Mullen's electric commercial vehicles can now be purchased by U.S. government agencies through Sourcewell's approved contract.
Quiver AI Summary
Mullen Automotive, Inc. announced that its all-electric commercial vehicles, including the Mullen ONE cargo van and Mullen THREE cab chassis truck, are now available for purchase by U.S. government agencies through National Auto Fleet Group’s Sourcewell contract #091521-NAF. This inclusion streamlines the acquisition process for municipal orders, enabling easier and more efficient purchasing without lengthy bidding procedures. Sourcewell, which assists public entities in procurement, offers numerous competitively solicited contracts, making it simpler for agencies and educational institutions to acquire necessary fleet vehicles. Mullen CEO David Michery emphasized the advantages this provides to municipal customers. Additionally, the Mullen THREE truck qualifies for substantial financial incentives, reducing its effective cost significantly when combined with federal tax credits.
Potential Positives
- Mullen's commercial EVs are now easily accessible to U.S. government agencies through the Sourcewell contract, simplifying the procurement process.
- Approval from Sourcewell is expected to help satisfy a backlog of municipal orders, potentially boosting Mullen's sales.
- Eligible Mullen THREE vehicles qualify for significant government incentives, reducing their effective purchase price substantially, making them more attractive to buyers.
- The expansion of Mullen's dealer network supports stronger market presence and sales capabilities across multiple key regions in the U.S.
Potential Negatives
- The press release contains a disclaimer about forward-looking statements that highlights significant risks and uncertainties, which may create skepticism among investors regarding the company's future vehicle sales and financial stability.
- Despite the announcement of availability through a government purchasing program, the company does not provide specific sales figures or expected demand, leaving uncertainty about the effectiveness of this partnership to convert into actual sales.
- The language used in the press release suggests a reliance on government incentives and market programs, which could be seen as a vulnerability if such programs change or are discontinued in the future.
FAQ
What types of vehicles are available through the Sourcewell contract?
Mullen Commercial EVs offered include Class 1-3 light duty trucks, cargo vans, SUVs, and electric vehicles.
How can government agencies purchase Mullen EVs?
Government agencies can purchase Mullen EVs easily through National Auto Fleet Group without navigating lengthy bidding procedures.
What is the benefit of Sourcewell for municipalities?
Sourcewell simplifies the purchasing process for municipalities, helping them save time and avoid extensive contractual requirements.
What incentives are available for purchasing the Mullen THREE?
The Mullen THREE qualifies for up to $45,000 cash voucher under HVIP and a $7,500 federal tax credit.
Who is National Auto Fleet Group?
National Auto Fleet Group is a minority family-owned vendor that provides fleet vehicle purchasing solutions to government agencies across the U.S.
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 Insider Trading Activity
$MULN insiders have traded $MULN stock on the open market 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.
Here’s a breakdown of recent trading of $MULN stock by insiders over the last 6 months:
- JOHN KEVIN ANDERSEN sold 174,500 shares for an estimated $158,795
- IGNACIO NOVOA has made 0 purchases and 3 sales selling 165,000 shares for an estimated $151,315.
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$MULN Hedge Fund Activity
We have seen 0 institutional investors add shares of $MULN stock to their portfolio, and 37 decrease their positions in their most recent quarter.
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Full Release
Mullen Commercial EVs available for purchase on Sourcewell under NAFG’s Sourcewell Contract # 091521-NAF which offers Class 1-3 light duty trucks, cars, vans, SUVs, cab chassis, and electric vehicles with related equipment and accessories to U.S. government agencies
Approval provides opportunity to satisfy backlog of municipal orders
Sourcewell is a government agency that has fulfilled bidding requirements and holds hundreds of competitively solicited contracts ready for use by 50,000 municipalities and related agencies
BREA, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) -- via IBN --
Mullen Automotive, Inc.
(NASDAQ:
MULN
) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today that its all-electric commercial vehicles, the Mullen ONE, Class 1 EV cargo van, and Mullen THREE, Class 3 EV cab chassis truck, have been added to National Auto Fleet Group’s (NAFG) Sourcewell contract and are approved, effective immediately, for public sector government purchasing through National Auto Fleet Group. With the acceptance into Sourcewell, government agencies and educational institutions can now easily acquire Mullen Commercial EVs through NAFG without navigating lengthy bidding procedures.
Sourcewell is a government agency that saves time and money for public entities by fulfilling bidding requirements through hundreds of competitively solicited contracts ready for use. National Auto Fleet Group, one of Mullen’s California-based commercial vehicle dealers, is a Sourcewell selected vehicle vendor with two awarded contracts (
#091521-NAF
and
#060920-NAF
). NAFG provides fleet vehicle purchasing to state and local government and educational institutions.
“The addition of Mullen products to Sourcewell is a major benefit to our municipal customers as it streamlines the purchasing process allowing them to acquire our EVs, avoid an extensive contractual process and significantly reduces their time to acquisition,” said David Michery, CEO and chairman of Mullen Automotive. “NAFG has long-established relationships with government entities and is a trusted partner of municipalities and we are grateful for their partnership and commitment to electric vehicles.”
NAFG is also an approved California Air Resource Board (“CARB”) HVIP dealer and is able to provide point of sale vouchers for the Mullen THREE, Class 3 EV truck. Under HVIP, the 2024 Mullen THREE, with a suggested MSRP of $68,500, qualifies for an up to $45,000 cash voucher. When combined with the available $7,500 federal tax credit, the net effective cost of the Mullen THREE could be less than $17,000.
About Sourcewell
Sourcewell is a self-sustaining government organization that partners with education, government, and nonprofits to empower student and community success. Throughout North America, Sourcewell offers a cooperative purchasing program with over 400 awarded suppliers on contract, simplifying the buying process for its members and ensuring they receive the best value for their procurement needs.
About National Auto Fleet Group
National Auto Fleet Group (NAFG) is a minority family-owned, all-in-one vehicle vendor that caters to government agencies across the United States. With two generations of experience, we understand the complexities involved in government fleet vehicle purchasing. Our fast, reliable, and hassle-free Sourcewell vehicle contracts empower members to seek alternatives to the tedious bidding process. Our effective and simple online quoting system offers resources to assist public agencies with a variety of fleet purchasing solutions.
To learn more, visit www.nationalautofleetgroup.com .
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. 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. The Company has also 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.
On Sept. 7, 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has passed numerous milestones including its production launch on Sept. 16, 2024, CARB certification, FMVSS compliance, receiving the Certificate of Conformity from the Environmental Protection Agency, providing full warranty coverage of the B4 chassis cab, and the development of a world-class dealer and service network with over 50 locations across the United States.
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 what, if any Company vehicle sales will materialize through National Auto Fleet Group’s Sourcewell contract, whether federal, state and other electric vehicle incentive programs will continue and the resultant price that will be paid by purchasers of Mullen vehicles. 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
IBN
Austin, Texas
www.InvestorBrandNetwork.com
512.354.7000 Office
[email protected]
