Mullen Invoices and Delivers 130 Additional Class 1 EV Cargo Vans to Randy Marion Automotive Group for $4,372,550.00
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Insights
The invoicing of $7,736,150.00 by Mullen Automotive to Randy Marion Automotive Group for Class 1 cargo vans indicates a significant revenue-generating event for Mullen. As an emerging player in the electric vehicle (EV) market, this delivery and invoicing milestone is a testament to the company's operational capabilities in fulfilling large orders. The focus on commercial EVs, particularly those designed for last-mile delivery, aligns with industry trends towards electrification and sustainability in logistics. Moreover, the fact that these vans are being adopted by one of the top commercial dealer groups in the U.S. suggests a strong market acceptance and potential for further growth.
From a market research perspective, the successful delivery of 230 out of an initial 1,000 vehicle order could be seen as an indicator of increasing production capacity and reliability, which are critical factors for investors monitoring Mullen's growth trajectory. The emphasis on vehicle features such as cargo volume, payload and maneuverability addresses the specific needs of urban delivery services, possibly giving Mullen a competitive edge in a niche market.
Analyzing the financial implications of Mullen's recent invoicing, the $7,736,150.00 represents a significant addition to the company's revenue stream. For investors, this figure is a concrete performance indicator that can be weighed against the company's market capitalization and previous revenue figures. The delivery of 230 vehicles, as part of a larger 1,000 vehicle order, suggests a strong working capital utilization and the potential for recurring revenue, assuming the remaining order is fulfilled without delays or quality issues.
Investors should also consider the gross vehicle weight rating (GVWR) and payload capacity as they relate to operational efficiency and cost-effectiveness for end-users, which can drive demand and, in turn, affect Mullen's sales volume and profit margins. The 110-mile estimated range of the Mullen ONE is also a critical metric, as it impacts the total cost of ownership for fleet operators and could influence future purchasing decisions.
The delivery of Class 1 EV cargo vans by Mullen Automotive reflects a strategic positioning within the EV sector, focusing on commercial vehicles for urban delivery. This niche is increasingly important as e-commerce continues to grow and cities seek to reduce emissions. Mullen's emphasis on a best-in-class turning radius and cargo volume caters to the operational needs of fleet operators, who prioritize efficiency and maneuverability in urban environments.
Comparing the Mullen ONE's specifications with industry standards, the 110-mile range is adequate for last-mile delivery operations, which typically involve short trips. However, it's essential to monitor how this range stands up to competitors and whether it meets the evolving demands of delivery services. The production base in Tunica, Mississippi, also suggests a strategic investment in domestic manufacturing, which could appeal to certain segments of the market, particularly in the current climate of supply chain concerns.
To date, Mullen has invoiced RMA
BREA, Calif., Jan. 22, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces 130 additional Class 1 EV cargo vans have been delivered and invoiced for
To date, the Company has delivered 230 Mullen ONE, Class 1 cargo vans with a total invoiced amount of
Randy Marion Automotive Group, based in Charlotte, North Carolina, is one of the top commercial dealer groups in the U.S. Mullen ONE production is based out of Tunica, Mississippi, which is home to Mullen’s commercial vehicle assembly for both the Mullen ONE, Class 1 EV cargo van, and the Mullen THREE, Class 3 EV cab chassis truck.
“2024 has started strong and will be a solid year overall for our commercial EV efforts. The Mullen ONE is a great EV alternative for many of our customers and we continue to see strong demand and interest across the board,” said Brad Sigmon, fleet vice president at Randy Marion Automotive.
“The Mullen ONE is a versatile EV cargo van. We are continuing to scale production and deliveries to RMA,” said David Michery, CEO and chairman of Mullen Automotive.
Mullen ONE, Class 1 Urban Delivery EV Cargo Van
The Mullen ONE is designed for last-mile delivery, with best-in-class cargo volume, payload and turning diameter to easily navigate through narrow urban streets and residential roads.
Mullen ONE, Class 1 EV cargo van highlights:
- 110-mile estimated range
- 4,881 lbs. GVWR
- 1,683 lbs. max payload
- 157-cubic-feet cargo volume
- 20-foot turning radius
View full vehicle specifications for the Mullen ONE here.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
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 volumes and timing of future Mullen vehicle deliveries, whether the Mullen ONE will perform as expected and meet demand for all classes of Mullen vehicles. 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
How many Class 1 EV cargo vans have been delivered to Randy Marion Automotive Group?
What is the total invoiced amount for the Class 1 cargo vans delivered?
Where is the Mullen ONE production based?
What is the estimated range of the Mullen ONE Class 1 EV cargo van?
What is the cargo volume of the Mullen ONE Class 1 EV cargo van?
