Mullen Announces Papé Truck’s $3.2M Vehicle Purchase with Immediate Delivery and Revenue Recognition of 50 Class 1 and Class 3 Vehicles
Mullen Automotive (NASDAQ: MULN) announces a $3.2 million vehicle order from Papé Truck, comprising 43 Class 3 EV trucks and 7 Class 1 EV cargo vans. Deliveries will begin immediately. Papé, Mullen's seventh commercial EV dealer, has over 30 locations across the Western U.S.
The order includes various Class 3 configurations and parts supply for warranty service. Papé's partnership aligns with Mullen's goal of expanding access to its commercial EVs. Mullen's lineup features the Class 1 Mullen ONE and Class 3 Mullen THREE, both compliant with U.S. safety and environmental standards.
Both vehicles qualify for significant incentives, including state rebates in Massachusetts and California, as well as the $7,500 Federal Tax Incentive, offering substantial savings for commercial fleet customers.
Mullen Automotive (NASDAQ: MULN) annuncia un ordine di veicoli del valore di 3,2 milioni di dollari da Papé Truck, composto da 43 camion elettrici di Classe 3 e 7 furgoni elettrici di Classe 1. Le consegne inizieranno immediatamente. Papé, il settimo concessionario di veicoli elettrici commerciali di Mullen, ha oltre 30 sedi negli Stati Uniti occidentali.
L'ordine include varie configurazioni di Classe 3 e forniture di parti per il servizio di garanzia. La partnership con Papé è in linea con l'obiettivo di Mullen di ampliare l'accesso ai suoi EV commerciali. La gamma di Mullen comprende il Classe 1 Mullen ONE e il Classe 3 Mullen THREE, entrambi conformi agli standard di sicurezza e ambientali degli Stati Uniti.
Entrambi i veicoli qualificano per incentivi significativi, tra cui i rimborsi statali in Massachusetts e California, oltre all'incentivo fiscale federale di 7.500 dollari, offrendo risparmi sostanziali per i clienti delle flotte commerciali.
Mullen Automotive (NASDAQ: MULN) anuncia un pedido de vehículos por valor de 3.2 millones de dólares de Papé Truck, que comprende 43 camiones eléctricos Clase 3 y 7 furgones eléctricos Clase 1. Las entregas comenzarán inmediatamente. Papé, el séptimo concesionario de vehículos eléctricos comerciales de Mullen, tiene más de 30 ubicaciones en el oeste de EE. UU.
El pedido incluye varias configuraciones de Clase 3 y suministro de piezas para el servicio de garantía. La asociación con Papé está alineada con el objetivo de Mullen de ampliar el acceso a sus EV comerciales. La línea de Mullen presenta el Clase 1 Mullen ONE y el Clase 3 Mullen THREE, ambos cumpliendo con los estándares de seguridad y ambientales de EE. UU.
Ambos vehículos califican para incentivos significativos, incluidos reembolsos estatales en Massachusetts y California, así como el incentivo fiscal federal de 7,500 dólares, lo que ofrece ahorros sustanciales para los clientes de flotas comerciales.
멀렌 오토모티브 (NASDAQ: MULN)는 파페 트럭으로부터 320만 달러 규모의 차량 주문을 발표하며, 43대의 3급 전기 트럭과 7대의 1급 전기 화물 밴을 포함합니다. 배송은 즉시 시작될 예정입니다. 멀렌의 일곱 번째 상업용 전기차 딜러인 파페는 미국 서부 전역에 30개 이상의 지점을 두고 있습니다.
이번 주문은 다양한 3급 구성과 보증 서비스용 부품 공급을 포함합니다. 파페와의 협력은 멀렌의 상업용 전기차 접근성을 확대하려는 목표에 부합합니다. 멀렌의 라인업에는 미국의 안전 및 환경 기준을 준수하는 1급 멀렌 원(Mullen ONE)과 3급 멀렌 3(Mullen THREE)가 포함되어 있습니다.
두 차량 모두 매사추세츠주와 캘리포니아주에서의 주정부 리베이트 및 7,500달러의 연방 세금 인센티브를 포함한 상당한 인센티브를 받을 수 있어 상업용 차량 고객에게 상당한 비용 절감 효과를 제공합니다.
Mullen Automotive (NASDAQ: MULN) annonce une commande de véhicules de 3,2 millions de dollars de Papé Truck, comprenant 43 camions électriques de Classe 3 et 7 fourgonnettes électriques de Classe 1. Les livraisons commenceront immédiatement. Papé, le septième concessionnaire de VE commerciaux de Mullen, possède plus de 30 sites dans l'ouest des États-Unis.
La commande comprend diverses configurations de Classe 3 et un approvisionnement en pièces pour le service de garantie. Le partenariat avec Papé s'aligne sur l'objectif de Mullen d'élargir l'accès à ses VE commerciaux. La gamme de Mullen comprend le Mullen ONE de Classe 1 et le Mullen THREE de Classe 3, tous deux conformes aux normes de sécurité et environnementales des États-Unis.
Les deux véhicules sont éligibles à des incitations importantes, notamment des remises d'État dans le Massachusetts et en Californie, ainsi que le crédit d'impôt fédéral de 7 500 dollars, offrant des économies substantielles pour les clients de flottes commerciales.
