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© Reuters. Mullen Automotive (MULN) and Qiantu Motors to Launch EV Supercar in North and South America
By Michael Elkins
American EV maker, Mullen Automotive (NASDAQ:) introduced at present that it has been granted the North and South American IP and distribution rights from Qiantu Motor and affiliated corporations as a part of a license settlement permitting meeting and distribution of the DragonFLY K50 within the Americas.
Mullen will start its program to re-engineer and re-design the product to fulfill homologation necessities for U.S. certification and buyer expectations for at present’s supercars, with ultimate meeting in Mishawaka, Indiana. To make sure supercar standing, the automobile may even characteristic an up to date powertrain, focusing on sub 2.0 sec 0-60 MPH and a prime pace exceeding 200 MPH. The DragonFLY K50 supercar can be rebranded and refreshed to promote beneath the Mullen GT & GTRS manufacturers.
“Qiantu has been engaged on growing electrical autos since 2013. We’re honored to cooperate with Mullen Automotive to convey Qiantu K50 to the U.S. market,” mentioned Chairman Lu of Qiantu Motor. “As an essential step in Qiantu’s internationalization, we’re assured that the Qiantu K50 will attain much more clients and supply a superior driving expertise. With its smooth design, wonderful driving and dealing with efficiency, and spectacular full carbon fiber exterior, we consider the Qiantu K50 can be successful within the U.S. EV market, providing customers a brand new degree of efficiency and comfort.”
The partnership comes as a part of a settlement settlement between the 2 corporations. The dispute arose after the businesses agreed to collaborate on distribution of the K50. Nevertheless, questions arose surrounding Mullen’s Cost Obligations. On October 11, 2019, Mullen filed a lawsuit towards Qiantu, and Qiantu subsequently filed for arbitration. By way of arbitration, the 2 automakers got here to an settlement to proceed collaboration.
“This settlement with Qiantu is a crucial milestone for the Firm. Not solely does it settle a protracted excellent dispute between our respective corporations, but in addition presents the chance to satisfy my imaginative and prescient for a supercar that will rival a number of the greatest supercars on the earth,” mentioned Mullen’s CEO and Chairman David Michery. “Since day one, we’ve acquired overwhelming optimistic suggestions for this automobile, together with our authentic debut on the 2019 New York Auto Present and the Indy 500 in Might 2019. We’re excited to begin the GT and GTRS packages on March 20, 2023.”
Shares of MULN are down 7.10% in mid-day buying and selling on Monday.
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