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Net Element Inc. (NASDAQ: NETE) Well-Poised to Capitalize as EV Market Set to Grow by 29% per Annum Over Next Decade

  • Net Element’s reverse merger with EV manufacturer Mullen Technologies expected to close by 4Q2020
  • Mullen expects to begin marketing Dragonfly K50, sold in conjunction with JV partner Qiantu Motors from 2Q2021 followed by its own EV SUV in 2022
  • Deloitte expects annual EV sales to rise from 2.5mn in 2020 to 31.1mn in 2030, implying 29% CAGR over next ten years
  • By 2030, EVs expected to account for 32% of all automobile sales globally, approximately 27% in United States

Net Element (NASDAQ: NETE), a financial technology company which has recently transformed its business model to become a pure-play electric vehicle (“EV”) manufacturer through its merger with privately-held Mullen Technologies Inc., is set to begin marketing its initial vehicle model – the Dragonfly K50 in 2Q2021. The car model, developed in conjunction with China’s Qiantu Motors, will mark Net Element’s initial foray into the North American electric vehicle market—a venture which the company will further reinforce through the launch of its self-manufactured EV SUV, the Mullen MX-5, by the second quarter of 2022.

In an extensive report centered around the battery electric vehicles segment, Deloitte recently forecast that the electric vehicle market is set to reach a tipping point in 2022 – a point of time at which the consultancy expects the cost of ownership for a battery-powered vehicle to be on par with its internal combustion engine-powered counterparts, thereby reducing relative cost differences as…

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NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE

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