Mullen Opens Dominican Republic and Caribbean Markets for Commercial EVs
January 30 2024 - 9:30AM
via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer,
announces today a vehicle order with Grupo Cavel (“Cavel”) to
purchase Mullen CAMPUS EV cargo vans for sale in the Dominican
Republic and Caribbean markets via Cavel’s Electric Motors
dealerships. Mullen CAMPUS EV cargo vans are currently distributed
through Mullen’s retail dealership partner, Randy Marion Automotive
Group (“Randy Marion” or “RMA”).
Grupo Cavel’s first vehicle order includes 20 CAMPUS EV cargo
vans, which will be sold via its Electric Motors dealership group.
Cavel plans to continue ongoing vehicle orders and will be
establishing a sales and service distribution channel for Mullen’s
lineup of commercial EVs in the Dominican Republic and
Caribbean.
In addition to being a key retail automotive group in the
Dominican Republic, Grupo Cavel also has substantial relationships
in vehicle sales, distribution, warranty and servicing throughout
the Caribbean. The Dominican Republic is a leading country among
Latin American countries with the most electric vehicles per
capita.
“Our commitment to electric vehicles began with the introduction
of the first electric motorcycles in the Dominican Republic, which
grew into offering five brands through our Electric Motors
dealerships. Today we made an important decision by adding Mullen’s
commercial vehicles to our portfolio,” said Joel Tavarez, CEO of
Grupo Cavel, the parent company of Electric Motors. “The Mullen EVs
establish a new level of quality among commercial vehicles and we
are confident they will excel in the Dominican Republic and the
broader region.”
“This is an important relationship for Mullen with a strong
partner in Grupo Cavel, opening doors to a new market in the
Dominican Republic and Caribbean, where the warm weather also
provides a near-perfect operating environment for EVs,” said David
Michery, CEO and chairman of Mullen Automotive.
The Mullen CAMPUS is a highly efficient electric van designed
for low-speed, closed-campus use. The fully battery-operated
vehicle (“BEV”) will be used for closed-campus transportation,
providing cargo capacity and operator comfort. The CAMPUS delivery
van has all the same DNA as the Mullen ONE but was purpose-built to
be an ideal delivery solution for micro-environments.
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-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.
About Grupo CavelGrupo Cavel, with experience
of more than 45 years, is one of the largest business groups in the
Dominican Republic, with operations in that country, the United
States and Guyana and a wide portfolio ranging from office
equipment, construction materials, education, imports and
entertainment. Grupo Cavel is the leader in electric mobility in
the region and, together with its company Electric Motors, they
have introduced different brands and models to the local market,
being leaders and pioneers.
To learn more about the company, visit www.GrupoCavel.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 Grupo Cavel (“Cavel”) will order additional
vehicles beyond the initial order placed and whether the CAMPUS EV
cargo vans will be a success in the Dominican Republic and
Caribbean markets. 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
- Mullen CAMPUS EV Delivery Cargo Van
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