Mullen Automotive to Establish Mullen Credit Corporation
Rhea-AI Summary
Mullen Automotive (NASDAQ: MULN) has announced the establishment of Mullen Credit (MCC), a wholly owned subsidiary aimed at supporting its expanding dealership network with vehicle floor planning and providing financing options for fleets and small business customers. This move comes as Mullen experiences rapid growth, with projected sales for 2025 expected to increase significantly.
MCC will enable dealerships to finance inventory upfront and pay back the loan plus interest when the vehicle is sold. Mullen's commercial EV lineup includes the Mullen ONE, Class 1 EV cargo van, and the Mullen THREE, Class 3 EV cab chassis truck, both available for sale and compliant with U.S. safety and environmental standards.
The company's commercial dealer network has expanded to include several key partners across various U.S. regions. Additionally, Mullen's vehicles qualify for significant incentives, including state rebates and federal tax credits, offering substantial savings for commercial fleet customers.
Positive
- Establishment of Mullen Credit to provide financing flexibility for dealers and customers
- Projected sales increase for 2025, indicating business growth
- Expansion of commercial dealer network across key U.S. markets
- Mullen THREE qualifies for up to $60,000 in combined state and federal incentives
- Mullen ONE eligible for up to $11,000 in combined state and federal incentives
Negative
- None.
News Market Reaction
On the day this news was published, MULN gained 18.78%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Mullen Credit Corporation (MCC) to provide floor plan to dealers and financing to fleets and small business customers
BREA, Calif., Oct. 14, 2024 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces it will establish Mullen Credit Corporation (“MCC”) aimed at supporting its expanding dealership network with vehicle floor planning. Additionally, MCC will provide fleets and small business customers with attractive financing options. Mullen Credit Corporation will be a wholly owned subsidiary of Mullen Automotive. Floor planning enables dealerships to finance inventory upfront and pay back the loan plus interest when the vehicle is sold.
"Our business is experiencing rapid growth, with projected sales for 2025 expected to increase significantly. Consequently, our financing needs have also evolved,” said David Michery, chairman and CEO, “Mullen Credit Corporation will provide financing flexibility for our dealers and customers as we pursue accelerated growth and expand our market share.”
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, EPA and CARB certifications.
Mullen’s commercial dealer network includes the recently announced Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service in key West Coast, Midwest, Pacific Northwest, New England and Mid-Atlantic markets.
The Mullen THREE recently 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 the expected timeframe for establishment of Mullen Credit Corporation, the types of financing and other programs to be offered by MCC to dealership networks, fleets and small business customers, projected vehicle pricing, sales and revenues for 2025, whether MCC will be successful, and whether governmental rebates and other incentives will remain in place. 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
FAQ
What is the purpose of Mullen Credit (MCC)?
How will MCC benefit Mullen Automotive's dealers?
What commercial EVs does Mullen Automotive (MULN) offer?
What incentives are available for Mullen Automotive's (MULN) commercial EVs?
