Mullen Announces Class 3 EV Truck Purchase from the City of Dublin, Ohio

Rhea-AI Summary

Mullen Automotive (NASDAQ: MULN) has announced a municipal purchase of its Class 3 electric truck by the City of Dublin, Ohio. The City of Dublin, known for its sustainable fleet management, sees the Mullen THREE as aligning with its vision to be the most sustainable fleet nationally. Mullen is currently negotiating with multiple government agencies and expects to announce additional orders in the current fiscal quarter.

The all-electric Mullen THREE, a Class 3 low cab forward EV truck, offers a 125-mile range and is designed for urban last-mile delivery. It qualifies for significant incentives, including a $15,000 incentive through Massachusetts' MOR-EV program and a $45,000 cash rebate voucher through California's HVIP program. Both Mullen's Class 1 and Class 3 commercial vehicles have received EPA and CARB certifications.

Positive

• Municipal purchase of Mullen THREE by City of Dublin, Ohio
• Ongoing negotiations with multiple government agencies for potential orders
• Mullen THREE qualifies for $15,000 incentive in Massachusetts and $45,000 rebate in California
• EPA and CARB certifications received for Class 1 and Class 3 commercial vehicles

Negative

• None.

Insights

Financial Analyst

Mullen’s new order from the City of Dublin, Ohio, is a significant development for investors, particularly in the growing electric vehicle market. It signals both immediate revenue and long-term growth potential. Municipal purchases provide stability and credibility to Mullen’s financial performance by ensuring repeat business and showcasing trust in their products. The fact that Mullen is negotiating with other government agencies further supports the potential for additional sales, which could lead to higher revenue streams in the near future.

Additionally, the financial incentives available through programs in Massachusetts and California make the purchase of Mullen’s Class 3 EV trucks more attractive for municipal customers. These incentives could significantly boost sales in these states and improve Mullen’s market positioning.

From an investor's perspective, this news indicates a solid growth trajectory and a strong hold in the government sector, which can be less volatile than the private sector. This could lead to stock price appreciation, especially if Mullen continues to secure more governmental contracts.

Market Research Analyst

The partnership with the City of Dublin highlights Mullen’s strategic alignment with sustainability trends, which are becoming increasingly important in today’s market. Municipalities like Dublin, which have been recognized for their green fleet initiatives, are influential in setting trends and standards. Their endorsement of Mullen’s Class 3 EV trucks could influence other cities and municipalities to consider similar purchases, thereby expanding Mullen's market reach.

Moreover, the ability of Mullen’s vehicles to qualify for substantial incentives through state programs is crucial. These incentives not only reduce the upfront cost for buyers but also position Mullen as a cost-effective solution in the EV market. This characteristic can be a significant competitive advantage, especially as more cities look to transition to sustainable solutions.

Given the growing emphasis on environmental sustainability, Mullen's proactive approach in targeting government contracts is a smart market positioning strategy that caters to a high-demand sector.

Tech Expert

Mullen’s Class 3 electric truck, the Mullen THREE, represents a leap forward in the integration of technology and sustainable urban transport solutions. Its 125-mile range and robust payload capabilities make it well-suited for last-mile delivery, a important segment in the logistics and transportation industry. The truck’s clean, top-of-rail design allows for versatile upfits, which enhances its utility across various vocational needs from construction to catering.

Crucially, the vehicle's compliance with EPA and CARB certifications and its adherence to U.S. Federal Motor Vehicle Safety Standards ensure that it meets stringent environmental and safety criteria, which is vital for securing governmental and municipal contracts. This compliance not only solidifies its appeal in the market but also increases its credibility and trustworthiness among potential clients.

The approval for state incentives like the $15,000 MOR-EV program and the $45,000 HVIP voucher also showcases Mullen’s strategic moves within regulatory frameworks to enhance the attractiveness of their vehicles.

