Mullen and hofer powertrain to start key development and manufacturing of designated EV systems and components for the complete electric powertrain of Mullen’s lineup of EV vehicles, including the Mullen FIVE EV Crossover, ONE EV Fleet Van and DragonFLY EV Sportscar

BREA, Calif.- Mullen Technologies, Inc., an emerging electric vehicle manufacturer, which previously announced a definitive agreement to merge with Net Element (Nasdaq: NETE), announces today that it has entered into a letter of intent (LOI) with hofer powertrain GmbH (“hofer powertrain”) to partner in the development and manufacturing of electric drive systems and components for Mullen’s EV lineup, along with a high-performance powertrain for the DragonFLY, to deliver unprecedented performance in the market.

hofer powertrain is a renowned Tier 1 engineering service provider and system supplier specialized 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 powertrain systems, hofer powertrain has been providing technologies and products to companies worldwide for over 40 years.

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“hofer powertrain is a pioneer in providing efficient powertrain solutions, building some of the highest-performing and best-built drivetrains in the industry, which will give Mullen a competitive advantage over others. Their approach to quality and craftsmanship is well above other Tier 1 OEM supplier,” said David Michery, CEO and chairman of Mullen. “We are very happy to be working with them and are looking forward to a successful partnership.”

“hofer powertrain will ensure that Mullen EVs will achieve outstanding overall energy efficiency by developing, industrializing, and manufacturing cutting-edge electric powertrain systems for their electric vehicle lineup,” said Johann HOFER, CEO of hofer powertrain. “Based on our common goals, I am confident that we will have a successful and long-lasting collaboration with Mullen.”

About

Mullen Technologies is a Southern California-based licensed vehicle manufacturer that operates in various verticals focusing on the automotive industry: Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp., and CarHub. Each of these divisions provides Mullen with a diversity of products and services within the automotive industry.

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