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Net Element Inc. (NASDAQ: NETE) Set to Benefit as China, U.S. Gear up to Promote Electric Vehicle Sales

  • China’s government has set out its next 5-year plan, highlighting promotion of electric vehicles as key tenet underpinning their environmental policies
  • Net Element’s reverse merger with EV manufacturer Mullen Technologies is expected to close by 4Q2020, with Net Element expected to divest its legacy payments business following the deal
  • Company aims to begin selling K50 Dragonfly sportscar by 2Q2021, recently began pre-sales for its wholly self-developed EV SUV, the Mullen MX-05
  • US has followed in China’s footsteps, with Presidential candidate Joe Biden encouraging mass EV adoption as key policy initiative

Net Element (NASDAQ: NETE), a financial technology company in the process of transforming its business model to become a pure-play electric vehicle (“EV”) manufacturer through its binding letter of intent to merge with privately-held Mullen Technologies Inc., may have timed its move to perfection. The fifth plenum of the Chinese government concluded on October 29 following a four-day meeting. This year, the semi-annual gathering of China’s top leaders had a special task – finalizing the blueprint for the 14th Five-Year Plan, which will set out China’s economic policies for the period from 2021 – 2025 (https://ibn.fm/koCs5). One of the key undertakings adopted by the Chinese government during the plenum involved delineating a series of measures set to govern the development of the nation’s budding new energy vehicle (“NEV”) sector between 2021-2035, which aim to accelerate the country’s development into an automotive powerhouse.

The plan released by the State Council, China’s cabinet, listed a number of broad guidelines, namely – to improve the domestic Chinese auto sector’s capacity for technological innovation, build advanced industry ecosystems, and encourage further industrial integration and development. More specifically, the plan stated the…

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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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