Automotive News Update: Implementation of Rights Plan in National Fleet Corporation Shareholders Scheme, Connected with Stockholding
Mullen Automotive, a Southern California-based automotive company, has announced a partnership with National Auto Fleet Group (NAFG) to sell Mullen's all-electric commercial vehicles. This strategic alliance is set to bring Mullen's innovative electric vehicles to public fleets across the nation.
The Mullen Automotive commercial EV lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck. Both vehicles are purpose-built for urban last-mile delivery and are in full compliance with U.S. Federal Motor Vehicle Safety Standards, EPA, and CARB certifications.
NAFG, based in Northern California, specializes in government fleet sales in California and across the United States. They have two awarded contracts with Sourcewell, a government agency, which simplifies the purchasing process for government agencies. As an approved California Air Resource Board (CARB) HVIP dealer, NAFG will provide point-of-sale vouchers for the Mullen THREE.
The Mullen THREE, with a suggested MSRP of $68,500, qualifies for an up to $45,000 cash voucher under HVIP. When combined with the federal tax credit, the net effective cost of the Mullen THREE could be less than $17,000.
Mullen Automotive received IRS approval for federal EV tax credits on its commercial vehicles in September 2023. The Rights Plan, adopted by Mullen's Board, is intended to promote fair treatment of all stockholders and protect the company from attempts to gain control without paying a premium. The Rights Plan imposes a significant penalty on any person or group acquiring 10% or more of Mullen's shares without the prior approval of the Board.
David Michery, CEO of Mullen Automotive, stated that NAFG is the ideal partner to bring Mullen's commercial EVs to public fleets across the nation. "NAFG's expertise in government fleet sales and their extensive network make them the perfect partner for us," Michery said.
The Rights Plan is effective immediately and will expire on May 1, 2025. Mullen began commercial vehicle production in Tunica, Mississippi, in August 2023. The company also has a vehicle plant located in Mishawaka, Indiana.
NAFG will offer Mullen's full line of all-electric commercial vehicles in Watsonville, CA (Northern California) and Alhambra, CA (Southern California). The founder of NAFG, the partner of Mullen Automotive, remains unidentified in the provided search results.
This partnership marks a significant step forward for Mullen Automotive as they continue to expand their reach in the commercial electric vehicle market. With NAFG's expertise and Mullen's innovative vehicles, the future of urban delivery looks bright and electric.
