Mullen and Randy Marion Deliver First Class 1 EV Cargo Vans to MGT Lease Company in North Carolina
March 31 2023 - 8:00AM
via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN)
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, today announces that class 1 EV cargo vans have been
delivered to MGT Company (“MGT”) in Highpoint, North Carolina, with
the vehicle order fulfilled by Randy Marion Automotive Group.
Mullen is proud to announce MGT as one of its first commercial
EV fleet customers. MGT is a growing commercial vehicle sales and
leasing company with annual revenue of over $70 million in 2022 and
$100 million projected for 2023. MGT’s primary customer base
focuses on last mile segments, such as package delivery and retail,
and vocations such as plumbing and electrician. MGT currently
provides commercial vehicle sales and leasing across all major OEM
brands, with focus on class 1-4 commercial vehicles.
“Mullen’s class 1 is a perfect entry point for us and working
with the Company. The class 1 segment no longer has internal
combustion engine options from the major OEM brands and certainly
does not have any class 1 EV options. One of the biggest
opportunities we see is the class 3 cab-chassis segment, with the
potential to upfit and offer unlimited options for commercial
customers,” said Thomas Gavlik, managing partner at MGT.
“MGT is a rapidly growing fleet leasing company that fully
understands the commercial market and will help accelerate Mullen’s
Fleet-First commercial vehicle approach,” said John Schwegman,
Mullen’s chief commercial officer.
“We continue to see growing interest in our commercial EV
offerings, and it’s great to have MGT as one of our first
commercial customers,” said David Michery, CEO and chairman of
Mullen Automotive. “We look forward to growing our
relationship with MGT across our entire platform of commercial EV
vehicles.”
About MullenMullen 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
I-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 StatementsCertain 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 MGT Lease Company will be satisfied with the vehicles
delivered, whether any future contemplated deliveries to them
will materialize, whether the Company’s relationship with MGT will
prosper or accelerate Mullen’s Fleet-First commercial vehicle
approach or whether the contemplated forthcoming announcement of
additional customer Class 1 van deliveries will materialize; (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)
613-1900www.MullenUSA.com
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
- The First of Mullen’s Class 1 EV Cargo Vans Delivered to MGT
Lease Company
Mullen Automotive (NASDAQ:MULN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mullen Automotive (NASDAQ:MULN)
Historical Stock Chart
From Apr 2023 to Apr 2024