Mullen Automotive, Inc., an emerging electric vehicle (EV) manufacturer, announced the signing of a vehicle purchase agreement with MGT Lease Company (MGT), a national fleet leasing provider, to purchase 250 all-electric commercial Class 3 cab chassis EV trucks. The contract has a value of $15,755,000. Mullen slated the vehicles for delivery beginning in August, with complete fulfillment of the purchase agreement occurring by December 2023. Additionally, Randy Marion Automotive Group, a distributor of Mullen’s commercial EVs, will fulfill the vehicle orders.
MGT & MULLEN
A commercial vehicle sales and leasing company based in North Carolina, MGT had an annual revenue of over $70 million in 2022 and $100 million projected for 2023. MGT’s customer base focuses on last-mile segments, such as package delivery and retail, and vocations, such as plumbing and electrical. MGT provides commercial vehicle sales as well as leasing across all major OEM brands focusing on Class 1-4 commercial vehicles.
The company will purchase Mullen’s all-electric Class 3 EV cab chassis truck, the Mullen THREE. MGT intends the Mullen THREE for its short- and long-term fleet leasing portfolio focused on small, medium, and enterprise businesses.
Further, MGT is a Mullen Automotive repeat customer, initially purchasing EV cargo vans from Mullen in March 2023. The company will now expand into larger Class 3 cab chassis EV trucks with an initial order of 250 units. This demonstrates 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.
“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,” says Greg Striker, partner at MGT Lease Co.
“Momentum continues following last week’s pricing announcement for our Class 3 all-electric cab chassis truck,” says John Schwegman, Mullen Automotive chief commercial officer. “We are excited to begin delivering trucks to MGT Leasing this summer as they continue to scale up their business.”
“Our agreement with MGT enables them to offer their fleet customers a competitive commercial EV vehicle offering, including both our EV cargo van and now the larger Class 3 EV truck,” says David Michery, Mullen Automotive CEO and chairman.
Find out more, visit www.mullenusa.com.
