● Mullen Automotive debuted on Nasdaq in November 2021 after merging with Net Element.● The company promised a luxury sports car, the Dragonfly K50, but fell short due to issues with its partnership with Qiantu Motors.● Mullen also failed to launch its fully electric luxury SUV, the MX-05.● Despite many press releases about progress in EV production and battery advancements, Mullen missed its commercialization goals and struggled to monetize its technologies.● Mullen stock reached a high of around $13 soon after its IPO but lost more than 90% of its value by March 2022 as investors realized the company was poised to doom.● In August 2022, shareholders sued the company, claiming it hid problems with key partners and overstated the results of battery tests.● Mullen has agreed to a $7.25 million settlement with shareholders to resolve the lawsuit.
This decline prompted investors to sue Mullen, accusing the company of providing inaccurate production timelines and exaggerating its ability to launch electric vehicles.
At the time, Mullen highlighted the upcoming launch of the Dragonfly K50 supercar with Qiantu Motors and the MX-05 midsize SUV by the end of 2021.
The story "Mullen Automotive: Unveiling The Truth Behind EV Promises" has 1183 words across 53 sentences, which will take approximately 5 - 10 minutes for the average person to read.
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