BREA, Calif. - Mullen Automotive, Inc. (NASDAQ: NASDAQ:MULN), a manufacturer of electric vehicles (EVs), announced today the partnership with Eco Auto, a new commercial EV dealership based north of Boston, Massachusetts. This dealership is set to manage national fleet sales for Mullen's range of commercial electric vehicles, with a focus on the New England region.
Eco Auto's first order from Mullen includes 10 Mullen ONE, which are Class 1 EV cargo vans, and 3 Mullen THREE, Class 3 EV cab forward trucks. These vehicles are designed to cater to urban last-mile delivery needs and comply with U.S. Federal Motor Vehicle Safety Standards and have received certifications from the Environmental Protection Agency (EPA) and the California Air Resources Board (CARB).
Al Salas, president of Eco Auto, expressed the company's commitment to reducing barriers to sustainable transportation, highlighting the importance of the partnership for local municipalities and businesses aiming to make a positive environmental impact.
David Michery, CEO and chairman of Mullen Automotive, acknowledged the strategic significance of the New England market for commercial fleet companies and praised Eco Auto's retail experience and focus on electric vehicles.
The addition of Eco Auto to Mullen's dealership network marks the fifth new dealer partnership announced in recent months, reinforcing Mullen's presence across the United States. The company's commercial EV lineup, including the Mullen ONE and Mullen THREE, benefits from incentives such as the California HVIP program, which offers a $45,000 cash voucher, and a federal tax credit of up to $7,500, making the net cost of the vehicles more affordable for businesses.
Mullen Automotive has been expanding its commercial dealer network and recently gained Foreign Trade Zone status for its manufacturing center in Tunica, Mississippi, which provides various benefits, including duty deferment and elimination on exported vehicles.
This press release statement provides the basis for the information reported in this article.
In other recent news, Mullen Automotive has made significant strides in the electric vehicle (EV) sector. The company has expanded into the European EV market with the appointment of Alain Van Munster as Vice President of Sales for Europe, Middle East, and Africa (EMEA). Mullen has also secured its first European orders, including 93 EVs for GAMA in Serbia and Antidoto SA in Switzerland.
The firm has unveiled a zero-emission mobile EV charger, PowerUP, marking a shift from their previous gasoline-powered platform. Mullen's expansion efforts have extended to the Balkans Region, partnering with distributor GAMA to offer its full lineup of commercial EVs. Mullen's subsidiary, Bollinger Motors, has also reported an $8.25 million deal with EnviroCharge, involving the sale of 50 Bollinger B4 all-electric commercial trucks for a mobile charging solution.
Mullen Automotive has also announced partnerships with Ziegler Truck Group and Range Truck Group to distribute its commercial EVs, enhancing its presence in the Pacific Northwest and upper Midwest regions of the United States.
InvestingPro Insights
Mullen Automotive's recent partnership with Eco Auto aligns with its strategy to penetrate the commercial electric vehicle market, particularly in the New England region. As Mullen Automotive (NASDAQ: MULN) continues to expand its dealership network and enhance its product offerings, there are several financial metrics and management actions that investors might consider relevant.
InvestingPro Data reveals some of the financial nuances of Mullen Automotive. The company's market cap currently stands at 32.64 million USD, which is reflective of its position within the electric vehicle industry. It trades at a low Price / Book multiple of 0.34 as of the last twelve months leading up to Q2 2024, suggesting that the market values the company at just over a third of its book value. This could indicate that the stock is undervalued relative to its assets, which is often an attractive point for value investors.
Despite the challenges, two InvestingPro Tips stand out: Management at Mullen has been aggressively buying back shares, which could be a sign of confidence in the company's future prospects. Additionally, Mullen holds more cash than debt on its balance sheet, which provides a level of financial stability and flexibility.
Investors looking to delve deeper into Mullen Automotive's financial health and strategic positioning can benefit from additional InvestingPro Tips available at https://www.investing.com/pro/MULN. There are currently 17 additional tips that provide insights into the company's market performance, valuation, and industry standing. For those interested, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering a more comprehensive understanding of Mullen's investment potential.
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