Mullen Automotive (NASDAQ: MULN) kündigt eine Fahrzeugbestellung im Wert von 3,2 Millionen Dollar von Papé Truck an, die 43 Elektro-Lkw der Klasse 3 und 7 Elektro-Lieferwagen der Klasse 1 umfasst. Die Lieferungen beginnen umgehend. Papé, Mullen's siebter kommerzieller EV-Händler, verfügt über mehr als 30 Standorte im Westen der USA.
Die Bestellung umfasst verschiedene Konfigurationen der Klasse 3 sowie Teileversorgung für den Garantieservice. Die Partnerschaft mit Papé passt zu Mullen's Ziel, den Zugang zu seinen kommerziellen EVs zu erweitern. Mullen's Modellpalette umfasst den Klasse 1 Mullen ONE und den Klasse 3 Mullen THREE, die beide die Sicherheits- und Umweltstandards der USA erfüllen.
Beide Fahrzeuge haben Anspruch auf erhebliche Anreize, einschließlich staatlicher Rückvergütungen in Massachusetts und Kalifornien sowie des föderalen Steuergutschrift von 7.500 Dollar, was erhebliche Einsparungen für gewerbliche Flottenkunden bietet.
- Immediate $3.2 million revenue recognition from vehicle order
- Expansion of dealer network with Papé Truck's 30 Western U.S. locations
- Vehicles qualify for substantial state and federal incentives, enhancing customer appeal
- Immediate delivery capability demonstrates production readiness
- None.
Insights
This $3.2 million vehicle purchase by Papé Truck is a significant development for Mullen Automotive. The immediate delivery and revenue recognition of 50 vehicles (43 Class 3 EV trucks and 7 Class 1 EV cargo vans) provide a much-needed boost to Mullen's cash flow and demonstrate market traction for their commercial EV lineup.
The partnership with Papé, Mullen's seventh commercial EV dealer, expands their distribution network across 30 locations in the Western U.S. This strategic alliance enhances Mullen's market reach and potential for future sales. The inclusion of parts supply for warranty service also suggests a long-term commitment to after-sales support.
Investors should note the eligibility for substantial incentives, including a
The commercial EV market is rapidly evolving and Mullen's partnership with an established dealer like Papé is strategically important. Papé's reputation in the trucking industry and its extensive network could accelerate Mullen's market penetration, especially in the last-mile delivery segment.
The order mix, including various body types (stake body, box truck, service body), indicates diverse applications for Mullen's EVs. This versatility could be a key differentiator in the competitive commercial EV space. The immediate delivery capability suggests that Mullen has overcome production challenges that often plague new EV manufacturers.
However, investors should contextualize this
Papé’s vehicle purchase includes 43 Class 3 EV trucks and 7 Class 1 EV cargo vans
Papé is Mullen’s seventh commercial EV dealer and includes 30 commercial sales and service locations across the Western U.S.
BREA, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today a new vehicle order from Papé Truck (“Papé”) for 43 Class 3 EV trucks and 7 Class 1 EV cargo vans. Vehicle deliveries to begin immediately. The total purchase for the 50 units is valued at
Vehicles to be delivered include Class 3 stake body, Morgan box truck with side door, Knapheide Phenix service body and Knapheide aluminum stake body. The Papé order also includes Class 1 and Class 3 parts supply to stock on hand for fast warranty service and repair work.
Papé recently became Mullen’s seventh franchise dealer partner expanding fleet opportunities for the Company’s full line of commercial electric vehicles. With over 30 locations, Papé is the West's premiere, full-service Kenworth truck dealer offering an extensive parts inventory and best-in-class service departments, dedicated to providing reliable, durable trucking equipment solutions that help its customers meet their operational needs and uptime standards. To continue this partnership with customers now facing adapting to evolving regulations, Kenworth provides zero-emissions trucks for a wide range of applications.
The partnership aligns with Mullen’s commitment to providing widespread access to its innovative electric vehicles and Papé’s dedication to offering a variety of transportation solutions to meet all of its customers’ needs. With a strong reputation for exceptional customer service and a vast network across the West, Papé will play a crucial role in introducing Mullen’s commercial EVs to a broader market.
“Papé is a well-respected commercial dealer with locations in key West Coast markets,” said David Michery, CEO and chairman of Mullen Automotive. “Papé’s expertise and reach will play a crucial role in establishing new Mullen customers across the U.S.”
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 was recently qualified for a
About Papé Kenworth
Papé Kenworth is a part of The Papé Group, a premier capital equipment provider in the West. For over 85 years, Papé has worked to maximize customers' uptime through top-quality equipment, convenient maintenance service, and the best customer service. This fourth-generation, family-owned company is dedicated to providing customers with quality products and unmatched service. As the leading supplier of construction, logging, material handling, landscaping, trenching and farm equipment, as well as semi-trucks and warehouse products, Papé makes good on providing customers with end-to-end solutions.
To learn more about Papé Kenworth, please visit www.PapeKenworth.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 Papé will be successful in selling and servicing Mullen’s vehicles, how long governmental incentives for electric vehicles will remain in place, and the resultant selling prices of Mullen 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:
IBN
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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