Mullen Announces the Sale of 22 EV Cargo Vans to Randy Marion Automotive Group; Sales Revenue to Be Recognized in Upcoming 10-Q
Revenue of $308,000 booked and recorded for quarter ending June 30, 2023
BREA, Calif., June 29, 2023 (GLOBE NEWSWIRE) — 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.
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 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: 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.
Mullen Automotive, Inc.
+1 (714) 613-1900
Los Angeles, California
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