Mullen and Randy Marion Deliver First Class 1 EV Cargo Vans to MGT Lease Company in North Carolina
Mullen Automotive (NASDAQ: MULN), an electric vehicle manufacturer, has delivered its first class 1 EV cargo vans to MGT Lease Company in High Point, North Carolina, through Randy Marion Automotive Group. MGT, with over $70 million in 2022 revenue and projected $100 million for 2023, focuses on last-mile delivery and services like plumbing. The partnership aims to expand Mullen's Fleet-First approach in the commercial EV market. Further announcements on additional deliveries are expected, indicating growing interest in Mullen's commercial offerings.
- MGT is projected to generate $100 million revenue in 2023, enhancing Mullen's market presence.
- Mullen's class 1 EV vans fill a niche market with no internal combustion engine alternatives.
- The partnership with MGT accelerates Mullen's Fleet-First approach in the commercial vehicle sector.
- Future delivery outcomes to MGT remain uncertain, which poses a risk for Mullen's revenue projections.
MGT is a growing fleet leasing company with over 1,500 commercial vehicle deliveries in 2022
Class 1 EV Cargo Vans delivered to MGT Lease Company, based in High Point, North Carolina, with vehicle order fulfilled through Randy Marion Automotive, a distributor of Mullen’s commercial EVs. Initial order is for four vehicles, with subsequent future deliveries expected.
Forthcoming announcement of additional customer Class 1 van deliveries to follow
BREA, Calif., March 31, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces that class 1 EV cargo vans have been delivered to MGT Company (“MGT”) in Highpoint, North Carolina, with the vehicle order fulfilled by Randy Marion Automotive Group.
Mullen is proud to announce MGT as one of its first commercial EV fleet customers. MGT is a growing commercial vehicle sales and leasing company with annual revenue of over
“Mullen’s class 1 is a perfect entry point for us and working with the Company. The class 1 segment no longer has internal combustion engine options from the major OEM brands and certainly does not have any class 1 EV options. One of the biggest opportunities we see is the class 3 cab-chassis segment, with the potential to upfit and offer unlimited options for commercial customers,” said Thomas Gavlik, managing partner at MGT.
“MGT is a rapidly growing fleet leasing company that fully understands the commercial market and will help accelerate Mullen’s Fleet-First commercial vehicle approach,” said John Schwegman, Mullen’s chief commercial officer.
“We continue to see growing interest in our commercial EV offerings, and it’s great to have MGT as one of our first commercial customers,” said David Michery, CEO and chairman of Mullen Automotive. “We look forward to growing our relationship with MGT across our entire platform of commercial EV vehicles.”
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen I-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs, and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions' (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to: (i) whether the commercial product launches contemplated for 2023 will materialize within the slated timelines; (ii) whether MGT Lease Company will be satisfied with the vehicles delivered, whether any future contemplated deliveries to them will materialize, whether the Company’s relationship with MGT will prosper or accelerate Mullen’s Fleet-First commercial vehicle approach or whether the contemplated forthcoming announcement of additional customer Class 1 van deliveries will materialize; (iii) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (iv) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (v) Mullen’s ability to successfully expand in existing markets and enter new markets; (vi) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (vii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (viii) the ability to attract and retain qualified employees and key personnel; (ix) adverse effects of increased competition on Mullen’s business; (x) changes in government licensing and regulation that may adversely affect Mullen’s business; (xi) the risk that changes in consumer behavior could adversely affect Mullen’s business; (xii) Mullen’s ability to protect its intellectual property; and (xiii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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