Mullen Announces Class 1 EV Sale to Massachusetts Dealer Partner, Eco Auto
Mullen Automotive (NASDAQ: MULN) has announced the sale of its Class 1 electric vehicle (EV) to Eco Auto, a dealer partner in Massachusetts. This sale marks the first commercial EV transaction for Mullen in the state. The vehicle will be delivered to a Massachusetts-based company involved in custom home building, renovations, property management, and painting. The partnership with Eco Auto, a national EV dealership franchise, aims to make EVs more accessible. The Mullen THREE, part of the EV lineup, qualifies for a $15,000 incentive through the Massachusetts MOR-EV program and a $45,000 cash rebate via California’s HVIP program. These incentives highlight Mullen's commitment to clean air standards and urban delivery efficiency.
- First commercial EV sale in Massachusetts.
- Partnership with Eco Auto enhances market reach.
- Incentives: $15,000 from Massachusetts MOR-EV program for Mullen THREE.
- $45,000 HVIP cash rebate for Mullen THREE in California.
- None.
Insights
The announcement of Mullen Automotive's first commercial EV sale in Massachusetts has noteworthy implications. This partnership with Eco Auto, a dealer specializing in electric vehicles, signals a vital step in Mullen's commercialization strategy. The revenue booked for the quarter ending June 30, 2024, will be a boost for Mullen's financials. Revenue recognition from this deal will provide a clearer picture of Mullen's growth trajectory and its ability to capitalize on the growing EV market. The inclusion of incentives, such as the $15,000 MOR-EV program and the $45,000 HVIP cash rebate, will play an essential role in making these vehicles financially attractive for potential customers. However, investors should keep in mind the competitive EV market landscape and Mullen's ability to maintain consistent sales growth.
This deal highlights the growing interest in commercial EVs, particularly in states like Massachusetts that offer substantial incentives. It directly aligns with the broader market trend of businesses seeking to reduce their carbon footprint. Mullen's strategic partnership with Eco Auto, a dealership network with a strong focus on EV accessibility, positions them well to cater to this demand. The success of this sale can serve as a case study for similar markets across the U.S. Investors should note the importance of regional incentives in driving EV adoption and the potential for these programs to accelerate Mullen's market penetration. However, long-term success will depend on Mullen's capacity to scale operations and maintain vehicle compliance with regulatory standards.
Revenue Booked in Quarter Ending June 30, 2024
Eco Auto’s first commercial EV sale going to a Massachusetts-based company offering custom home building, home renovations and maintenance, property management and painting services
BREA, Calif., July 02, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today the first sale of its Mullen Commercial electric vehicles in Massachusetts through its new dealer partner, Eco Auto. The initial delivery will go to a Massachusetts-based company offering custom home building, home renovations and maintenance, property management and painting services.
The Company announced the addition of zero-emissions commercial vehicle dealership, Eco Auto, earlier this month. 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.
“Eco Auto is excited to launch our partnership with Mullen,“ said Al Salas, president of Eco Autos. “We believe Mullen EVs help lower the barrier to entry to commercial electrification.”
“We are thrilled to announce the first Mullen Commercial EV sale in Massachusetts with our valued partner, Eco Auto,” said David Michery, CEO and chairman of Mullen Automotive. “We are confident that our commercial EVs will be a game-changer for businesses looking to electrify in Massachusetts, offering them a reliable, efficient, and environmentally friendly transportation solution.”
Mullen’s commercial EV lineup includes the Mullen ONE, Class 1 EV cargo van, and the 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, the Environmental Protection Agency, and the California Air Resources Board (“CARB”) certifications denoting strict adherence to clean air emissions standards.
Earlier this month, the Mullen THREE qualified for a
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 new dealership will order any more Mullen vehicles or will be successful in selling Mullen’s vehicles. 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:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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