Mullen Automotive and Qiantu Motors to Launch EV Supercar Branded Mullen GT and GTRS with Program Start Commencing March 20, 2023

• Mullen is granted a license for IP and exclusive distribution rights in North and South American markets for the Qiantu K50/DragonFLY.
• Mullen will finalize vehicle engineering pursuant to U.S. standards with final assembly in Mishawka, Indiana.
• EV supercar will be rebranded and refreshed to sell under the Mullen GT & GTRS brands with expected performance specs of 0-60 MPH in 1.95 seconds and a top speed over 200 MPH.

BREA, Calif., March 20, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today that it has been granted the North and South American IP and distribution rights from Qiantu Motors and affiliated companies as part of a license agreement allowing assembly and distribution of the DragonFLY K50 in the Americas.

The DragonFLY vehicle proportions and carbon fiber construction contribute to a striking design that is dramatic and timelessly beautiful. 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. These modifications will be in line with Mullen’s vehicle design language currently found in the Mullen FIVE and Mullen FIVE RS. 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.

“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 Motors. “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.”

“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.”