Successful Consumer EV Market Study Reveals Mullen FIVE Scores High Against Tesla Model Y and Ford Mach-E

Rhea-AI Summary

Mullen Automotive (MULN) has announced promising results from a 6-month EV market study comparing its Mullen FIVE to the Tesla Model Y and Ford Mach-E. The study, conducted by GO GROW, LLC, involved nearly 4,000 U.S. adults and demonstrated the Mullen FIVE's competitive design and features. The positive feedback supports Mullen's application for a $450 million loan from the U.S. Department of Energy. Mullen has also established key partnerships to enhance its production capabilities, positioning the FIVE strongly in the EV market.

Positive

• Mullen FIVE demonstrated strong competitiveness against Tesla Model Y and Ford Mach-E.
• Study involved nearly 4,000 respondents, providing robust data on consumer preferences.
• Positive reception of FIVE's design and features bolsters confidence in market performance.
• Partnerships with Comau, ARRK, Dürr, and DSA Systems aim to enhance production efficiency.

Negative

• None.

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 (GLOBE NEWSWIRE) -- 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 Different^TM” 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.

About GO
GO is an outsourced Operating Partner for companies with a passion to help professionalize and grow businesses. Started 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
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether the Company will achieve its objectives of launching its EV crossover, the FIVE within anticipated timelines and if so, if the FIVE will be a success; and whether the Company’s partnerships with ARRK, Dürr, and DSA Systems and Over the Air (OTA) will result in expediting the rollout of the FIVE. Additional examples of such risks and uncertainties include, but are not limited to (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s  business; and (x) Mullen’s ability to protect its intellectual property; (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.

Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com

Wire Service Contact:
InvestorWire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 Office
Editor@InvestorWire.com

Attachment

• Mullen FIVE Scores Well Against Tesla Model Y and Ford Mach-E in Consumer EV Study

FAQ

What does the EV market study reveal about the Mullen FIVE compared to Tesla Model Y and Ford Mach-E?

The EV market study indicates that the Mullen FIVE is highly competitive, generating strong metrics compared to both Tesla Model Y and Ford Mach-E.

How many respondents participated in the Mullen FIVE market study?

The study included nearly 4,000 participants, all U.S. adults aged 18 and older with a household income of $50,000 or more.

What financial support is Mullen Automotive seeking for the Mullen FIVE?

Mullen Automotive is applying for a $450 million loan from the U.S. Department of Energy to support the Mullen FIVE.

What partnerships has Mullen Automotive announced recently?

Mullen has established partnerships with Comau, ARRK, Dürr, and DSA Systems to enhance automotive engineering and manufacturing.