Mullen Continues Prioritization of Commercial EVs
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Insights
The strategic expansion of Mullen Automotive's sales team, particularly with the addition of experienced professionals in the commercial EV sector, suggests a targeted push to capitalize on the growing demand for electric vehicles in the Last Mile Delivery and regional fleet markets. The Last Mile Delivery market is rapidly expanding due to the e-commerce boom and companies like Amazon, FedEx and UPS are looking for sustainable and cost-effective fleet solutions. The expertise of the new hires, with their background in managing high-volume accounts and developing client-specific programs, indicates Mullen's intent to offer tailor-made EV solutions that could potentially increase their market share and revenue in this niche area.
However, the success of such initiatives largely depends on the company's ability to deliver competitive products and services that meet the specific needs of fleet management companies. The commercial EV space is increasingly crowded, with established automotive manufacturers and new entrants alike vying for market leadership. Mullen's ability to leverage strategic planning and data analysis, as highlighted by the experience of the new team members, will be critical in differentiating their offerings and securing large strategic accounts.
The hiring of key sales personnel with significant industry experience is a forward-looking investment that could enhance Mullen Automotive's sales capabilities and drive revenue growth. From a financial perspective, such investments in human capital are expected to increase operational expenses in the short term. However, if these hires lead to successful penetration of the Last Mile Delivery and regional fleet markets, the long-term benefits could include a stronger competitive position and improved financial performance.
Investors should monitor the company's sales progress in the upcoming quarters to gauge the effectiveness of these strategic hires. It will be important to evaluate not just the growth in sales figures but also the profitability of the commercial vehicle segment, as this will influence the company's overall financial health. The ability to secure large accounts and the subsequent impact on the stock price will depend on Mullen's execution of their sales initiatives and the market's reception of their commercial EV offerings.
The commercial vehicle segment, particularly electric vans and trucks for Last Mile Delivery, is a segment with specific challenges and requirements such as range, load capacity and charging infrastructure. Mullen's focus on this segment is timely, given the increasing regulatory pressures for emission reductions and the corporate push towards sustainability. The expertise brought by the new hires, especially their previous experience with large fleet operators, suggests that Mullen is not only looking to sell vehicles but also to provide a comprehensive fleet management solution that could include maintenance, data analytics and charging solutions.
The impact of these hires will be measured by their ability to forge strong relationships with key players in the industry and to understand and meet the evolving needs of fleet operators. The integration of strategic account management and innovative program development, as demonstrated by the new team members' backgrounds, is essential for success in a market where operational efficiency and total cost of ownership are paramount.
Company expands sales team in support of commercial vehicle sales initiatives with focus on Last Mile Delivery, Regional Fleets and Fleet Management Companies
BREA, Calif., March 14, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today new key sales hires who have joined the Company in support of its commercial EV van and truck program.
Tyler Jordan - Senior Director of Commercial Sales
Jordan has more than 13 years of experience driving profitability, growth, and process and program enhancements to service high-volume, multi-million-dollar accounts, leveraging strategic planning and data analysis. During the five years he spent with Merchants Fleet, Jordan was a key contributor to the growth of the Last Mile Delivery segment as both a strategic account executive and manager of the strategic accounts. In his role, Jordan collaborated with many different teams to create scalable, end-to-end processes that proved crucial in landing large strategic accounts such as Amazon, FedEx and UPS.
Matt Nevious - Director of Commercial Sales/Strategic Accounts
Nevious played a pivotal role at Merchants Fleet in the growth and optimization of key accounts, particularly within Amazon Last Mile operations. He spearheaded the development of innovative programs tailored to the unique needs of clients like Amazon and FedEx.
Jacob Frenning - Director of Commercial Sales Mid-Atlantic
Frenning has over 15 years of proven successful sales and leadership experience in automotive service, commercial sales and fleet management. In the past decade, Frenning has held positions in operations, sales, and management, and is passionate about applying these skills to deliver proven sales results. Frenning has strong contacts with fleets and is known for working hard to uncover new opportunities while strategically targeting key accounts and other growth engines.
“After an extensive due diligence process and countless interviews with highly sought-after individuals, we have identified a strong caliber team with great expertise in commercial sales. These individuals will propel Mullen’s sales efforts forward,” said Marianne McInerney, Chief Strategy and Commercial Officer of Mullen Automotive.
“Our commercial growth continues, and it’s encouraging to see our sales efforts expand into new opportunities,” said David Michery, CEO and chairman of Mullen Automotive. “Fleet Management Companies and Last Mile Delivery represent a significant portion of vehicle sales volume in the commercial segment, and focusing on these important categories positions us for strong future growth opportunity.”
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, whether the new key hires will meet expectations, achieve expected sales goals and whether the Company will be successful in meeting its growth objectives. 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
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FAQ
Who are the new key sales hires at Mullen Automotive, Inc.?
What experience does Tyler Jordan bring to Mullen Automotive, Inc.?
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