Net Element, Mullen Technology Partner To Produce Electric SUVs

Americans might see a new, sleek electric car humming down the roads in the coming years. 

Miami-based tech company Net Element NETE is joining with Mullen Technologies, a newer electric car manufacturer in California, via reverse merger deal. 

Traders rushed to buy shares of Net Element after the company released a statement Wednesday that it's taking pre-orders for a new electric sports car.

"We are excited to begin the build-out of our pilot facility and pre-sales of our MX-05 SUV in October,” Mullen CEO David Michery said in a statement. 

“We plan on completing the build-out by April 2021 and to begin assembly of certification prototypes by July 2021”

A third company, United Electrical Contractors Corp., has submitted a letter of intent to Mullen to buy at least 1,500 electric vehicles, and potentially as many as 10,000. UEC aims to be the first electric utility company with an all-EV fleet. 

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"We are pleased with the newly designed Mullen MX-05 SUV and are very excited to be working with Mullen on electrifying our fleet of service vehicles," Mark Petrich, CEO of Unlimited Electrical Contractors, said in a statement. 

The all-electric SUV, the MX-05, will cost $55,000 MSRP. The vehicle aims to offer consumers an affordable alternative to the Tesla Y.

NETE Price Action: Net Element shares were up 35.66% at $15.33 at last check Wednesday. 

The Mullen MX-05. Courtesy photo.