Mullen Announces Addition of New England Area Dealer and Initial Purchase Order
Mullen Automotive announced a new partnership with Eco Auto, a dedicated EV dealership based in Tewksbury, Massachusetts. Eco Auto's initial vehicle order includes 10 Mullen ONE cargo vans and 3 Mullen THREE cab-forward trucks. This partnership expands Mullen's commercial EV network in the New England region, adding to its recent growth of five new dealers nationwide. The Mullen ONE and Mullen THREE vehicles comply with U.S. safety and environmental standards, and the Mullen THREE qualifies for significant federal and state incentives, potentially reducing its cost to under $17,000.
- Partnership with Eco Auto increases Mullen's commercial EV presence in New England.
- Eco Auto's initial order of 10 Mullen ONE and 3 Mullen THREE vehicles boosts sales.
- Mullen now has five new dealers, enhancing its nationwide sales network.
- Mullen THREE qualifies for $45,000 California HVIP incentive and $7,500 federal tax credit.
- Potential net cost of Mullen THREE could be less than $17,000.
- No specific financial terms of the partnership with Eco Auto were disclosed.
- initial order of only 13 vehicles may not significantly impact overall sales revenue.
Insights
Mullen Automotive's partnership with Eco Auto and the initial purchase order could carry several implications. Eco Auto's addition hints at Mullen's strategy to expand its reach within the commercial EV segment, especially within a key market like New England, known for its environmental initiatives and dense commercial activity. The initial order of 13 vehicles is relatively modest but signals the beginning of a potentially larger relationship. This move could enhance Mullen's visibility and position in the competitive EV market.
From the perspective of a retail investor, it's vital to monitor how many more orders materialize from this partnership, as well as the overall reception and performance of Mullen's vehicles in this new market. The success of this partnership could set a precedent for further expansions and collaborations across other regions.
Eco Auto's initial order, though small, could be a positive indicator of future sales growth if the vehicles perform well and meet market expectations. Investors should look at the financial impact of these sales, considering the broader market potential. The incentives mentioned for the Mullen THREE can significantly lower the cost for buyers, making it more attractive. This could drive higher sales volumes and improve Mullen's financial performance in subsequent quarters.
It is essential to evaluate Mullen's capability to scale production to meet potential increased demand. If Mullen can leverage this partnership effectively, it might lead to improved earnings and a stronger market position, providing a positive outlook for investors.
The compliance of Mullen’s vehicles with U.S. Federal Motor Vehicle Safety Standards and certifications from EPA and CARB, demonstrates a solid technical foundation. This compliance ensures that their vehicles meet the stringent requirements for emission control and safety, which is important for gaining trust and approval in the market. Additionally, the California HVIP program's $45,000 cash incentive significantly lowers the effective cost of the Mullen THREE, making it a very attractive option for commercial fleet buyers looking to transition to electric.
For potential investors, understanding the technical and regulatory strengths of Mullen's vehicles is vital. This compliance not only proves the company's commitment to quality and environmental standards but also enhances marketability and customer confidence in their products.
Eco Auto’s initial vehicle order includes 10 Mullen ONE’s and 3 Mullen THREE’s
Eco Auto, based north of Boston, is Mullen’s newest commercial EV dealer and fifth retailer announced in recent weeks
BREA, Calif., June 10, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today the addition of zero-emissions commercial vehicle dealership, Eco Auto, a Boston, Massachusetts, area dedicated EV dealer. As Mullen’s newest franchise dealer, Eco Auto will cover national fleet opportunities for the Company’s full line of commercial electric vehicles with particular focus on the regional New England area. Eco Auto’s initial vehicle order includes 10 Mullen ONE, Class 1 EV cargo vans, and 3 Mullen THREE, Class 3 EV cab forward EV trucks.
Headquartered in Tewksbury, Massachusetts, Eco Auto is a national franchise of automotive dealerships with a core focus of making EVs accessible to all. Eco Auto offers a comprehensive electric vehicle experience for customers by providing affordable EVs, hybrid models, advanced charging stations, and expert EV service in state-of-the-art facilities.
“We at Eco Auto are focused on lowering the barriers to entry to sustainable transportation for all and now through our partnership with Mullen that includes municipalities and businesses that want to have a positive impact on the environment and in their local communities,” said Al Salas, president of Eco Auto.
“The New England area is a key Northeast hub for commercial fleet companies and one we are excited to enter,” said David Michery, CEO and chairman of Mullen Automotive. “Eco Auto brings a wealth of frontline retail experience, a strong dedication to EVs, and is a great partner for us to align with.”
The addition of Eco Auto demonstrates Mullen’s ongoing commitment to expanding its commercial EV sales network across the United States. With this new partnership, Mullen now has five new dealers added in recent months, solidifying its national presence and offering businesses across the country access to its innovative commercial electric vehicles.
Mullen’s commercial EV lineup includes the Mullen ONE, Class 1 EV cargo van, and Mullen THREE, Class 3 EV cab chassis truck, purpose-built to meet the demands of urban last-mile delivery. Both vehicles are available for sale and in full compliance with U.S. Federal Motor Vehicle Safety Standards, EPA and CARB certifications. The Mullen THREE is approved for the California HVIP program which offers a
About Eco Auto
Headquartered in Tewksbury, Massachusetts, we are a national franchise of dealerships with a core focus of making EVs accessible to all. We go beyond traditional dealerships. At Eco Auto, we provide affordable EVs, hybrid models, advanced charging stations, and expert service in state-of-the-art facilities tailored for a seamless EV experience. Explore our offerings and stay informed on the latest models, incentives and franchise opportunities at www.myecoauto.com.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to
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, whether the Eco Auto dealership will be successful in selling Mullen’s vehicles, the timing of fulfillment for the initial vehicle orders and how long governmental tax credit and other incentive programs will apply. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) 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:
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Los Angeles, California
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310.299.1717 Office
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FAQ
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