Projected Tenfold Growth in EV Market Share Illustrates Huge Potential in the Space

Rhea-AI Summary

On August 12, 2020, Net Element Inc. (NASDAQ: NETE) announced a merger agreement with Mullen Technologies, an electric vehicle manufacturer based in Southern California. The U.S. electric vehicle market is rapidly growing, with average annual sales increasing by 25% since 2013, while overall U.S. auto market growth remains at 1.4%. EVs currently represent 2% of the market but are projected to exceed 20% by 2030. This merger aligns NETE with the EV sector, positioning the company for potential growth as demand for electric vehicles rises.

Positive

• Merger with Mullen Technologies diversifies NETE's portfolio into the growing electric vehicle market.
• U.S. electric vehicle sales have grown by an average of 25% annually since 2013, indicating a robust market potential.
• Projected increase of EV market share to exceed 20% by 2030 offers long-term growth prospects.

Negative

• None.

New York, Aug. 12, 2020 (GLOBE NEWSWIRE) -- NetworkNewsWire ("NNW"), one of 50+ brands within the InvestorBrandNetwork (“IBN”), a multifaceted financial news and publishing company for private and public entities, today announces its release of an editorial on the electric vehicle market’s continued evolution.

To view the full publication, “Investors Pile into the Accelerating Electric Vehicle Market” visit: http://nnw.fm/7SMYi

Since 2013, the sale of electric vehicles (EV) in the United States has grown by an average of 25% a year, a stunning figure when compared to the anemic 1.4% overall growth of the U.S. auto market over the same interim. Despite the stellar growth rate, EV sales only account for a miniscule 2% share of the U.S. automobile market but are projected to exceed 20% of annual vehicle sales by 2030. With a tenfold increase in market share expected over the next decade, market penetration has just begun, and there’s clearly still enormous upside.

In a bold foray into the electric vehicle market, Net Element Inc. (NASDAQ: NETE) recently announced the execution of a definitive merger agreement to merge with Mullen Technologies Inc., a Southern  California-based EV company. Mullen currently has seven retail locations in California, one in Arizona, and expects to launch a luxury sports car in the first half of 2021.

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

For more information, please visit: www.MullenUSA.com

About Net Element, Inc. (NETE)  
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S., the Company aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, its cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest growing companies in North America on Deloitte's 2017 Technology Fast 500™.  In 2017, Net Element was recognized by South Florida Business Journal as one of 2016's fastest-growing technology companies.

For more information, please visit: www.NetElement.com

About NetworkNewsWire

NetworkNewsWire (“NNW”) is a financial news and content distribution company, one of 50+ brands within our InvestorBrandNetwork (“IBN”), that provides: (1) access to a network of wire solutions via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience comprising investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

For more information, please visit: https://www.NetworkNewsWire.com  

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.

Corporate Communications:

NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com

FAQ

What is the recent merger announcement involving Net Element Inc. (NETE)?

Net Element Inc. announced a merger with Mullen Technologies, an electric vehicle manufacturer based in Southern California.

How is the electric vehicle market performing according to the latest report?

The electric vehicle market has been growing at an average rate of 25% annually since 2013, with expectations of reaching over 20% of U.S. vehicle sales by 2030.

What are the growth prospects for Net Element (NETE) after the merger?

The merger with Mullen Technologies is expected to position Net Element for growth in the expanding electric vehicle market.