Mullen Announces Its Dealer Eco Auto’s Expansion and Purchase of 180 Commercial EVs
Rhea-AI Summary
Mullen Automotive Inc. (NASDAQ: MULN) announces a significant expansion through its dealer Eco Auto. Eco Auto will purchase 180 commercial EVs over 18 months, valued at $7.7 million, with deliveries starting September 2024. This includes 130 Class 1 EV cargo vans and 50 Class 3 EV trucks. Eco Auto is expanding its coverage to Pennsylvania, Connecticut, Rhode Island, New Hampshire, Maine, and Vermont, meeting growing demand for commercial EVs.
Mullen's commercial lineup includes the Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck), both compliant with U.S. safety and emissions standards. The Mullen THREE qualifies for significant incentives: a $15,000 incentive in Massachusetts and a $45,000 rebate in California. The Mullen ONE is eligible for a $3,500 incentive in Massachusetts.
Positive
- Secured order for 180 commercial EVs worth $7.7 million
- Expanded dealer network coverage to six additional states
- Mullen THREE qualifies for $15,000 incentive in Massachusetts and $45,000 rebate in California
- Mullen ONE eligible for $3,500 incentive in Massachusetts
- Growing demand for Mullen's commercial EVs reported by dealer
Negative
- Deliveries of new order not starting until September 2024
News Market Reaction – MULN
In the trading session that priced this news, MULN declined 0.30%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Eco to purchase 130 Class 1 EV cargo vans and 50 Class 3 EV trucks over the next 18 months for an estimated value of
Mullen expands its East Coast reach into Pennsylvania, Connecticut, Rhode Island, New Hampshire, Maine and Vermont through Eco Auto
BREA, Calif., Aug. 08, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today that its Boston area dealer, Eco Auto (“Eco”), a dedicated EV dealer, will expand to cover national fleet opportunities in Pennsylvania, Connecticut, Rhode Island, New Hampshire, Maine and Vermont to meet the growing demand for commercial EVs and support the Company’s full line of commercial electric vehicles in these regions. Eco’s expansion includes the purchase of 180 vehicles over the next 18 months for an estimated value of
Headquartered in Tewksbury, Massachusetts, Eco Auto is a national franchise of automotive dealerships with a core focus of making EVs accessible to all. Eco Auto offers a comprehensive electric vehicle experience for customers by providing affordable EVs, hybrid models, advanced charging stations, and expert EV service in state-of-the-art facilities.
“Mullen’s offerings are unique in the marketplace and they fill a void for businesses of all sizes that are looking for inexpensive, sustainable solutions for their short-distance delivery needs,” said Al Salas, Chief Executive Officer of Eco Auto. “We are getting strong market response to the Mullen product line, in line with our corporate growth, and are committed to representing the Mullen EVs.”
“Our Commercial EVs are extremely versatile for use across multiple sectors,” said David Michery, CEO and chairman for Mullen Automotive. “This order and the expansion of Eco Auto to meet demand demonstrates that Mullen EVs are the preferred choice for fleet operators across the nation seeking sustainable transportation solutions.”
Mullen announced the addition of Eco Auto as its fifth dealer partner in June 2024, focused on the New England area which will now expand to include Pennsylvania, Connecticut, Rhode Island, New Hampshire Maine and Vermont as the Company solidifies its commercial EV footprint across the United States. Mullen’s commercial EV lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck, purpose-built to meet the demands of urban last-mile delivery. Both vehicles are available for sale and in full compliance with U.S. Federal Motor Vehicle Safety Standards, the Environmental Protection Agency, and the California Air Resources Board (“CARB”) certifications denoting strict adherence to clean air emissions standards.
The Mullen THREE was recently qualified for a
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to
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, but are not limited to, the timing of fulfilment and delivery of the Eco Auto purchase order; whether Eco Auto will be successful in selling the purchased vehicles; and the duration of and amount applicable to Federal and State incentive programs for electric vehicles. Additional examples of such risks and uncertainties include, but are not limited to: (i) ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) ability to successfully expand in existing markets and enter new markets; (iv) 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) ability to protect 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
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