Mullen Continues Commercial EV Adoption Across College Campuses; Announces New EV Orders From Leading California Universities

Rhea-AI Summary

Mullen Automotive announces new orders for its Mullen ONE Class 1 EV cargo vans from two California universities in Los Angeles and Berkeley. This follows recent orders from Princeton University, UVA, and UNC. The deliveries were made through Mullen's dealer partners, National Fleet Auto Group and Randy Marion Automotive Group.

The company's EVs align with universities' zero emission goals, offering immediate impact on campus fleet sustainability. The Mullen ONE and Mullen THREE vehicles are fully compliant with federal safety standards and CARB certifications. Both models qualify for significant incentives, including up to $45,000 in HVIP rebates for the THREE and $3,500 MOR-EV incentives for the ONE, plus $7,500 Federal Tax Incentives.

Positive

• Secured new EV orders from major California universities
• Expanding presence in higher education market with orders from multiple prestigious universities
• Vehicles qualify for substantial incentives: up to $45,000 HVIP rebate, $15,000 MOR-EV program, and $7,500 Federal Tax Incentive

Negative

• None.

Insights

Market Research Analyst

The expansion into university fleets represents a strategic market positioning, but the impact remains given MULN's current market position. While securing orders from prestigious institutions adds credibility, the announcement lacks specific order quantities and financial details, making it difficult to assess material impact. The available incentives ($15,000 in Massachusetts and $45,000 in California for the THREE model) could drive adoption, but without order volumes, the revenue potential is unclear.

The higher education market presents a growing opportunity as institutions pursue sustainability goals, but MULN faces intense competition from established EV manufacturers. The company's ability to capture significant market share remains uncertain, especially given its current financial constraints and small market capitalization of just $15.1 million. While positive for brand visibility, this announcement alone is unlikely to significantly alter the company's financial trajectory.

Company announces commercial Class 1 EV cargo vans purchased and delivered to two leading California universities in Los Angeles and Berkeley

This order follows other college campus orders from Princeton University, University of Virginia (UVA) and University of North Carolina (UNC)

Mullen’s commercial EV lineup aligns with the overall sustainability targets of universities including reducing both direct emissions from on-site energy production and fleet fuel use

BREA, Calif., Nov. 20, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces new orders for its Mullen ONE, Class 1 commercial EV cargo van from two leading California universities in Los Angeles and Berkeley. This follows recent orders from prestigious higher education institutions across the nation like Princeton University in Princeton, New Jersey (“Princeton”), University of Virginia (“UVA”) in Charlottesville, Virginia, and University of North Carolina (“UNC”) in Charlotte, North Carolina. The vehicles delivered in this announcement are through Mullen’s commercial retail dealer partners, National Fleet Auto Group and Randy Marion Automotive Group.

This surge in demand underscores the growing adoption of clean energy vehicles within the higher education sector in the U.S. and positions Mullen as a frontrunner in meeting this demand. Universities, as centers of innovation and sustainability, are at the forefront of the national transition to clean energy. Most universities and colleges have established long-term zero emission goals and vehicle fleets are often one of the most common and public use cases where switching to EVs can have an immediate and meaningful impact. Mullen’s advanced commercial EVs, coupled with their focus on efficiency, cost savings and performance, align perfectly with the goals of forward-thinking institutions committed to reducing their carbon emissions.

“We are thrilled to see leading universities in California, New Jersey, Virginia and North Carolina choose Mullen for their fleet EVs, which further establishes our position in the higher education market,” said David Michery, CEO and chairman of Mullen Automotive. “We are confident that our commercial EVs will enhance campus operations and contribute significantly to the overall sustainability goals of these institutions.”

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, the Environmental Protection Agency, and the California Air Resources Board (“CARB”) certifications denoting strict adherence to clean air emissions standards.

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 a $3,500 MOR-EV incentive 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 any additional vehicles will be ordered by California universities 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

Attachment

• The Mullen ONE, Class 1 EV Cargo Van is Well Suited for University and Campus Use Cases

FAQ

What universities have recently ordered Mullen EVs (MULN)?

Two California universities in Los Angeles and Berkeley, along with Princeton University, University of Virginia (UVA), and University of North Carolina (UNC) have recently ordered Mullen ONE Class 1 EV cargo vans.

What incentives are available for Mullen (MULN) commercial EVs?

The Mullen THREE qualifies for a $45,000 HVIP voucher in California and $15,000 MOR-EV incentive in Massachusetts. The Mullen ONE is eligible for a $3,500 MOR-EV incentive. Both vehicles qualify for $7,500 Federal Tax Incentives.

Which Mullen (MULN) commercial EV models are currently available for sale?

Mullen currently offers the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck, both designed for urban last-mile delivery.