Mullen Readies for Commercial Launches and Announces Customer Pricing for Class 1 EV Cargo Vans and Class 3 EV Cab Chassis Trucks

By: Mullen Automotive, Inc. via GlobeNewswire

May 04, 2023 at 08:00 AM EDT

Mullen, in receipt of purchase order from Randy Marion Automotive Group, announces customer vehicle pricing for the Class 1 EV Cargo Van with starting price of $34,500 and the Class 3 EV Cab Chassis Trucks at $68,500

19 EV Cargo Vans have been delivered to date, with 20 additional deliveries targeted for May 2023. Purchase order for 200 Class 1 EV vans anticipated in May 2023

1,000-unit purchase order, valued at $63M, for Class 3 EV trucks from Randy Marion Automotive Group was announced on May 2, 2023, with deliveries beginning in August 2023 and final deliveries completed by Q1 2024

BREA, Calif., May 04, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces customer vehicle pricing for the Mullen ONE, Class 1 EV Cargo Van and Mullen THREE, Class 3 EV Cab Chassis Truck.

“As more fleets focus on their sustainability goals addressing climate change, the net price points of our Mullen commercial products make this an easy choice and help accelerate their transition to electric,” said David Michery, CEO and chairman of Mullen Automotive. “With both vehicles qualifying for the $7,500 federal tax credit, their Class 1 EV Cargo Van acquisition cost will reduce to $27,000 and Class 3 EV Cab Chassis Truck will reduce to $61,000.”

Mullen ONE, Class 1 Urban Delivery EV Cargo VAN
Starting MSRP: $34,500
Available federal tax credit: $7,500
Vehicle net price: $27,000 (after tax credit)

The Mullen ONE is anticipated to be the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment. This van was designed for last mile delivery, with best-in-class cargo volume, payload, and turning diameter to easily navigate through narrow urban streets and residential roads.

Mullen ONE Vehicle Highlights:

110-mile estimated range
4,881 lbs. GVWR
1,683 lbs. max payload
157 cu. ft. cargo volume
20 ft. turning radius

View full vehicle specifications for the Mullen ONE here.

Mullen THREE, Class 3 Urban Utility EV Cab Chassis Truck
Starting MSRP: $68,500
Available tax credit: $7,500
Vehicle net price: $61,000 (after tax credit)

There are also various state incentives, such as the California HVIP program, which offers up to $45,000 incentive for commercial Class 3 products like the Mullen THREE EV Cab Chassis Truck.

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.

Mullen THREE Vehicle Highlights:

130-mile estimated range
11,000 lbs. GVWR
5,802 lbs. max payload
14 ft. max box length
38 ft. turning diameter

View full vehicle specifications for the Mullen THREE here.

To-date, 19 EV Cargo vans have been delivered with 20 additional deliveries targeted for May 2023. Additionally, the Company is also anticipating a purchase order for 200 Class 1 EV vans anticipated in May 2023.

Recently, a 1,000-unit purchase order, valued at $63M, for Class 3 EV Cab Chassis Trucks from Randy Marion Automotive Group was announced on May 2, 2023. Production is planned to begin in August 2023 and final deliveries completed by Q1 2024. All commercial vehicles are produced in 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 two Company-owned United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1 and 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.

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: (i) the expected timelines for the Mullen commercial vehicle launches; whether the Randy Marion orders will be successfully fulfilled; whether the Company will be able to adhere to the anticipated customer vehicle pricing for the Class 1 EV Cargo Vans and the Class 3 Cab Chassis Trucks; how long the federal tax credits or other state and federal incentives for electric vehicles will remain available; what other taxes or charges may be attributable to the Mullen vehicles; whether the Mullen ONE will be the first EV cargo van for sale in the U.S. market under the Class 1 commercial vehicle segment; whether the Mullen ONE and Mullen THREE vehicles will have the expected mileage range and other anticipated features; and whether these vehicles will prove successful for the Company; (ii) whether the commercial product launches contemplated for 2023 will materialize within the slated timelines; (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) 613-1900
www.MullenUSA.com

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

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