Mullen Announces European Distributor, GAMA, Purchases 29 Mullen GOs for Balkans Region

Rhea-AI Summary

Mullen Automotive Inc. (NASDAQ: MULN) has announced a significant order from GAMA, one of its European distributors. GAMA has purchased 29 Mullen GO vehicles, valued at $304,000 USD, with shipment planned for early August 2024. This order is part of a larger 53-unit commercial vehicle order for the Balkans Region.

GAMA, recently announced as Mullen's distributor for southeastern Europe, covers nine countries in the Balkans. They have extensive experience in the EV market, having distributed over 300 vehicles in the past year. The Mullen GO, designed for urban delivery in congested European cities, is EU standard homologated and certified for European sale.

This development marks Mullen's expansion into the European market, with GAMA reporting strong interest in Mullen's commercial EVs. The order includes a 15% upfront deposit, with full payment due upon shipment.

Positive

• Secured a $304,000 USD order for 29 Mullen GO vehicles
• Expanded distribution network in southeastern Europe covering 9 countries
• GAMA has extensive EV experience, distributing over 300 vehicles in the past year
• Mullen GO is EU standard homologated and certified for European sale
• 15% deposit received upfront for the order

Negative

• None.

Market Research Analyst

The recent order from GAMA for 29 Mullen GOs, valued at $304,000 USD, is a positive indicator of Mullen Automotive's expanding footprint in the European market, specifically in the Balkans region. This order, while relatively small in financial terms, showcases the growing acceptance and demand for Mullen's commercial EVs in new international markets. The fact that GAMA has a well-established network and experience with EVs in the Balkans adds credibility and potential for future orders. For retail investors, this move signifies Mullen's strategic alignment with market trends towards urban EVs, potentially enhancing long-term growth and market penetration.

Financial Analyst

From a financial perspective, the $304,000 USD order, with 15% paid upfront, signals a modest revenue boost for Mullen Automotive. While this order alone won't significantly impact the company's overall financials, it does provide evidence of tangible revenue streams from international markets. Investors should note that the full payment is expected upon shipment in early August 2024, which could slightly improve Mullen's quarterly revenue figures. However, the broader impact lies in the potential for larger future orders from GAMA and other partners, indicating a positive trajectory for Mullen's financial health if they continue to secure such deals.

Tech Expert

The Mullen-GO's design specifically tailored for urban European markets addresses a critical need for compact, efficient delivery vehicles in congested cities. This strategic product positioning could give Mullen a competitive edge in densely populated areas where traditional delivery vehicles face operational challenges. The fact that the Mullen-GO is EU standard homologated and certified means it can be immediately integrated into the market without regulatory delays, further reinforcing the vehicle's market readiness and appeal. For investors, this technical alignment with market demands underscores Mullen’s innovative capabilities and potential for capturing a significant share of the urban EV market.

29-unit Mullen GO order is valued at $304,000 USD with 15% deposit paid upfront and full payment due upon early August shipment to GAMA

BREA, Calif., July 24, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today GAMA, one of Mullen international distributors,  has placed an order for 29 Mullen GOs, the Company’s commercial micro urban delivery vehicle. The order is valued at $304,000 USD with shipment to GAMA planned for early August 2024.

GAMA was recently announced as one of Mullen’s European distribution partners for southeastern Europe covering the Balkans Region, which includes Bosnia and Herzegovina, Serbia, Montenegro, Croatia, Slovenia, Macedonia, Albania, Greece and Bulgaria. GAMA represents Mullen’s full commercial electric vehicle product line.

GAMA has extensive experience with electric vehicles in the Balkan market and has distributed more than 300 vehicles in the last year including private and municipal sales. GAMA has a strong reputation responding to and winning public tenders for local government opportunities. GAMA’s distribution network includes eight sub dealers in the Balkan Region supporting sales, service and parts operation and is currently building a new facility in Belgrade.

GAMA’s 29-unit Mullen GO order, valued at $304,000 USD, is part of the previously announced 53-unit commercial vehicle order, consisting of urban delivery vehicles and commercial vans and trucks. Additional planned and yet to be ordered vehicles include the Mullen ONE and Mullen THREE commercial EV cargo vans and trucks.

“GAMA is seeing strong interest in our commercial EVs and we are delighted to begin vehicle deliveries in the Balkans region,” said David Michery, CEO and chairman of Mullen Automotive. “As highlighted previously, the Mullen GO is the perfect micro urban delivery vehicle for small and congested old world European streets.” 

The Mullen-GO is the Company’s urban commercial electric delivery vehicle, which is designed to bridge the gap between the growing demand for quick deliveries and space constraints in dense cities throughout Europe. The commercial EV’s compact design allows it to easily handle the stop/go and weave in/out typical of narrow urban European streets, getting to the customer's door faster, all while decreasing pollution and congestion levels. The Mullen-GO is EU standard homologated, certified, and ready for European sale.

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, the timing of shipment and delivery of the ordered vehicles, if GAMA will timely make required deposits and payments due, whether GAMA will order additional vehicles, including the contemplated Mullen ONE and Mullen THREE orders, whether GAMA will be successful in selling Mullen’s vehicles and whether GAMA will get purchase orders for Mullen vehicles from government agencies. Additional examples of such risks and uncertainties include but are not limited to: (i) ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) ability to successfully expand in existing markets and enter new markets; (iv) 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) ability to protect 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

Attachment

• GAMA is Mullen’s newest commercial EV distributor for Europe

FAQ

How many Mullen GO vehicles did GAMA order from Mullen Automotive (MULN)?

GAMA ordered 29 Mullen GO vehicles from Mullen Automotive (MULN).

What is the value of the Mullen GO order placed by GAMA for MULN stock?

The value of the Mullen GO order placed by GAMA is $304,000 USD.

When is the shipment of Mullen GO vehicles to GAMA planned for MULN?

The shipment of Mullen GO vehicles to GAMA is planned for early August 2024.

Which countries does GAMA cover as Mullen's distributor for MULN stock?

GAMA covers the Balkans Region, including Bosnia and Herzegovina, Serbia, Montenegro, Croatia, Slovenia, Macedonia, Albania, Greece, and Bulgaria.

Is the Mullen GO certified for sale in Europe for MULN?

Yes, the Mullen GO is EU standard homologated, certified, and ready for European sale.