NetworkNewsAudio News-Net Element (NASDAQ: NETE) Aims to Exploit Flourishing Electric Vehicle Market via Pending Merger
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Since 2013, the sale of electric vehicles (EV) in the United States has grown by an average of 25% a year (http://nnw.fm/B2GRb), a stunning figure when compared to the anemic 1.4% overall growth of the US auto market over the same interim (http://nnw.fm/hwjS2). Despite the stellar growth rate, EV sales only account for a miniscule 2% share of the US 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 thereâs 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. With leading EV brands such as Tesla, Inc. (NASDAQ: TSLA), Nikola Corporation (NASDAQ: NKLA), NIO Inc (NYSE: NIO) and Workhorse Group Inc. (NASDAQ: WKHS) driving consumer interest within the segment, Net Element looks to capitalize on the growing fervor for high-quality electric vehicles and drive shareholder value. One look at the sporty, luxurious Dragonfly K50 indicates that NETE is on the right path.
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