Mullen Automotive to Establish Mullen Credit Corporation
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.
Mullen Automotive (NASDAQ: MULN) ha annunciato l'istituzione di Mullen Credit (MCC), una filiale interamente controllata con l'obiettivo di supportare la propria rete di concessionari in espansione, fornendo finanziamenti per il piano di acquisto dei veicoli e opzioni di finanziamento per flotte e piccole imprese. Questa mossa arriva mentre Mullen sta vivendo una rapida crescita, con proiezioni di vendite per il 2025 che dovrebbero aumentare significativamente.
MCC permetterà ai concessionari di finanziare l'inventario in anticipo e rimborsare il prestito più interessi quando il veicolo viene venduto. La linea di veicoli elettrici commerciali di Mullen include il Mullen ONE, un furgone elettrico di Classe 1, e il Mullen THREE, un camion con telaio di Classe 3, entrambi disponibili per la vendita e conformi agli standard di sicurezza e ambientali degli Stati Uniti.
La rete commerciale di concessionari dell'azienda si è espansa, includendo diversi partner chiave in varie regioni degli Stati Uniti. Inoltre, i veicoli di Mullen qualificano per incentivi significativi, tra cui rimborsi statali e crediti d'imposta federali, offrendo risparmi sostanziali per i clienti delle flotte commerciali.
Mullen Automotive (NASDAQ: MULN) ha anunciado el establecimiento de Mullen Credit (MCC), una subsidiaria de propiedad total destinada a apoyar su creciente red de concesionarios con planificación financiera de vehículos y opciones de financiamiento para flotas y pequeños negocios. Este movimiento se produce mientras Mullen experimenta un rápido crecimiento, con proyecciones de ventas para 2025 que se espera que aumenten significativamente.
MCC permitirá a los concesionarios financiar el inventario por adelantado y devolver el préstamo más intereses cuando se venda el vehículo. La línea de vehículos eléctricos comerciales de Mullen incluye el Mullen ONE, una furgoneta eléctrica de Clase 1, y el Mullen THREE, un camión de chasis de Clase 3, ambos disponibles para la venta y cumpliendo con los estándares de seguridad y medio ambiente de EE. UU.
La red de concesionarios comerciales de la empresa se ha expandido para incluir varios socios clave en diversas regiones de EE. UU. Además, los vehículos de Mullen califican para incentivos significativos, incluidos reembolsos estatales y créditos fiscales federales, ofreciendo ahorros sustanciales para los clientes de flotas comerciales.
멀렌 오토모티브(MNASDAQ: MULN)는 차량 전시 계획과 중소기업 고객을 위한 금융 옵션을 제공하는 것을 목표로 하는 전액 출자 자회사인 멀렌 크레딧(MCC)의 설립을 발표했습니다. 이 결정은 멀렌이 빠른 성장을 경험하고 있는 가운데, 2025년 판매 예상치가 크게 증가할 것으로 예상됩니다.
MCC는 전시장에서 재고를 선불로 금융하고 차량이 판매될 때 대출과 이자를 상환할 수 있도록 해줍니다. 멀렌의 상업용 전기차 라인업에는 멀렌 원(Mullen ONE), 1급 전기 화물 밴과 멀렌 쓰리(Mullen THREE), 3급 전기 카브 차체 트럭이 포함되어 있으며, 두 모델 모두 판매 가능하고 미국의 안전 및 환경 기준을 준수합니다.
회사의 상업용 딜러 네트워크는 미국의 다양한 지역에 걸쳐 몇몇 주요 파트너를 포함하도록 확장되었습니다. 게다가 멀렌의 차량은 주 정부 환급 및 연방 세금 공제를 포함한 상당한 인센티브의 자격이 있어, 상업용 플릿 고객에게 상당한 절감 효과를 제공합니다.
Mullen Automotive (NASDAQ: MULN) a annoncé la création de Mullen Credit (MCC), une filiale entièrement détenue visant à soutenir son réseau de concessionnaires en expansion avec la planification financière des véhicules et à offrir des options de financement pour les flottes et les petites entreprises. Ce mouvement intervient alors que Mullen connaît une croissance rapide, avec des ventes prévues pour 2025 qui devraient augmenter de manière significative.
MCC permettra aux concessionnaires de financer l'inventaire à l'avance et de rembourser le prêt plus intérêts lorsque le véhicule sera vendu. La gamme de véhicules électriques commerciaux de Mullen comprend le Mullen ONE, une fourgonnette électrique de classe 1, et le Mullen THREE, un camion châssis de classe 3, tous deux disponibles à la vente et conformes aux normes de sécurité et environnementales américaines.
Le réseau de concessionnaires commerciaux de la société s'est étendu pour inclure plusieurs partenaires clés dans diverses régions des États-Unis. De plus, les véhicules de Mullen sont éligibles à des incitations significatives, y compris des remises d'État et des crédits d'impôt fédéraux, offrant des économies substantielles pour les clients de flottes commerciales.
Mullen Automotive (NASDAQ: MULN) hat die Gründung von Mullen Credit (MCC) angekündigt, einer hundertprozentigen Tochtergesellschaft, die darauf abzielt, sein expandierendes Händlernetz mit Fahrzeugfinanzierung und Finanzierungsoptionen für Flotten und kleine Unternehmen zu unterstützen. Dieser Schritt erfolgt, während Mullen ein schnelles Wachstum erlebt, mit prognostizierten Verkaufszahlen für 2025, die voraussichtlich erheblich steigen werden.
MCC ermöglicht es den Händlern, den Fahrzeugbestand im Voraus zu finanzieren und das Darlehen zuzüglich Zinsen zurückzuzahlen, wenn das Fahrzeug verkauft wird. Die kommerzielle Elektrofahrzeuglinie von Mullen umfasst den Mullen ONE, einen Klasse-1-Elektrotransportwagen, und den Mullen THREE, ein Klasse-3-Elektrochassis-Lkw, die beide zum Verkauf stehen und den Sicherheits- und Umweltstandards der USA entsprechen.
Das kommerzielle Händlernetz des Unternehmens hat sich erweitert und umfasst mehrere wichtige Partner in verschiedenen Regionen der USA. Darüber hinaus qualifizieren sich die Fahrzeuge von Mullen für bedeutende Anreize, darunter staatliche Rückvergütungen und bundesstaatliche Steuergutschriften, die kommerziellen Flottenkunden erhebliche Einsparungen bieten.
- 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
- None.
Insights
The establishment of Mullen Credit (MCC) is a strategic move that could significantly impact Mullen Automotive's growth trajectory. By providing floor planning to dealers and financing options to fleets and small businesses, MCC addresses a important aspect of the automotive sales ecosystem. This initiative could potentially accelerate inventory turnover and boost sales by making it easier for dealers to stock Mullen vehicles and for customers to purchase them.
The projected sales increase for 2025 suggests confidence in the company's product lineup and market demand. The expansion of Mullen's commercial dealer network, including partnerships with established groups like Papé Kenworth and Randy Marion Auto Group, indicates growing distribution capabilities. This network expansion, coupled with the financing arm, could create a powerful synergy for market penetration.
Importantly, the eligibility of Mullen's vehicles for substantial incentives (
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?
