• Mullen called “dark horse” in HotCars 2022 list of top EV startups
• Other online articles also shining spotlight on what CarBuzz calls “the real deal” 
• Mullen CEO calls FIVE model “just the start”

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, is starting the new year with a bang: the company is ranked no. 2 on the HotCars 2022 list of top-10 EV startups (https://ibn.fm/Gb5IR). Other online callouts have noted that Mullen is “making performance EVs to get excited about” (https://ibn.fm/anGC4) and have called Mullen “Tesla’s next potential competitor” (https://ibn.fm/5Bi4C).

“Even among the world of EV startups, the Mullen name hasn’t got that much attention, but it could well be a dark horse,” HotCars stated in its official ranking of the “10 EV Startups to Watch Out for in 2022.” 

Mullen recently debuted a crossover, the FIVE, which “stands out from the increasingly bland landscape of commuter crossovers thanks to an aggressive stance and ride height, plus the popular coupe-style roofline,” noted a second HotCars article. “Michery focused on details like wheels and brakes to highlight the design’s ethos. . . . A U.S.-built EV crossover with stunning exterior and comfortable interior, the Mullen FIVE is a premium eco-friendly vehicle.”

CarBuzz observed that “new EV makers are ten a penny. We think this one’s different.” The article went on to state that “those with a cynical mindset will believe that all you need to become an electric vehicle company is a few concept renders, a savvy PR company, and some investors that are susceptible to FOMO. If you sift through all the self-generated hype and unrealistic claims, though, there are a few new EV companies that are the real deal. One of those is Mullen, and we believe the California-based company will be joining Tesla, Rivian, and Lucid as real American competition to legacy automakers as the EV market grows.”

Mullen also grabbed the spotlight in a WardsAuto article, which reported that the company is pursuing a hybrid retail model for its BEVs. “The upstart, Orange County, California-based battery-electric-vehicle maker says it isn’t going all in on just direct or franchise sales,” the article explained (https://ibn.fm/RDEIk).

“Mullen Technologies says it is pursuing a hybrid retail model for the vehicles it plans to launch in the U.S. starting in 2024,” stated WardsAuto. “‘A hybrid model is more work for us, but we’ll be direct in some cases and (in others) we’ll be franchise, but that’s going to deliver the best customer experience,’ Jason Putnam, vice president-marketing for Mullen, tells ‘Wards’ during a recent visit to its headquarters here. ‘We’re going to go where we think the best opportunity is for (‘BEVs’), and if that means that we open 12 direct (stores) and we open 24 franchise (stores), then that’s what we’ll do.’”

Mullen has focused intently on reaching this position as a leader in the EV startup space. Late last year the company completed a reverse merger transaction with Net Element and announced that the resulting company would operate under the name Mullen Automotive with shares trading on the Nasdaq Capital Market (https://ibn.fm/1qJnF).

In addition, the company has announced several strategic partnerships designed to strengthen and support the company’s automotive engineering, vehicle production systems, and Over the Air (“OTA”) and vehicle system diagnostics; these partnerships include ARRK, Dürr, DSA Systems, and hofer powertrain. Mullen announced that it anticipates these key alignments to play a crucial role in bringing the FIVE to market with the latest technology and in the least amount of time. 

“I am delighted that the world is starting to take notice of the Mullen FIVE and what we have to offer the EV market and beyond,” said Mullen Automotive CEO and chair David Michery, regarding the HotCars ranking. “The debut of our EV crossover, the Mullen FIVE, at the 2021 LA International Auto Show this past November was a great success and very well received by everyone. This is just the start for Mullen; we’re looking forward to showcasing all we have to offer.”

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 about the company, visit www.MullenUSA.com.

NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN

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