Leading German transmissions company Mullen and hofer powertrain team up to develop electric drive systems for upcoming Mullen EV launch

Mullen and Hofer Powertrain to begin key development and manufacture of designated EV systems and components for the full electric powertrain of Mullen’s EV vehicle lineup, including the Mullen FIVE EV Crossover, ONE EV Fleet Van and DragonFLY EV Sportscar

Mullen announces partnership for EV powertrain

Mullen and Hofer to work together on the development of EV powertrains.

Mullen and Hofer to work together on the development of EV powertrains.

BREA, Calif., September 23, 2021 (GLOBE NEWSWIRE) – via InvestorWire – Mullen Technologies, Inc., an emerging electric vehicle maker, which previously announced a definitive merger agreement with Net element (Nasdaq: DO NOT), announces today that it has entered into a Letter of Intent (LOI) with hofer powertrain GmbH (“hofer powertrain”) to partner in the development and manufacture of electrical drive systems and components for the Mullen’s range of electric vehicles, together powertrain for the DragonFLY, to deliver performance unparalleled in the market.

hofer powertrain is a leading provider of Tier 1 engineering and systems services specializing in efficient powertrain solutions. As an established and independent partner of the automotive industry with an experienced team of experts specializing in the development, industrialization and production of transmission systems, hofer powertrain has been providing technologies and products to companies around the world for over 40 years old.

“Hofer Powertrain is a pioneer in providing efficient powertrain solutions, building some of the best performing and best-built transmissions in the industry, which will give Mullen a competitive advantage over others. Their approach to quality and craftsmanship is far above other Tier 1 OEM Suppliers, “said David Michery, CEO and President of Mullen.” We are very happy to work with them and look forward to a successful partnership.

“The hofer powertrain will ensure that Mullen electric vehicles achieve outstanding overall fuel efficiency by developing, industrializing and manufacturing advanced electric powertrain systems for their range of electric vehicles,” said Johann HOFER, CEO of hofer powertrain. “Based on our common goals, I am confident that we will have a successful and lasting collaboration with Mullen. “

About Mullen:

Mullen Technologies is a Southern California-based licensed vehicle manufacturer operating in various verticals focused on the automotive industry: Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp. and CarHub. Each of these divisions provides Mullen with a variety of products and services within the automotive industry. For more information, please visit www.MullenUSA.com.

About the hofer powertrain:

hofer powertrain is the system provider of efficient powertrain solutions in the fields of electrification and hybridization. As an established and independent partner of the mobility industry, hofer powertrain has been providing cutting-edge technologies and products to businesses around the world for over 40 years, through experienced teams of experts specializing in design and construction. development, industrialization and production of motorization systems. For more information, please visit www.hofer.de.

Forward-looking statements:
This press release contains “forward-looking statements”. Words such as “may”, “should”, “could”, “should”, “foresees”, “potential”, “continues”, “expects”, “anticipates”, “future”, “the intention “,” plans, “” believes “,” estimates “and similar expressions, as well as statements in the future, often mean forward-looking statements. These forward-looking statements include, without limitation, statements relating to the proposed production date of the Mullen FIVE (formerly MX-05) crossover and the perceived benefits and future deployment of different types of EV battery technology. These forward-looking statements are, by their nature, subject to significant risks and uncertainties.

Forward-looking statements should not be interpreted as a guarantee of future performance or results and may not be precise indications of when such performance or results will be achieved. Forward-looking statements are based on information available to the Company at the time such statements are made or on the good faith belief of management at 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 forward-looking statements, including any change in laws, rules and regulations relating to any aspect of the Company’s business operations; general economic, market and business conditions, including developments in the capital market; the actions and developments of the Company’s competitors and the effects of competition in the electric vehicle industry on the demand and price of the Company’s current and offered products and services; various business opportunities in which the Company is engaged; and factors beyond the control of the Company. As a result of these and other risks, uncertainties and assumptions, the forward-looking events and circumstances described in this document may not occur as expected or may not occur at all. Therefore, you should not rely 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 contained in this document are qualified by reference to the cautionary statements set forth in this section.

For information, please contact:

Mullen Technologies, Inc.
+1 (714) 613-1900
www.MullenUSA.com
[email protected]

Contact wire service
CryptoCurrencyWire (CCW)
New York, New York
www.CryptoCurrencyWire.com
212.994.9818 Office
[email protected]

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