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EV Battery Costs Down Nearly 90%, Net Element Inc. (NASDAQ: NETE) Upshifting into EV Industry via Mullen Technologies Merger

  • Recent industry report suggests that EV battery costs are down nearly 90%
  • Analysts predicting that falling EV battery prices will make EVs cost-competitive in several years
  • NETE planning to divest its current business model in order to enter EV industry through reverse merger with privately-held Mullen Technologies Inc.
  • Mullen currently taking pre-orders for five-passenger MX-05 SUV, Dragonfly K50 sports car

Rapidly falling electric vehicle (“EV”) battery prices are fueling predictions that it will be easier and cheaper to build and market EVs within a few years (https://ibn.fm/MYD7s). In a bold move aiming to leverage these changing market conditions, Net Element (NASDAQ: NETE), a global financial technology and payments processing company, is planning to divest its payments processing model so it can enter the EV industry through a proposed reverse merger with Mullen Technologies, a privately-held California-based EV manufacturer.

The EV industry continues to grow by leaps and bounds, and research suggests that EVs may eventually dominate gas-powered cars in many sectors…

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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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