CHANDLER, Ariz. - DB Schenker, a global leader in logistics, has incorporated four Mullen CAMPUS electric cargo vans into its operations on the Intel (NASDAQ:INTC) technology campus in Chandler, Arizona. The vehicles, designed for mail and package delivery within closed-campus environments, were fully paid for and delivered by Randy Marion Automotive, a dealer for Mullen Automotive, Inc. (NASDAQ: NASDAQ:MULN).
These electric vans are part of DB Schenker's initiative to achieve carbon neutrality by 2040. The Mullen CAMPUS vans are battery-operated and offer a significant cargo capacity, aiming to contribute to DB Schenker's sustainable and efficient logistics solutions.
David Michery, CEO and chairman of Mullen Automotive, expressed confidence that the CAMPUS EVs would align with DB Schenker's sustainability goals and provide a reliable transportation solution. Mullen Automotive, headquartered in Southern California, has begun commercial vehicle production and has received federal tax credits for its electric vehicles.
The CAMPUS EV is a derivative of the Mullen ONE, tailored for logistics operations in micro-environments such as technology campuses. Mullen's expansion into the commercial EV market has been supported by a growing dealer network and the recent Foreign Trade Zone status approval for its Tunica, Mississippi manufacturing center, which offers benefits such as duty deferment and elimination on exported vehicles.
The integration of Mullen's electric vehicles into DB Schenker's fleet represents a step forward in the logistics company's commitment to innovative and sustainable transportation solutions. This move also reflects the broader industry trend of adopting electric vehicles to reduce environmental impact.
Mullen Automotive has outlined its plans for the future, including its commercial vehicle production, certifications, and dealer network expansion. However, the company also cautions that forward-looking statements involve risks and uncertainties, and there are no guarantees regarding future vehicle orders from DB Schenker or the longevity of governmental incentives for electric vehicles.
Mullen Automotive secured a $304,000 order for 29 units of their commercial micro urban delivery vehicle, the Mullen GO, from international distributor GAMA. Meanwhile, Bollinger Motors, a subsidiary of Mullen Automotive, announced warranty details for its upcoming Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck. The warranty includes comprehensive coverage for various components, reflecting the truck's anticipated durability and reliability.
Mullen Automotive recently, launched the POWER BOOST program, allowing customers to upgrade their lithium-ion battery packs to solid-state polymer battery packs for their Class 1 EV cargo vans. This development is expected to extend their driving range to over 200 miles.
Lastly, Bollinger Motors received EPA certification for the B4 Chassis Cab, a Class 4 electric commercial truck, and secured a deal to supply Momentum with 80 of these trucks.
InvestingPro Insights
In the wake of Mullen Automotive, Inc. (NASDAQ: MULN) making strides in the commercial electric vehicle (EV) space with its recent delivery of CAMPUS electric cargo vans to DB Schenker, investors may be keen to understand the financial health and market sentiment towards the company. According to InvestingPro, Mullen Automotive holds more cash than debt on its balance sheet, which could be a positive signal for financial stability and operational flexibility. This is particularly relevant as the company scales up its production capabilities and expands its dealer network.
Additionally, Mullen Automotive is trading at a low Price / Book multiple of 0.19 as of the last twelve months leading up to Q2 2024, suggesting that the stock may be undervalued relative to its book value. This could be an attractive entry point for investors who are optimistic about the company's growth prospects in the EV market, especially considering its recent business developments.
InvestingPro data also highlights the company's significant price volatility, with the stock having taken a considerable hit over the last week, month, and three-month periods, with a one-week price total return of -19.01%, and a one-month price total return of -52.08%. Such metrics underscore the high-risk nature of investing in Mullen Automotive at this stage, which is further supported by the company's high shareholder yield, as noted in an InvestingPro Tip.
For those considering a deeper dive into Mullen Automotive's financials, InvestingPro offers additional insights and tips that could help in making a more informed investment decision. Use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking further analysis and metrics on Mullen Automotive's performance, including the company's valuation implications and industry position. In total, there are 19 additional InvestingPro Tips available, providing a comprehensive view of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.