• MULN received an order for one thousand class 3 trucks from its dealer partner, Randy Marion Automotive
• The company is excited about entering the next phase of its commercial launch with the Mullen THREE
• Mullen inked a $15 million vehicle purchase agreement with the MGT Lease Company for 250 class 3 cab chassis EV trucks

On the heels of several purchase agreements and orders, Mullen Automotive (NASDAQ: MULN) is experiencing impressive momentum as it continues to focus on growing in the electric vehicle space. Most recently, the company received a 1,000-unit purchase order (https://ibn.fm/2tLyU) and announced a $15.7 million vehicle purchase order with a lease company, both for its Mullen THREE class 3 truck (https://ibn.fm/y31v4).

The order for one thousand class 3 trucks came from Mullen’s dealer partner, Randy Marion Automotive, which earlier this month received the first class 3 demonstration vehicle for customer test drives and demonstrations. “Based on the tremendous interest we received on the Mullen class 3 truck, we placed our 1,000-vehicle order,” said Brad Sigmon, the fleet general manager and vice president of Randy Marion Automotive fleet operations. “We have a lineup of our customers waiting to pilot this truck including Duke Energy, Lowes and UNC-Charlotte.”

Mullen has announced that the class 3 truck will be priced at $68,500 and includes an estimated 130-mile range along with a 5,800-pound payload and capability of carrying a 14-foot box with more than 1,000 cubic feet of cargo capacity.

Mullen chief commercial officer John Schwegman noted that the company is excited about entering the next phase of its commercial launch with the Mullen THREE, which he identified as “the customers, piloting, testing and evaluation stage. Demand has been strong since we introduced this product and the aggressive price point. We are excited to get customers behind the wheel of our class 3 product.”

In addition, Mullen signed a vehicle purchase agreement, valued at more than $15.7 million, with MGT Lease Company, for 250 class 3 cab chassis EV trucks. According to the agreement, Mullen will begin delivering the first of the trucks in August 2023, with all vehicles being delivered by the end of the year.

A growing commercial vehicle sales and leasing company based in North Carolina, MGT is focused on a customer base that is looking for last-mile delivery solutions, such as package delivery and retail, along with vocations such as plumbing and electrical. MGT has ordered the all-electric class 3 EV cab chassis trucks for addition to its short- and long-term fleet leasing portfolio. MGT has worked with Mullen before; the company initially purchased EV cargo vans earlier this year. “We are very happy with the Mullen EV cargo van and have received great customer feedback and are now looking forward to expanding into Mullen’s commercial class 3 truck,” said Greg Striker, a partner at MGT Lease Co.

Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.

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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