Results from a comprehensive 6-month EV market exploration study and conceptual benchmark test indicate that the Mullen FIVE is conceptually highly competitive with the Tesla Model Y and Ford Mach-E. Results will support Mullen’s U.S. Department of Energy’s ATVM Loan Application for $450M.
BREA, Calif., Feb. 14, 2022– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces results from a detailed EV market study and conceptual benchmark comparison of the Mullen FIVE against two industry-leading competitors, the Tesla Model Y and Ford Mach-E.
In the second half of 2021, Mullen commissioned consulting firm GO GROW, LLC (“GO”) to design and develop a comprehensive, consumer-facing, market exploration of the Electric Vehicle category and to field and test a future-seeing, conceptual execution, and benchmark comparison of the Mullen FIVE Crossover product offering against industry-leading competitors, the Ford Mach-E and Tesla Model Y.
The study used an online, monadic methodology and contained a robust sample size of nearly 4,000 respondents (U.S. adults age 18+ / Household Income $50,000+) recruited from a nationally representative database. Respondents were queried on their opinions and interest in the EV category as well as their awareness, trial, purchase, and consideration of the competitive set. This was followed by a detailed comparative exploration whereupon each respondent was exposed to one of three conceptual executions, the Mullen FIVE, Tesla Model Y, or Ford Mustang Mach-E.
The study revealed that the Mullen FIVE generated very strong metrics across the continuum of test variables, both relative to the competitive benchmarks and on an absolute basis. Despite being an industry newcomer, test results demonstrated that Mullen was performing at a highly competitive level relative to both industry leaders, Ford and Tesla. Based on respondents’ verbatim comments, the basis of Mullen FIVE’s success appears to be largely a function of the vehicle's attractive design as well as its performance and feature set.
“The Mullen FIVE is a fantastic EV and it felt great when we received an overwhelmingly positive response to the FIVE at the 2021 LA Auto Show World Debut,“ said David Michery, CEO and chairman of Mullen Automotive. “But it’s absolutely incredible to see this further corroborated scientifically through this extensive market study conducted by GO. The findings from this study will play a key role in our application with the U.S. Department of Energy’s AVTM program.”
“I'll be candid, I've been doing this a long time and tend to have a good sense for how these tests net out. The results of this study pleasantly surprised me. I’d say the Mullen FIVE did very well indeed, from besting both rivals to soundly beating one in particular when it comes to design and style,” said Andrew Lasher, GO principal of Consumer Insights. “This study is excellent ‘proof in concept’ for the FIVE.”
Mullen has recently announced a string of key partnerships with Comau, ARRK, Dürr, and DSA Systems for automotive engineering, manufacturing, vehicle production systems, and Over the Air (OTA) and vehicle system diagnostics, respectively. The Company expects these strategic developments to play a crucial role in bringing the FIVE to market with the latest technology and least amount of time. Mullen FIVE was also named "Top Zero Emission SUV" by the ZEVA® Awards at the Los Angeles International Show in November 2021, where it made its debut.
The FIVE is built on an EV crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is “Strikingly DifferentTM” and exciting to experience in person. Learn more about the Mullen FIVE at MullenUSA.com.
About Mullen:
Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership. For more information, please visit www.MullenUSA.com.
About GO
GO is an outsourced Operating Partner for companies with a passion to help professionalize and grow businesses. Starting in 2011, GO has built a world-class team of operators from the C-suite on down that augments teams with functional talent and bandwidth while leveraging proprietary processes that deliver proven results. GO’s team-based approach provides valuable solutions focused on supporting business transformations.
Forward-Looking Statements
This press release contains "forward-looking statements." Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, as well as statements in the future tense, often signify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the reverse merger, the Nasdaq approval process, and the proposed debut date of the Mullen FIVE (formerly MX-05) midsize crossover. These forward-looking statements are, by their nature, subject to significant risks and uncertainties.
Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management's good faith belief as of 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 the forward-looking statements, including factors beyond the Company's control. As a result of these and other risks, uncertainties, and assumptions, forward-looking events and circumstances discussed herein might not occur in the way the Company expects or at all. Accordingly, readers should not place reliance 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 herein are qualified by reference to the cautionary statements set forth in this section.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
