Mullen Automotive Receives Purchase Order from Randy Marion Automotive Group for 6,000 Class 1 EV Cargo Vans
December 15 2022 - 9:00AM
via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN)
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, today announces a purchase order for 6,000 Class 1 EV
cargo vans from Randy Marion Isuzu, LLC (“RMI”), a member of the
Randy Marion Automotive Group (“RMA”). The firm order agreement is
valued at approximately $200 million.
RMA is one of the largest and most respected commercial vehicle
dealer groups in the U.S. Randy Marion Isuzu, LLC, a division of
RMA, has committed to purchase 6,000 Class 1 EV cargo vans from
Mullen Automotive. Mullen recently announced RMA as its first
commercial dealer partner to offer sales, service and parts for
Mullen Automotive’s commercial vehicle lineup.
“We see a tremendous opportunity with the Mullen commercial
portfolio, and the launch of the commercial van could not come at a
better time,” said Randy Marion, CEO and founder of RMA. “There’s
significant pent-up customer demand for Mullen to fulfill. I have
many customers looking at me to find product for their
companies.”
“This is a real vote of confidence in our company. We appreciate
Randy’s vision and aggressiveness to partner with us,” said John
Schwegman, chief commercial officer for Mullen Automotive. “He
clearly sees the future in commercial EVs.”
“The Randy Marion Automotive team is fully aligned with our
Class 1 EV plan and is well positioned to help us capitalize on our
first mover advantage in the commercial EV segments,” said David
Michery, chairman and CEO of Mullen Automotive.
Mullen’s commercial EV lineup includes Class 1-3 cargo van and
cab chassis offerings and Bollinger Motors Class 4-6 chassis
products. Mullen’s entire commercial vehicle lineup will be
manufactured out of the Advanced Manufacturing and Engineering
Center (AMEC) located outside Tunica, Mississippi.
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
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 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 whether
all terms and conditions of the purchase order will be met by the
parties and whether the purchase order will result in the eventual
delivery of 6,000 Class 1 EV cargo vans or realize approximately
$200 million dollars in revenue for the Company. Further 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)
613-1900www.MullenUSA.com
Corporate Communications:InvestorBrandNetwork
(IBN)Los Angeles,
Californiawww.InvestorBrandNetwork.com310.299.1717
OfficeEditor@InvestorBrandNetwork.com
A photo accompanying this announcement is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/2f2cfd85-8781-4e95-b849-99e7f09046f6
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