Mullen announces the signing of a vehicle purchase agreement with MGT, 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 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 over $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 a 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.
“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,” said Greg Striker, partner at MGT Lease Co.
“Momentum continues following last week’s pricing announcement for our Class 3 all-electric cab chassis truck. We are excited to begin delivering trucks to MGT Leasing this summer as they continue to scale up their business,” said John Schwegman, chief commercial officer Mullen Automotive.
“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,” said David Michery, CEO and chairman of Mullen Automotive.
SOURCE: Mullen Automotive