Mullen Automotive expands dealer network with Pritchard EV

BREA, Calif. – Mullen Automotive, Inc. (NASDAQ: ), an emerging electric vehicle (EV) manufacturer, announced a new partnership with Pritchard EV, a major player in commercial electric vehicles, to distribute Mullen's commercial The electric vehicle lineup can be found across the United States. The move is intended to strengthen the company's U.S. dealer network and increase accessibility to electric vehicles for fleet customers.

Pritchard EV, known for its leadership in fleet sales and commercial electric vehicle adoption, is now an authorized franchise partner of Mullen and will immediately offer Mullen's electric vehicle models, including Mullen ONE and Mullen THREE, to its customers. Mullen ONE is a Level 1 electric van and Mullen THREE is a Level 3 electric cab-chassis truck, both designed to meet the specific needs of urban last-mile delivery services.

Mullen Automotive Chairman and CEO David Michery expressed confidence in the partnership and highlighted Pritchard EV's expertise in fleet electrification and infrastructure. Pritchard Companies chief operating officer Angela Pritchard Spiteri echoed the sentiment, praising Mullen's reputation for quality and suitability for fleet customers.

Mullen's commercial electric vehicles are fully compliant with U.S. federal motor vehicle safety standards and have received the necessary EPA and California Air Resources Board (CARB) certifications. The company has launched a training program for the Pritchard EV team to facilitate the ordering, modification and repair of these vehicles.

This strategic alliance follows recent milestones achieved by Mullen, including the start of commercial vehicle production in Tunica, Mississippi, in August 2023, and receiving approval from the Internal Revenue Service (IRS) to provide federal certification for its commercial vehicles in September 2023. Electric Vehicle Tax Credit.

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The partnership is expected to leverage Pritchard EV’s extensive network and expertise to address common challenges faced by fleets, such as logistics and vehicle registration, and provide sustainable mobility solutions.

The announcement, based on a press release from Mullen Automotive, represents a step forward for the company in expanding its commercial electric vehicle business in the U.S. market.

Investment Professional Insights

Given Mullen Automotive's (NASDAQ:MULN) recent partnership with Pritchard EV, it's important to consider the company's financial health and market performance. Management's stock repurchase program is a testament to Mullen's aggressive strategy and reflects a commitment to increasing shareholder value. This is a positive sign for investors, especially considering the company holds more cash than debt on its balance sheet, indicating a degree of financial stability.

Mullen's InvestingPro Tips highlights that the company currently has a low price-to-earnings ratio of just 0.2, which may indicate that the stock is undervalued relative to its book value. However, potential investors should be aware of the financial risks associated with the company due to its heavy cash burn and low gross margin (-458.51% for the trailing twelve months ended Q1 2024).

InvestingPro Data indicators further reveal the company's current market position, with a market capitalization of just $39.08 million and a one-week total price return of 66.84%, which is noteworthy and indicates strong short-term performance. Despite these gains, the company's year-to-date price total return is -55.98%, reflecting volatility and the challenges it faces over the longer term.

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For readers interested in a more detailed analysis, InvestingPro provides additional insights and metrics on Mullen Automotive.Use coupon code PRONEWS24readers can get an additional 10% off annual or two-year Pro and Pro+ subscriptions, which includes access to more than 15 MULN InvestingPro Tips, ranging from valuation insights to stock performance trends.

This article was generated with the support of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.

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