Mullen, Phenix Truck & Van and Knapheide Announce Completion of a New Class 3 Light-Weight EV Service Body; Purpose Built for Municipalities and Public Utilities Applications
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Insights
The collaboration between Mullen Automotive, Phenix Truck Bodies & Van Equipment and Knapheide Manufacturing to produce a light-weight service truck body for the All-Electric Mullen THREE marks a significant development in the electric vehicle (EV) sector, particularly for commercial fleet applications. The strategic alliance aims to capitalize on the growing demand for environmentally friendly transportation solutions within municipalities and public utilities, sectors that are increasingly subject to regulatory pressures to reduce carbon emissions.
The Mullen THREE's attributes, such as its 125-mile range, rapid Level 3 DC charging capability and payload capacity, position it competitively within the Class 3 service body truck market. The vehicle's design facilitates customization, which is critical for meeting the diverse needs of commercial fleet operators. The partnership's focus on lightweight materials could also yield operational cost savings through improved energy efficiency, a key consideration for fleet managers monitoring total cost of ownership.
Furthermore, the emphasis on California and other CARB states reflects a strategic targeting of markets with strong incentives for EV adoption. This regional focus could serve as a proof of concept, potentially influencing broader adoption in similar regulatory environments. The alliance's potential to create a new niche in the EV market for commercial fleets could stimulate additional investments and technological advancements in the sector.
The announcement by Mullen Automotive regarding the completion of the All-Electric Mullen THREE's light-weight service truck body could have material financial implications for the company and its partners. By entering the commercial EV market, Mullen is diversifying its product portfolio and tapping into a new revenue stream, which could be lucrative given the sector's growth trajectory and the increasing shift towards sustainable transportation.
The collaboration with established entities like Phenix and Knapheide may provide Mullen with a competitive edge, leveraging the partners' existing customer bases and reputations. This could potentially lead to an accelerated market penetration and higher sales volumes. Investors should monitor the adoption rate of the Mullen THREE in pilot programs, as successful integration into municipal and utility fleets could signal the viability of the product and positively impact Mullen's stock performance.
It is important to note, however, that the EV market is highly competitive, with larger players already established. Mullen's ability to secure a foothold will depend on the performance and cost-effectiveness of its offerings, as well as the company's capacity to scale production and maintain quality. Any delays or issues in these areas could have an adverse effect on investor confidence and the company's financial outlook.
The initiative by Mullen Automotive and its partners to develop an electric solution for Class 3 service body trucks aligns with broader environmental policy objectives, particularly in states adhering to the California Air Resources Board (CARB) regulations. These regulations are designed to reduce air pollution and promote clean vehicle technologies, creating a conducive market for EV adoption.
For municipalities and public utilities, transitioning to an electric fleet not only supports compliance with environmental regulations but also demonstrates a commitment to sustainability. This can enhance public perception and potentially lead to economic benefits through state incentives and grants aimed at reducing greenhouse gas emissions.
The long-term implications of such developments could be substantial, contributing to the achievement of climate goals and the establishment of new industry standards for vehicle emissions. As more regions consider similar environmental policies, the demand for electric commercial vehicles like the Mullen THREE could see a significant increase, potentially influencing national and international market trends.
Phenix is one of California’s largest providers of work trucks, equipment and specialty truck bodies, focusing on large enterprise customers in public utilities, municipalities and fire departments
Class 3 upfit now on display at Mullen’s CES 2024 booth | N Hall-10315, LVCC
BREA, Calif., Jan. 11, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today the completion of a light-weight service truck body for the All-Electric Mullen THREE, which was developed in collaboration with Phenix Truck Bodies & Van Equipment (“Phenix” or “Phenix Truck & Van”) and Knapheide Manufacturing (“Knapheide”). Mullen and the Phenix/Knapheide teams have developed a unique, light-weight body configuration designed to bring an EV solution for Class 3 service body truck fleets to municipalities and public utilities. The Mullen THREE Class 3 vehicle upfit is available to commercial fleet customers for evaluation and pilot programs and is on display now at Mullen’s CES 2024 (“Consumer Electronics Show”) booth N-Hall #10315, LVCC and will be featured later at the NTEA Work Truck Show and Advanced Clean Transportation Expo.
Phenix Truck & Van, based in Southern California, is one of California's largest work truck, van equipment and specialty truck body manufacturers. For 45 years, Phenix has designed and manufactured custom work trucks and fire apparatus for the most selective customers in public utilities, local municipalities and fire departments. Phenix is also a CPUC certified Minority Business Enterprise (“MBE”).
The Mullen THREE has a range of 125 miles and offers Level 3 DC charge time of 1.5 hrs. The THREE also includes best-in-class turning diameter of 38 ft. Its versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet in length and over 5,800 lbs. of payload.
“This Mullen THREE Phenix/Knapheide upfit is a perfect use case for municipalities and utilities who need to transition away from gas and diesel and into electric, especially in states with strong incentives to switch, like California and other CARB states,” said David Michery, CEO and chairman of Mullen Automotive. “Phenix is one of the best upfitters out there and partnering with both Phenix and Knapheide to develop this Class 3 solution opens an important segment for us with public utilities and local municipalities, especially in California.”
Details on the All-Electric Mullen Class 3 Phenix/Knapheide upfit can be found here.
About Phenix Truck Bodies & Van Equipment
Since 1978, Phenix Truck Bodies & Van Equipment has been manufacturing specialty custom work trucks for Southern California municipalities, utilities, fire departments, and the U.S. Government. Phenix offers complete vocational fleet solutions by providing both custom manufactured and distributed equipment, and accessories configured to customers’ exacting specifications.
To learn more about Phenix, visit www.Phenixent.com.
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 all 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: (i) whether the Company’s relationship with Phenix Truck Bodies & Van Equipment will be a success and whether the development of a light-weight truck body for its Class 3 EV will be a success and, if so, prove beneficial; (ii) the timing of manufacturing, production and availability of Mullen vehicles to customers; (iii) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (iv) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (v) Mullen’s ability to successfully expand in existing markets and enter new markets; (vi) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (vii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (viii) the ability to attract and retain qualified employees and key personnel; (ix) adverse effects of increased competition on Mullen’s business; (x) changes in government licensing and regulation that may adversely affect Mullen’s business; (xi) the risk that changes in consumer behavior could adversely affect Mullen’s business; (xii) Mullen’s ability to protect its intellectual property; and (xiii) 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:
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Los Angeles, California
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