Mullen Announces the Sale of 22 EV Cargo Vans to Randy Marion Automotive Group; Sales Revenue to Be Recognized in Upcoming 10-Q
June 29 2023 - 8:00AM
via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen”or the
“Company”), an emerging electric vehicle (“EV”) manufacturer,
announces today it has sold 22 EV cargo vans to the Randy Marion
Automotive Group. The $308,000 is the company’s first recorded
revenue and is being recognized in the quarter ending June 30,
2023. All vehicles are in que to be shipped, with the first
vehicles shipping today, June 29, 2023, from Mullen’s Tunica,
Mississippi, assembly plant to Randy Marion Automotive Group in
North Carolina. Randy Marion is the authorized distributor of
Mullen’s commercial EVs in the U.S.
The Company currently is in process with six Campus EV Pilot
Programs across four different industry categories including
aviation, pharmaceutical, public utility and universities. Further
details on these programs are anticipated to be included in future
announcements.
All Mullen commercial vehicles, including the Mullen EV Campus
Cargo Van, Mullen Class 1 EV Cargo Van and the Mullen Class 3 EV
Cab Chassis Truck will be produced at Mullen’s Tunica assembly
plant. The Campus EV Cargo Van is available now for purchase.
Start of production for the Class 3 EV Cab Chassis Truck will begin
in July with first vehicle deliveries in August and September
2023.
“We continue to receive great interest from around the country
for Mullen’s different commercial EVs and the campus van is proving
to be a great fit with various different closed campus commercial
applications,” said Brad Sigmon, vice president of RMA Fleet
Operations.
The Mullen commercial team has been active across the country
this past winter and spring, showcasing the Mullen Class 1 and
Class 3 vehicles at various commercial and fleet events, including
test drive opportunities at multiple locations. The public will
also have the opportunity to experience Mullen’s commercial vehicle
lineup at the upcoming 2023 “Strikingly Different” U.S. tour,
planned to start in August 2023. The tour will feature several
Mullen EVs, including the Mullen FIVE and Mullen FIVE RS
crossovers, Mullen ONE commercial Class 1 van, Mullen THREE
commercial Class 3 truck, Bollinger B1, B2 and B4 and the new
Mullen GT sports car.
“These shipments are significant as they represent the first
revenue recorded on our financial statement, reflected on the June
30, 2023, 10-Q,” said David Michery, CEO and chairman of Mullen
Automotive, Inc.
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.
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: whether the cargo van sales will be successfully
concluded, whether the associated sales revenue will be recognized
or the vehicles shipped within the anticipated time periods;
whether the contemplated EV Pilot Programs will materialize and the
timing of any future announcements regarding the said
Programs; the anticipated start of production and delivery
dates for the Class 3 EV Cab Chassis Truck; the dates
of the expected 2023 “Strikingly Different” U.S. tour and which
vehicles will participate in the said tour. 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
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