Mullen Automotive Inc. (NASDAQ: MULN) Subsidiary Announces First Dealership Deal in Market Projected to See Record Sales

  • Bloomberg analyst projects 2024 EV sales in the U.S. at nearly 2 million units, making up 13% of new-car purchases
  • Mullen subsidiary inks first commercial dealership agreement with LaFontaine Automotive Group
  • Bollinger Motors expects to start delivering the Bollinger B4 later this year

While some headlines in the past few months make it seem like the electric vehicle market is in trouble, a recent “Car and Driver” article forecasts that EV sales are just getting started. Mullen Automotive (NASDAQ: MULN), an emerging EV manufacturer, appears to support that projection, with the recent announcement that its subsidiary, Bollinger Motors, has entered a distribution deal with LaFontaine Automotive Group to become its first commercial dealership (https://ibn.fm/G0kGO).

In related news, Car and Driver recently debunked the idea that EV sales are slowing. “Over the past few months, multiple media outlets have suggested that U.S. sales of electric vehicles are losing steam, or have stalled out, or look grim for 2024, or that makers, dealers and buyers are dawdling.” For example, the article noted, Hertz has been shrinking its EV inventory. In addition, “Some point to carmakers delaying or reducing previous EV investments; others suggest the U.S. (and other countries) won’t hit their goals for EV sales percentages in 2030 or 2035. A few even question whether the EV transition will happen at all.

“There’s just one little problem,” the article continued. “Last year, U.S. sales of EVs were the highest ever, both in sheer numbers and as a percentage of the overall new-car market. Global sales: ditto. The EV Sales Tracker from EVadoption estimates nearly 1.2 million battery-electric vehicles and another 190,000 plug-in hybrids were sold in 2023, totaling 1.36 million vehicles. That’s 8.8% of the total of 15.5 million, per Wards Intelligence — and it represents EVs’ highest-ever share of new-car sales.”

Car and Driver also stated that this year is expected to set another new record for volume of EVs sold and their share of the total market, noting that Colin McKerracher of Bloomberg projects 2024 EV sales in the U.S. at just under 1.9 million units, making up 13% of new-car purchases. “This year should see fewer of the supply constraints that hobbled availability over the last four years,” the article concludes. “Depending on a host of factors, some analysts suggest overall vehicle sales could be 1 million vehicles or more higher than last year.”

That’s great news for both Mullen and Bollinger, which will produce the Bollinger B4 Chassis Cab, an all-new, all-electric class 4 commercial truck designed from the ground up. The company expects to start delivering the Bollinger B4 in the second half of 2024 and will deliver a number of these trucks to its new dealership partner: LaFontaine Automotive Group.

“We are thrilled to work with LaFontaine right here in Michigan where we designed, and will build, the B4,” said Robert Bollinger, founder and CEO of Bollinger Motors. “LaFontaine shares our commitment to quality and customer service.” Bollinger will bring LaFontaine’s portfolio to 54 retail franchises and 39 retail locations, with additional announcements planned later this year.

“Our strategically developed plan to offer sales and service nationwide is being kicked off with LaFontaine,” said Jim Connelly, chief revenue officer at Bollinger Motors. “Additional dealer partners will be announced soon, showing our commitment to fleets in all 50 states.”

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 cash voucher of up to $45,000 at the time of vehicle purchase. The company has also recently expanded its commercial dealer network with the addition of Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, and Range Truck Group, providing sales and service coverage in key Midwest, West Coast, and Pacific Northwest 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.

For more information about the company, visit www.MullenUSA.com.

NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN

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