Mullen Signs First US Dealer Partner, Randy Marion Automotive Group, as Company Prepares for 3 Commercial Product Launches in 2023
Mullen Automotive has partnered with Randy Marion Automotive, becoming the first commercial dealer group to offer sales, service, and parts for Mullen's Class 1-6 electric vehicle (EV) lineup, expected to launch in 2023. This collaboration aims to address the underserved commercial EV market, particularly in the Class 1 cargo van segment, as OEMs have exited this space. Randy Marion expressed confidence in Mullen's offerings, while Mullen's CEO highlighted the significance of this partnership for the company's growth.
- Partnership with Randy Marion Automotive enhances Mullen's market presence in commercial EVs.
- Focus on an underserved commercial market could lead to significant sales opportunities.
- Dependence on timely product launches in 2023 poses execution risks.
- Potential financial challenges in securing additional financing.
Randy Marion Automotive, one of the Largest and Most Respected Commercial Dealer Groups in the U.S., Signs on to be the First Commercial Dealer to Offer Sales, Service and Parts for Mullen Automotive’s Commercial Lineup, Covering Class 1-6 EV Cargo Vans and Trucks
BREA, CA, Dec. 13, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces Randy Marion Automotive (“RMA”) as the first dealer group partner for Mullen’s commercial EV lineup, which is set to launch in the U.S. in 2023.
Mullen’s commercial EV lineup includes Class 1-3 cargo van and cab chassis offerings and Bollinger Motors Class 4-6 chassis products.
“We are impressed with Mullen Automotive’s EV lineup, their speed to market and, most notably, their focus on an underserved commercial market for EV vehicles,” said Randy Marion, CEO and founder of RMA. “This is especially obvious when you consider what has taken place in the Class 1 light cargo van category. OEMs have all exited from the commercial Class 1 van segment, leaving the door wide open for Mullen’s EV lineup.”
“We are excited to bring on such a tremendous dealer partner that is so well respected and recognized throughout the commercial industry,” said David Michery, CEO and chairman of Mullen Automotive. “Randy and his team recognize the opportunity with Mullen’s commercial vehicles and are poised to be a critical partner for us.”
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 Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. The Mullen FIVE, the Company's first electric crossover, is slated for delivery in 2025 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. 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 commercial product launches contemplated for 2023 will materialize within the slated timelines; (ii) whether the Randy Marion dealer relationship will be a success; (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
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