Mullen Automotive announces Class 3 EV truck order from Westland Floral, featuring California HVIP incentives and upfits by Phenix.
Quiver AI Summary
Mullen Automotive Inc. has announced the fulfillment of a Class 3 electric vehicle (EV) truck order from Westland Floral, which includes two Mullen THREE trucks with upfits completed by Phenix Truck Bodies & Van Equipment. The order, facilitated by Pritchard, benefits from California HVIP incentives that make these vehicles more financially accessible. The Mullen THREE is designed for urban maneuverability with a tight turning radius and a versatile chassis suitable for various upfits. Mullen CEO David Michery expressed confidence that these trucks will provide Westland with both performance and cost savings, while also supporting environmental sustainability through the use of government incentives. Mullen's commercial EV lineup, including the Mullen ONE and Mullen THREE, complies with federal and state emissions standards and has recently expanded its dealer network to enhance sales and service coverage across several key U.S. markets.
Potential Positives
- Westland Floral has placed an order for two Mullen THREE Class 3 EV trucks, indicating demand for Mullen's electric vehicle offerings.
- The vehicles benefit from California HVIP incentives, which enhance Mullen's appeal to commercial fleet customers seeking cost-effective solutions.
- Mullen Automotive's compliance with safety and environmental standards strengthens its market position and credibility in the EV sector.
- The expansion of Mullen's commercial dealer network to seven dealers broadens its sales reach and service coverage across key markets.
Potential Negatives
- The press release emphasizes reliance on government incentives for vehicle purchases, which raises concerns about long-term demand sustainability and the company's financial independence.
- The mention of forward-looking statements highlights uncertainties and risks that could hinder the company's performance or future orders, suggesting a lack of guaranteed success.
- Mullen Automotive's recent expansion of its commercial dealer network could imply previous difficulties in sales or market penetration that necessitated this expansion.
FAQ
What is the Class 3 EV truck order from Westland Floral?
Mullen Automotive is fulfilling a purchase order for two Class 3 EV trucks for Westland Floral, completed by Phenix Truck Bodies.
How does Westland benefit from California HVIP incentives?
Westland Floral is reducing operational costs by utilizing California's HVIP incentives when purchasing the Class 3 EV trucks.
What features does the Mullen THREE Class 3 truck offer?
The Mullen THREE features a tight turning diameter, excellent visibility, a versatile chassis, and a payload capacity over 5,800 pounds.
What are the federal EV tax credits available for Mullen vehicles?
Mullen vehicles qualify for up to $7,500 in federal EV tax credits, alongside various state incentives like the California HVIP program.
Where can I find more information about Mullen Automotive?
For more information about Mullen Automotive, visit their website at www.MullenUSA.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$MULN Hedge Fund Activity
We have seen 4 institutional investors add shares of $MULN stock to their portfolio, and 50 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- VANGUARD GROUP INC removed 366,133 shares (-100.0%) from their portfolio in Q3 2024
- BLACKROCK, INC. removed 82,228 shares (-100.0%) from their portfolio in Q3 2024
- GEODE CAPITAL MANAGEMENT, LLC removed 80,089 shares (-100.0%) from their portfolio in Q3 2024
- CHARLES SCHWAB INVESTMENT MANAGEMENT INC removed 48,877 shares (-100.0%) from their portfolio in Q3 2024
- VIRTU FINANCIAL LLC removed 41,065 shares (-100.0%) from their portfolio in Q2 2024
- ENGINEERS GATE MANAGER LP removed 26,638 shares (-100.0%) from their portfolio in Q2 2024
- MILLENNIUM MANAGEMENT LLC removed 19,845 shares (-100.0%) from their portfolio in Q2 2024
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Full Release
Westland’s Class 3 service body upfits completed by Phenix Truck Bodies & Van Equipment.
Vehicle order fulfilled by Pritchard and includes California HVIP incentives approval on vehicles purchased.
BREA, Calif., Dec. 26, 2024 (GLOBE NEWSWIRE) -- via InvestorWire –
Mullen Automotive Inc
.
(NASDAQ:
MULN
) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer announces a Class 3 EV truck purchase order from
Westland Floral
(“Westland”). The order includes two Mullen THREE, Class 3 EV trucks with vehicle upfits performed by Phenix Truck Bodies & Van Equipment (“Phenix”) in Pomona, California. The vehicle order was fulfilled by Pritchard and includes
California HVIP incentives
approval for the Class 3 EVs Westland purchased.
The Mullen THREE features a tight turning diameter of 38 feet and excellent visibility for superior maneuverability on narrow city streets. Its 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.
"Westland Floral’s decision to incorporate the Mullen THREE into their fleet demonstrates the growing recognition of EVs as a cost-effective and sustainable solution," said Ben Hartford, EV sales manager for Pritchard Commercial. "By utilizing California’s HVIP incentives, they are not only reducing their operational costs but also making a meaningful commitment to environmental sustainability."
David Michery, CEO and chairman of Mullen Automotive said: “We are very confident our Class 3 trucks will deliver performance and savings, providing Westland a clean and efficient option for their fleet. It’s also great that Westland was able to take advantage of the California HVIP incentive, which is an incredible program and incentive offered to fleets in California.”
Mullen’s commercial EV lineup includes the Mullen ONE, Class 1 EV cargo van, and the Mullen THREE, 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 recently qualified for a
$15,000 incentive
through the State of Massachusetts MOR-EV program and a
$45,000 cash rebate voucher
through the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program (“HVIP"). The Mullen ONE is also eligible for a $3,500 MOR-EV incentive in Massachusetts. When combined with the $7,500 Federal Tax Incentive, both vehicles offer substantial savings for commercial fleet customers.
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 up to $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network to seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England and Mid-Atlantic markets.
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 whether any additional vehicles will be ordered by Westland Floral or how long local and federal governmental incentives for electric vehicles will be available. 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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