Mullen Announces New Commercial EV Fleet Order for Europe

By: Mullen Automotive, Inc. via GlobeNewswire

May 29, 2024 at 09:29 AM EDT

Commercial food delivery upfitter submits purchase order for 40 all-electric Mullen-GO urban delivery vehicles

Initial purchase order valued at approximately $440,000 USD with additional orders to follow

BREA, Calif., May 29, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today a new European purchase order (“PO”) for 40 Mullen-GO urban delivery vehicles with Switzerland-based Antidoto SA, a commercial upfitter whose key focus is on-demand food delivery companies. The initial PO is valued at $440,000 USD.

Antidoto SA specializes in the design and sale of pizza ovens for delivery vehicles and installs warming ovens in various types of vehicles. The company currently produces around 500 ovens per year, which are integrated and sold with a specific vehicle. Antidoto SA will initially order 40 Mullen-GO vehicles for 2024 and projects a minimum order of 180 units for 2025 to meet anticipated growing demand for zero emission EVs. The vehicles will initially be deployed in Switzerland with planned expansion into other parts of Europe.

“We strongly believe that a collaboration with Mullen could not only meet our current needs, but also boost our production capacity by offering an electric vehicle to our customers,” said Milijana Miletic, Director of Antidoto SA.

“As part of our global expansion, we are looking at all segments of urban delivery opportunities, including hot and cold on-demand delivery, which is perfectly suited for the Mullen-GO,” said David Michery, CEO and chairman of Mullen Automotive.

The Mullen-GO is the Company’s urban commercial electric delivery vehicle, which is designed to bridge the gap between the growing demand for quick deliveries and space constraints in dense cities throughout Europe. The commercial EV’s compact design allows it to easily handle the stop/go and weave in/out typical of narrow urban European streets, getting to the customer's door faster, all while decreasing pollution and congestion levels. The Mullen-GO is EU standard homologated, certified, and ready for European sale.

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 $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. Recently CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing a rebate of up to $45,000 at time of vehicle purchase. The Company has also recently expanded its commercial dealer network with the addition of Pritchard EV and National Auto Fleet Group, providing sales and service coverage in key Midwest and West Coast markets. The Company also recently announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.

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 of the Ortak Antidoto SA purchase order, whether Ortak Antidoto SA will order additional Mullen-GO vehicles and whether the Mullen-GO will be a success. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s 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) Mullen’s ability to protect its 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

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