Mullen Signs Agreement with California Based and HVIP Approved, National Auto Fleet Group

Rhea-AI Summary

Mullen Automotive, Inc. (NASDAQ: MULN) partners with National Auto Fleet Group (NAFG) to offer its all-electric commercial vehicles in key California markets. NAFG, a Sourcewell contract awardee, will provide fleet vehicle purchasing to government agencies, schools, and local governments. Mullen's EV lineup includes the Mullen ONE cargo van and Mullen THREE cab chassis truck, both HVIP approved. NAFG, with two Sourcewell contracts, simplifies the purchasing process for government fleets, aiming to transition to sustainable electric transportation.

Positive

• Mullen Automotive partnering with NAFG opens up key California markets for its all-electric commercial vehicles.

• The partnership with NAFG, a Sourcewell contract awardee, facilitates fleet vehicle purchasing for government agencies and educational institutions.

• Mullen's EV lineup, including the Mullen ONE cargo van and Mullen THREE cab chassis truck, is HVIP approved, providing up to $45,000 cash voucher at purchase.

Negative

• Potential challenges may arise in ensuring widespread adoption of Mullen's commercial EVs by government fleets due to existing infrastructure and operational adjustments required.

• Competitive pressures in the electric vehicle market may impact Mullen's ability to secure a significant market share in the commercial vehicle sector.

NAFG, a Sourcewell contract awardee, with two awarded contracts (#091521-NAF and #060920-NAF), provides fleet vehicle purchasing to state, local government and educational institutions with near-term orders and deliveries pending

Sourcewell is a government agency that has fulfilled bidding requirements and holds hundreds of competitively solicited contracts ready for use

BREA, Calif., May 06, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today the addition of California based commercial dealer,  National Auto Fleet Group ("NAFG"). NAFG will offer Mullen’s full line of all-electric commercial vehicles, the Mullen ONE, Class 1 EV cargo van and Mullen THREE, Class 3 EV cab chassis truck, which is HVIP approved and provides up to $45,000 cash voucher at purchase. NAFG will support national fleet customers via Sourcewell and offer Mullen’s commercial vehicle lineup in the following two key market locations in California:

• Watsonville, CA (Northern California)
• Alhambra, CA (Southern California)

NAFG, founded in 1980, is based in Northern California and is a premier all-in-one, minority family-owned vehicle dealership group specializing in government fleet sales in California and across the United States. 

As a Sourcewell selected vehicle vendor with two awarded contracts (#091521-NAF and #060920-NAF), NAFG has revolutionized government vehicle purchasing by linking its nationwide network of manufacturers and upfitters to meet agency upfitting needs. Sourcewell is a government agency that has fulfilled the bidding requirements on behalf of members and holds hundreds of competitively solicited contracts ready for use. NAFG streamlines the purchasing process for government agencies through Sourcewell contracts and their online quoting system with resources to assist public agencies with a variety of fleet purchasing solutions, eliminating the need for lengthy bidding procedures.

“Everything you see, smell or touch was moved by truck at one time or another. With Mullen we will offer municipal and government fleets the opportunity to work more efficiently, with a stronger TCO and with zero emissions,” said Clarke Cooper, National Fleet Auto Group. “We believe Mullen’s All Electric line provides municipalities and government fleets with the option they need to transition to electric. Further, the fact that these vehicles are assembled in the United States by Americans upholds the goals we value when we work with public fleets and Sourcewell."

NAFG will leverage its extensive network and expertise to offer Mullen’s innovative Class 1 and Class 3 commercial EVs to government agencies nationwide and will simplify the process for public entities seeking to transition their fleets to sustainable electric transportation.

NAFG is also an approved California Air Resource Board (“CARB”) HVIP dealer and will be able to provide point of sale vouchers for the Mullen THREE, Class 3 EV truck. Under HVIP, the 2024 Mullen THREE, with a suggested MSRP of $68,500, qualifies for an up to $45,000 cash voucher. When combined with the available $7,500 federal tax credit, the net effective cost of the Mullen THREE could be less than $17,000. A copy of Mullen’s Class 3 HVIP approval can be found here.

“NAFG’s with two Sourcewell awarded contracts, and its proven track record of serving government agencies and their commitment to innovative vehicle solutions make them the ideal partner to bring our commercial EVs to public fleets across the nation,” said David Michery, CEO 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 with both vehicles 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, making them ideal for public fleets.

About National Auto Fleet Group
National Auto Fleet Group (NAFG) is a minority family-owned,   all-in-one vehicle vendor that caters to government agencies across the United States. With two generations of experience, we understand the complexities involved in government fleet vehicle purchasing. Our fast, reliable, and hassle-free Sourcewell vehicle contracts empower members to seek alternatives to the tedious bidding process. Our effective and simple online quoting system offers resources to assist public agencies with a variety of fleet purchasing solutions.
To learn more, visit www.nationalautofleetgroup.com

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.

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 two new dealerships will be successful in selling Mullen’s vehicles, what governmental voucher and other incentives will be in place when purchasers buy vehicles and the resultant final vehicle costs to purchasers; and whether NAFG will get purchase orders for Mullen vehicles from government agencies. 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

Attachments

• National Auto Fleet Group is based in Watsonville, Calif.
• Mullen’s Class 3 EV Truck is now HVIP approved for up to $45,000 cash voucher at time of purchase

FAQ

What vehicles are included in Mullen's commercial EV lineup with NAFG partnership?

Mullen's commercial EV lineup with NAFG includes the Mullen ONE cargo van and Mullen THREE cab chassis truck, both HVIP approved.

What benefits do government agencies get from purchasing Mullen's commercial EVs through NAFG?

Government agencies can get up to $45,000 cash voucher at purchase when buying Mullen's commercial EVs through NAFG.

What regions in California will NAFG operate in with Mullen's commercial vehicles?

NAFG will operate in Watsonville, CA (Northern California) and Alhambra, CA (Southern California) with Mullen's commercial vehicles.

Is Mullen's EV lineup compliant with U.S. Federal Motor Vehicle Safety Standards and EPA certifications?

Yes, Mullen's EV lineup, including the Mullen ONE cargo van and Mullen THREE cab chassis truck, is in full compliance with U.S. Federal Motor Vehicle Safety Standards, EPA and CARB certifications.

What is the net effective cost of the 2024 Mullen THREE Class 3 EV truck after incentives?

The net effective cost of the 2024 Mullen THREE Class 3 EV truck could be less than $17,000 after the $45,000 cash voucher and $7,500 federal tax credit are applied.