Market News

Mullen Bags Distribution Rights for DragonFly K50 in the American Market

EV maker Mullen Automotive (NASDAQ:MULN) has bagged the IP and distribution rights for the DragonFly K50 vehicle for the North and South American market from Qiantu Motors.

Mullen will re-engineer and re-design the vehicle to meet U.S. requirements while also updating its powertrain. Further, Mullen will rebrand the car to sell it under the Mullen GT and GTRS brands.

The vehicle is expected to deliver speeds of 0-60 miles per hour in 1.95 seconds alongside a top speed of more than 200 miles per hour. The GT and GTRS programs are anticipated to begin this month itself.  

Shares of the company have declined nearly 57% so far this year. At the same time, a beta of 4.48 indicates the stock can be prone to wild gyrations.

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