization, we are confident that the Qiantu K50 will reach even more customers and provide a superior driving experience. With its sleek design, excellent driving and handling performance, and impressive full carbon fiber exterior, we believe the Qiantu K50 will be a success in the U.S. EV market, offering users a new level of performance and convenience."

The partnership comes as part of a settlement agreement between the two companies. The dispute arose after the companies agreed to collaborate on distribution of the K50. However, questions arose surrounding Mullen's Payment Obligations. On October 11, 2019, Mullen filed a lawsuit against Qiantu, and Qiantu subsequently filed for arbitration. Through arbitration, the two automakers came to an agreement to continue collaboration.

"This agreement with Qiantu is an important milestone for the Company. Not only does it settle a long outstanding dispute between our respective companies, but also presents the opportunity to fulfill my vision for a supercar that would rival some of the best supercars in the world," said Mullen's CEO and Chairman David Michery. "Since day one, we have received overwhelming positive feedback for this vehicle, including our original debut at the 2019 New York Auto Show and the Indy 500 in May 2019. We are excited to start the GT and GTRS programs on March 20, 2023."

Shares of MULN are down 7.10% in mid-day trading on Monday.

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