Mullen Automotive Receives Purchase Order from Randy Marion Automotive Group for 6,000 Class 1 Commercial EV Cargo Vans
December 15 2022 - 9:59AM
via NewMediaWire -- 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 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 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
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