BREA, Calif. - Mullen Automotive, Inc. (NASDAQ: NASDAQ:MULN), an electric vehicle manufacturer, announced today the partnership with Ziegler Truck Group and Range Truck Group to distribute its commercial electric vehicles (EVs). This collaboration aims to bolster Mullen's presence in the commercial EV market, particularly in the Pacific Northwest and upper Midwest regions of the United States.
The Ziegler Truck Group (ZTG) and Range Truck Group (RTG), as part of the Ziegler Companies, bring over a century of experience in selling and servicing vehicles to this new venture. They will be focusing on national and regional fleet opportunities, providing a range of zero-emissions commercial trucks and support services.
ZTG, an approved California Air Resource Board (CARB) HVIP dealer, will offer Mullen's all-electric commercial vehicle lineup, including the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck. The Mullen THREE has received HVIP approval, which allows for up to a $45,000 cash voucher at the time of purchase. When combined with a $7,500 federal tax credit, the net cost for the Mullen THREE could potentially be under $17,000.
David Michery, CEO and chairman of Mullen Automotive, expressed that the partnership with Ziegler and Range's extensive network is invaluable for the company's growth in the commercial EV sector. Johannes Ariens, representing both RTG and ZTG, highlighted the legacy of the organizations and their commitment to aiding customers in transitioning to zero-emissions vehicles with competitive price points and reliable support.
Mullen Automotive has been actively expanding its commercial dealer network, which now includes Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, and Range Truck Group. The company has also achieved Foreign Trade Zone status for its Tunica, Mississippi, manufacturing center, offering benefits such as duty deferment and elimination on exported vehicles.
The addition of these partners is part of Mullen's ongoing strategy to increase its market share in the electric commercial vehicle segment. This news is based on a press release statement from Mullen Automotive, Inc.
InvestingPro Insights
In the context of Mullen Automotive's recent partnership announcement, a glance at the company's financial health and market performance offers valuable insights. According to InvestingPro data, Mullen Automotive has a market capitalization of 40.17 million USD, reflecting its size within the industry. The company's Price / Book ratio, as of the last twelve months leading up to Q1 2024, stands at a low 0.19, which could indicate the stock is potentially undervalued relative to its assets. However, it's important to note that Mullen's Gross Profit Margin during the same period was -458.51%, highlighting significant challenges in generating profit from its revenues.
When considering InvestingPro Tips, two stand out in relevance to the article. Firstly, Mullen Automotive "Holds more cash than debt on its balance sheet," which is a positive sign for the company's financial stability and may support its efforts in expanding its commercial EV network. Secondly, the tip that Mullen "Has taken a big hit over the last week" with a 1-week price total return of -10.25% adds a cautionary note to the company's stock volatility, which investors should be aware of.
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