Mullen Announces $15.8M Vehicle Purchase Agreement With Mgt Lease Company for 250 Class 3 Commercial EV Trucks

Mullen Automotive, an emerging EV manufacturer, announced the signing of a vehicle purchase agreement with MGT Lease Company, a national fleet leasing provider, to purchase 250 all-electric commercial class 3 cab chassis EV trucks. The contract is valued at $15,755,000.

The Mullen THREE, Class 3 Urban Utility Cab Chassis EV Truck

The vehicles are slated for delivery beginning in August 2023, with complete fulfillment of the purchase agreement occurring by December 2023. The vehicle orders will be fulfilled through Randy Marion Automotive Group, a distributor of Mullen’s commercial EVs.

MGT is a growing commercial vehicle sales and leasing company based in North Carolina, with annual revenue of more than $70 million in 2022 and $100 million projected for 2023. MGT’s primary customer base focuses on last-mile segments, such as package delivery and retail, and vocations such as plumbing and electrical. MGT currently provides commercial vehicle sales and leasing across all major OEM brands, with focus on class 1-4 commercial vehicles.

MGT will purchase Mullen’s all-electric Class 3 EV cab chassis truck, the Mullen THREE, for its short- and long-term fleet leasing portfolio focused on small, medium and enterprise businesses.

MGT is a Mullen Automotive repeat customer, initially purchasing EV cargo vans from Mullen in March 2023 and now expanding into the larger class 3 cab chassis EV trucks with an initial order of 250 units, demonstrating the demand for this premium commercial truck. MGT’s order follows Randy Marion’s initial order for 1,000 units placed in early May 2023.

Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen I-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. In September 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on 1 Dec 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.