Purchase order for $63 million for the procurement of 1,000 Class 3 EV low cab forward trucks. Class 3 vehicle deliveries commencing in August 2023.
BREA, Calif., May 02, 2023– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces a 1,000-vehicle order for the Mullen THREE, a Class 3 low cab forward ("LCF") EV truck. The order has been placed by the Randy Marion Automotive Group ("RMA"), with deliveries commencing in August 2023. The purchase order is valued at $63 million and is between Randy Marion Isuzu, LLC, a member of the Randy Marion Automotive Group, and Mullen Automotive.
The Mullen THREE is an efficient Class 3 low cab forward EV truck featuring a tight turning diameter of 38 feet and excellent visibility for superior maneuverability on narrow city streets. This versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet long and over 5,800 pounds of payload. In addition, the design of the LCF chassis allows more cargo volume within a given overall length.
"We continue to receive great interest for Mullen's commercial vehicles, especially the Class 3 cab chassis," said Brad Sigmon, Fleet GM and vice president of RMA Fleet Operations.
"Randy Marion continues to set the bar for commercial EV dealerships in the U.S. We are proud to be working alongside RMA in getting Mullen's commercial EVs, starting with our Class 1 and Class 3 EVs, out to our commercial customers," said David Michery, CEO and chairman of Mullen Automotive.
Mullen's commercial EV lineup includes Class 1 cargo vans and Class 3 cab chassis offerings and Bollinger Motors Class 4-6 chassis products. Mullen's commercial vehicle lineup will be manufactured out of the Advanced Manufacturing and Engineering Center ("AMEC"), located just outside Tunica, Mississippi.
Randy Marion Automotive Group is one of the largest and most respected commercial vehicle dealer groups in the U.S.
Vehicle order is for Class 3 EV Cab Chassis Trucks, which feature over 5,800 lbs. of payload.
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-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.
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: (i) whether Mullen's commercial product launches contemplated for 2023 will materialize within the slated timelines; (ii) the timeline for delivery of the 1,000 Class 3 vehicle order; the actual dollar value of the vehicle order; whether RMA will honor the remaining terms of the referenced Firm Order Agreement; whether Mullen's commercial vehicle lineup will be manufactured at the stated locations and whether the Mullen vehicles will perform as expected; (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.
Mullen Automotive, Inc.
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