Two Recent Mullen Automotive Inc. (NASDAQ: MULN) Deliveries Reflect Growing Interest in EV Fleet Development

• MULN delivers initial Class 1 EV cargo vans to two customers: the University of North Carolina and MGT Lease Company
• UNC Charlotte ordered Mullen’s Class 1 EV cargo vans for use across its 1,000-acre campus
• Mullen’s Class 1 is a “perfect entry point for us,” said MGT executive

In the first of many anticipated deliveries, Mullen Automotive (NASDAQ: MULN) announced that its Class 1 EV cargo vans have been delivered to two customers: the University of North Carolina (https://ibn.fm/xMMun) and MGT, a growing commercial vehicle sales and leasing company (https://ibn.fm/AUvfZ). The vehicle orders were fulfilled with the support of the Randy Marion Automotive Group.

“Following our first commercial trade show, the National Truck and Equipment Work Truck Week in Indianapolis, it is exciting to continue our momentum with the Mullen commercial lineup and celebrate our first fleet deliveries,” said John Schwegman, chief commercial officer of Mullen, who noted that the 100%-electric vans are a “fantastic use case for university campus delivery applications.”

UNC Charlotte ordered Mullen’s Class 1 EV cargo vans for use across its 1,000-acre campus, which serves a student population of more than 29,500. The university plans a variety of uses for the vans, including campus delivery and facility services. “UNC Charlotte is committed to helping create a more sustainable environment, including developing and implementing a comprehensive plan designed to reduce carbon emissions,” said T. J. Woods, the university’s transportation, warehouse and logistics manager.

Mullen also delivered four of its Class 1 EV cargo vans to one of its first commercial EV fleet customers, MGT Lease Company. A growing commercial vehicle sales and leasing company, MGT reported annual revenue of more than $70 million in 2022 and is projecting $100 million revenue in 2023. The company specializes in last-mile segments, including package delivery and retail, as well as vocations such as plumbing and electrical.

“Mullen’s Class 1 is a perfect entry point for us,” said MGT managing partner Thomas Gavlik. “The Class 1 segment no longer has internal combustion engine options from the major OEM brands and certainly does not have any Class 1 EV options. One of the biggest opportunities we see is the Class 3 cab-chassis segment, with the potential to upfit and offer unlimited options for commercial customers.”

Mullen CEO and chair David Michery stated that the company looks forward to “the continued adoption of EVs in place of standard ICE vehicles.” He noted that the company is seeing growing interest in its commercial EV offerings. “It’s great to have MGT as one of our first commercial customers,” Michery said. “We look forward to growing our relationship with MGT across our entire platform of commercial EV vehicles.”

Mullen Automotive is a Southern California–based automotive company building the next generation of premium electric vehicles that are affordable and made entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership.

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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