Mullen Announces Princeton University’s Facilities Operations’ Class 3 EV Truck Order for Campus Operations

Rhea-AI Summary

Mullen Automotive (NASDAQ: MULN) has announced the sale of its Mullen THREE, Class 3 EV box truck to Princeton University's facilities operations unit. This marks Mullen's expansion into the higher education sector, supporting Princeton's goal of achieving zero emissions for on-campus service vehicles by 2046. The all-electric Mullen THREE features a 125-mile range and is designed for urban last-mile delivery.

The vehicle order was fulfilled through Mullen's dealer partner, Pritchard EV. Princeton's facilities operations manage over 350 vehicles, and this purchase aligns with their sustainability initiatives, including the recent launch of 17 electric buses. The Mullen THREE qualifies for incentives in Massachusetts and California, potentially reducing its cost significantly.

Positive

• Expansion into the higher education market with Princeton University order
• Mullen THREE qualifies for $15,000 incentive in Massachusetts and $45,000 rebate in California
• Mullen's commercial EV lineup complies with U.S. Federal Motor Vehicle Safety Standards and CARB certifications

Negative

• None.

Insights

Market Research Analyst

This order from Princeton University marks a positive step for Mullen Automotive in penetrating the higher education market. While the exact number of vehicles isn't specified, it's a strategic win that could lead to more orders from other universities. The deal aligns with the growing trend of campus sustainability initiatives, potentially opening doors for Mullen in a niche yet expanding market.

However, investors should note that this is likely a small-scale order, given Princeton's fleet size of 350 vehicles. The financial impact may be in the short term. The long-term potential lies in Mullen's ability to leverage this high-profile client to attract similar institutions, potentially leading to larger fleet contracts in the future.

Financial Analyst

While this order is a positive development, its immediate financial impact on Mullen Automotive is likely minimal. The company's $15,000 incentive in Massachusetts and $45,000 rebate in California for the Mullen THREE are significant selling points, potentially boosting sales in these states. However, these incentives also compress margins.

Investors should focus on Mullen's ability to scale production and secure larger orders. The company's expansion into the higher education sector is promising, but it needs to translate into substantial revenue growth to justify its valuation. Keep an eye on future earnings reports to gauge the real financial impact of these deals and Mullen's progress towards profitability.

Tech Expert

Mullen's Class 3 EV truck demonstrates competitive specifications with its 125-mile range and versatile upfit options. This positions the company well in the last-mile delivery and campus operations markets. The top-of-rail design for various upfits shows forethought in addressing diverse customer needs.

However, the EV truck market is increasingly competitive. Mullen needs to continually innovate to stay ahead. The compliance with federal safety standards and CARB certifications is crucial, but not unique. To truly stand out, Mullen should focus on enhancing battery technology, improving range, or developing proprietary features that differentiate their vehicles in this growing market segment.

Mullen's commercial EV lineup supports higher education campuses in achieving greenhouse gas reduction goals

First Mullen THREE, Class 3 EV order includes box truck with liftgate upfit to support Princeton’s facilities operations unit for on campus usage

BREA, Calif., Aug. 19, 2024 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces its sale of the Mullen THREE, Class 3 EV box truck upfit to Princeton University’s (“Princeton”) facilities operations unit, located in Princeton, New Jersey.  Princeton’s facilities operations has selected the Mullen THREE to support its campus operations and contribute to its overall sustainability goals, including reaching zero emissions for on-campus university service vehicles. The vehicle order is fulfilled by Mullen’s nationally known EV dealer partner, Pritchard EV.

Princeton University’s facilities operations include more than 350 vehicles in fleet – owned and leased cars, vans, trucks, golf carts and construction vehicles – to transport people and things on and around campus. In Fall 2023, the university launched a new fleet of 17 electric buses and charging facilities as a part of a campus-wide plan to achieve net-zero carbon emissions by its 300th anniversary in 2046.

Princeton University facilities operations unit, with its commitment to environmental stewardship, has chosen the Mullen THREE for its zero emissions operation and overall vehicle versatility. 

“We are proud to work with Princeton in their journey towards a net-zero carbon emissions campus,” said David Michery, CEO and chairman of Mullen Automotive. “This purchase marks a significant milestone for Mullen as we continue to expand our presence in the higher education sector.”

The all-electric Mullen THREE Class 3 low cab forward EV truck features 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 commercial EV lineup also includes the Mullen ONE, Class 1 EV cargo van. Both Mullen ONE and THREE 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.

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 Princeton University or other schools or 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

Attachments

• Princeton’s First EV Order from Mullen Includes Class 3 EV Truck with Box and Liftgate Upfit
• Princeton University’s Operations Include More Than 350 Vehicles in Fleet

FAQ

What EV model did Princeton University order from Mullen Automotive (MULN)?

Princeton University's facilities operations unit ordered the Mullen THREE, a Class 3 EV box truck with liftgate upfit from Mullen Automotive (MULN).

What is the range of the Mullen THREE Class 3 EV truck ordered by Princeton University?

The Mullen THREE Class 3 EV truck ordered by Princeton University has a range of 125 miles.

How does the Mullen THREE order align with Princeton University's sustainability goals?

The Mullen THREE order supports Princeton University's goal of achieving zero emissions for on-campus service vehicles by 2046, contributing to their overall sustainability initiative.

What incentives are available for the Mullen THREE EV truck?

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 California's HVIP program.