- EV battery prices becoming increasingly economical, dropping 87% in less than decade with additional 30% drop predicted by 2023
- NETE plans to divest payments processing model to enter EV industry through merger with privately-held Mullen Technologies Inc.
- Battery-focused subsidiary Mullen Energy part of US expansion, thousands of jobs expected to be created
- Pre-orders for MX-05 SUV commenced, production expected to start in 2021
The average real price of electric vehicle (“EV”) batteries has dropped 87% in less than a decade (https://ibn.fm/GRCa9) and is projected to drop even further due to technological innovations destined to make EVs a viable alternative to gas-powered vehicles. Net Element (NASDAQ: NETE), through its pending merger with Mullen Technologies, will be well-positioned to benefit from this trend through Mullen Energy, a Mullen subsidiary focused exclusively on advancing battery technology.
While the current decrease in battery prices is impressive, analysts predict an even further 30% drop over the next three years, reaching a point where EVs will start to reach price parity with internal combustion engine vehicles. A combination of factors concerning battery technology is suggested to contribute to this…
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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