Mullen is currently negotiating with multiple government agencies to provide its Class One and Three vehicles and will be announcing additional orders over the current fiscal quarter

Mullen’s commercial EVs align with the City of Dublin’s vision to be the most sustainable, connected and resilient global city of choice and has a long history of working to improve energy efficiency

The Mullen THREE qualifies for a $15,000 incentive through the State of Massachusetts MOR-EV program and a $45,000 cash rebate voucher through the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program (HVIP)

BREA, Calif., July 22, 2024 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces a municipal purchase for Mullen’s Class 3 electric truck from the City of Dublin, Ohio.  

“The all-electric Mullen THREE is a perfect application for our use,” said John Hyatt, fleet operations manager, City of Dublin. “For more than a decade, the City of Dublin has been at the forefront of transitioning to electric vehicles and we believe that the Mullen THREE aligns with the City of Dublin’s vision to be the most sustainable fleet nationally.”

The City of Dublin consistently ranks as a top fleet among the 100 Best Green Fleets as ranked by the National Fleet Management Association Awards including being ranked third in 2022, being awarded eighth place in the Top 50 Leading Fleets from Government Fleet and ranking among the top fleets according to Government Fleet Magazine for 12 consecutive years.

“We are thrilled to partner with the City of Dublin as they continue to lead the way for cities in adopting sustainable solutions," said David Michery, CEO and chairman of Mullen Automotive. “Mullen is currently negotiating with multiple government agencies to provide its all-electric Class One and Three vehicles and will be announcing additional orders over the current fiscal quarter."

The all-electric Mullen THREE is a Class 3 low cab forward EV truck featuring a robust payload, a 125-mile range and is purpose-built to meet the demands of urban last-mile delivery. The Mullen THREE chassis has a clean, top-of-rail design to support a variety of upfits for vocational needs, to last-mile delivery, construction, landscaping, catering and more.

The Mullen THREE was recently qualified for a $15,000 incentive through the State of Massachusetts MOR-EV program and a $45,000 cash rebate voucher through the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program (HVIP). Mullen’s Class 1 and Class 3 commercial vehicles are both in receipt of Environmental Protection Agency (“EPA”) and CARB certifications and in full compliance with U.S. Federal Motor Vehicle Safety Standards.

About City of Dublin, Ohio
Dublin is a city of nearly 50,000 residents located just northwest of Columbus, Ohio. It offers residents and corporate citizens responsive services, attractive housing options, superior public education, direct regional highway access, abundant park space, thoughtful and strategic planning, innovative ideas and technology and a dynamic community life. Dublin is ranked the number one small city in Ohio and is consistently named one of the safest cities in the nation. It is home to more than 20 corporate headquarters, an entrepreneurial center, 4,300+ businesses, world-class events and the urban, walkable Bridge Street District.

To learn more about Dublin, Ohio, visit www.dublinohiousa.gov.

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 $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. Recently, CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to a $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network with the addition of Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group and Eco Auto, providing sales and service coverage in key Midwest, West Coast and Pacific Northwest and New England markets. The Company also recently announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.

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, timing of delivery of the ordered vehicle, whether any additional vehicles will be ordered by  the City of Dublin, Ohio, or other governmental agencies and how long local and federal governmental incentives for electric vehicles  will be available.  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

Attachment

• City of Dublin, Ohio, Consistently Ranks as a Top Fleet Among the 100 Best Green Fleets as Ranked by the National Fleet Management Association Awards

FAQ

What is the range of Mullen's Class 3 electric truck (MULN)?

The Mullen THREE, Mullen's Class 3 electric truck, has a range of 125 miles.

Which city has purchased Mullen's Class 3 EV truck (MULN)?

The City of Dublin, Ohio has purchased Mullen's Class 3 electric truck.

What incentives are available for the Mullen THREE electric truck (MULN)?

The Mullen THREE qualifies for a $15,000 incentive through Massachusetts' MOR-EV program and a $45,000 cash rebate voucher through California's HVIP program.

Has Mullen (MULN) received EPA and CARB certifications for its commercial vehicles?

Yes, Mullen's Class 1 and Class 3 commercial vehicles have received both EPA and CARB certifications.