EV startup Mullen Automotive has been granted a license for intellectual property and exclusive distribution rights in the Americas for the Qiantu K50/DragonFly electric supercar.
According to the license agreement with Chinese automaker Qiantu Motors and affiliated companies, Mullen will be allowed to assemble and distribute the vehicle in markets across North and South America.
Mullen says it will begin its program to reengineer and redesign the Qiantu K50 to meet homologation requirements for US certification and customer expectations for today's supercars.
The modifications will be in line with the company's current design language used by the Mullen Five and Mullen Five RS crossovers. In addition, the Qiantu K50 will feature an updated powertrain worthy of a supercar, with Mullen targeting 0-60 mph acceleration in under 2.0 seconds – 1.95 seconds to be exact – and a top speed in excess of 200 mph for the range-topping variant.
"This agreement with Qiantu is an important milestone for the Company. Not only does it settle a long outstanding dispute between our respective companies, but also presents the opportunity to fulfill my vision for a supercar that would rival some of the best supercars in the world."
Mullen's CEO and Chairman David Michery
He added that Mullen will also rebrand the car as the Mullen GT and GTRS, with the two trim levels offering different performance levels.
On its website, Mullen Automotive advertises the GT model as offering an estimated range of 236 miles, a top speed limited to 125 mph, and a 0-60 mph time of 4.2 seconds. The model is said to feature a dual-motor AWD powertrain with a combined 375 horsepower (280 kilowatts) and 428 pound-feet (580 Newton-meters) of torque.
There are no details about the Mullen GTRS yet other than the targeted top speed of 200 mph and 0-60 time of 1.95 seconds.
In a 8-K form filed with the SEC, Mullen says it paid $6 million to Qiantu and its US subsidiary for the intellectual property and exclusive distribution rights.
The deal extends over five years from the moment Mullen has successfully homologated vehicles based on the terms of the IP Agreement. During the five-year period, the US company is obligated to purchase a certain number of vehicle kits every year from Qiantu.
Mullen will also pay Qiantu $2 million for deliverable items and a royalty fee of $1,200 for each homologated vehicle sold in the Americas during the term of the IP Agreement.
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Source: Mullen Automotive