- Electric vehicles expected to account for over half of global passenger car sales by 2040
- Growth in electric vehicles expected to drive oil demand down by 13.7 million barrels per day
- Proposed manufacturing facility comprises 1.3 million square feet, creation of 55 jobs at startup with up to 863 jobs created by 2026
Net Element (NASDAQ: NETE), a global technology group that operates electronic payment services, is currently in the planning stages to open a new electric vehicle (“EV”) manufacturing facility in conjunction with privately-owned Mullen Technologies (“Mullen”) via a proposed merger. With demand for electric vehicles growing globally, oil demand is expected to plummet by 13.7 million barrels a day, according to recent research by Bloomberg (http://ibn.fm/LBVZx), positioning the new company favorably as a leader in the electric vehicle industry both in the U.S. and abroad.
According to the report, electric vehicles are expected to account for over half of global passenger car sales by 2040, in addition to completely dominating the bus market. Besides the growing passenger market, electric vehicles are also projected to make headway into other areas, comprising over half of…
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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