Mullen Class 1 EV Cargo Van Now Available on Turo; Largest Vehicle Sharing Marketplace

Rhea-AI Summary

Mullen Automotive announces that its Class 1 EV cargo van, the Mullen ONE, is now available for rental on Turo, the world's largest vehicle sharing marketplace. The initial pilot launch is in Jacksonville, Florida, through Parasol Strategic Solutions, with a second pilot planned for Baltimore, Maryland. The Mullen ONE and THREE models are eligible for significant incentives, including up to $15,000 through Massachusetts' MOR-EV program and $45,000 through California's HVIP program. When combined with the $7,500 Federal Tax Incentive, these vehicles offer substantial savings for commercial fleet customers.

Positive

• Entry into Turo marketplace expands market visibility and accessibility
• Multiple government incentives available ($7,500 Federal, up to $45,000 state)
• Vehicles are fully compliant with U.S. Federal Motor Vehicle Safety Standards, EPA and CARB certifications

Negative

• None.

Insights

Market Research Analyst

The partnership with Turo represents a strategic move but with immediate financial impact given the small scale pilot program. While it provides a novel way for potential customers to test Mullen's EVs, the initial deployment of just two vehicles across Jacksonville and Baltimore markets is unlikely to generate meaningful revenue. The real value lies in the potential for market validation and customer feedback.

The availability of government incentives, including the $7,500 Federal Tax Incentive and state-specific rebates up to $45,000 through California's HVIP program, significantly reduces the total cost of ownership for commercial customers. However, Mullen's micro-cap status ($10.3M) and the highly competitive commercial EV market pose significant challenges for meaningful market penetration.

Jacksonville, Florida, is the first U.S. market to offer the Mullen ONE EV cargo van for rental

BREA, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today its Class 1 EV cargo van, the Mullen ONE, is now listed for vehicle rental on Turo, the world’s largest vehicle sharing marketplace.

Parasol Strategic Solutions (“Parasol”), a high-level Turo host based in Florida, has identified a significant need in their market for a versatile, compact cargo van. Through their extensive experience in the vehicle-sharing and logistics space, Parasol has observed a growing demand for small, efficient cargo vans that can navigate urban settings with ease while supporting sustainable transport.

“The Mullen ONE aligns perfectly for a cargo van rental option on Turo, offering a nimble, eco-friendly solution that meets the expectations of businesses seeking on-demand, cost-effective transportation options,” said Bradley Shaw of Parasol Strategic Solutions.

Parasol will begin offering the Mullen ONE in the Jacksonville, Florida, market as an initial pilot for its growing on demand platform for electric vehicles. A second Mullen Class 1 EV cargo van pilot is planned to launch in Baltimore, Maryland. 

“This is a gateway opportunity for businesses of all sizes to experience the performance and benefits of Mullen’s Class 1 EV cargo van,” said David Michery, CEO and chairman of Mullen Automotive. 

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 $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). The Mullen ONE is also eligible for the MOR-EV program with a $3,500 rebate in Massachusetts. When combined with the $7,500 Federal Tax Incentive, both vehicles offer substantial savings for commercial fleet customers.

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 $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network to seven dealers with the addition of Papé Kenworth. Other previously announced dealers include Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key Midwest, West Coast, Pacific Northwest, New England and Mid-Atlantic markets. The Company has also 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, whether Parasol will be successful in renting out Mullen’s vehicles on Turo, 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

Attachment

• Mullen Class 1 EV Cargo Van Now Available for Rental in Jacksonville, Florida, Market

FAQ

Where is the Mullen ONE EV cargo van first available on Turo?

The Mullen ONE EV cargo van is first available on Turo in Jacksonville, Florida, through Parasol Strategic Solutions.

What incentives are available for the Mullen ONE (MULN)?

The Mullen ONE is eligible for a $7,500 Federal Tax Incentive and a $3,500 rebate through the Massachusetts MOR-EV program.

Which cities are planned for the Mullen ONE (MULN) Turo pilot program?

The initial pilot is in Jacksonville, Florida, with a second pilot planned for Baltimore, Maryland.