1-11-2025 4:19am

Owings MIlls Company

Mullen Announces Sale of Mullen ONE to Mr. Appliance Franchisee of Owings Mills, Maryland, Expanding into the Home Service Vertical

Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announced the sale of the Mullen ONE All-Electric Cargo Van to Mr. Appliance® of Owings Mills, Maryland, marking the company’s first venture into the home service vertical. This milestone sets the stage for Mullen’s expansion into this vital sector, with the Mullen ONE offering home service businesses a cost-effective, efficient solution for transportation. Mr. Appliance Owings Mills, Maryland, is a franchisee of Mr. Appliance and is a national home service brand of Neighborly, offering home repair services across the U.S.

Home services are an essential part of the U.S. economy, contributing significantly to job creation and economic expansion. For operators in this space, managing expenses, particularly transportation costs, is critical to ensuring profitability. With transportation expenses often accounting for over 30% of operating costs, businesses in the home service industry face a growing need for cost-saving solutions.

The Mullen ONE All-Electric Cargo Van offers home service businesses a unique opportunity to reduce transportation expenses, improve operational efficiency, and make a positive impact on the environment.

Key Benefits of the Mullen ONE for Home Service Businesses:

Significant Cost Savings: The Mullen ONE's all-electric powertrain can reduce transportation costs by cutting fuel expenses up to 57% and eliminating the unpredictable fluctuations in fuel prices that burden traditional internal combustion engine vehicles.
Lower Maintenance Costs: The Mullen ONE offers up to 50% reduction in maintenance costs with no need for frequent oil changes or costly brake replacements typically required for gas-powered vehicles.
Affordable Investment: With a competitive price tag and eligibility for a $7,500 federal tax credit, the Mullen ONE is not only an environmentally responsible choice but also a financially attractive investment for home service operators.

By embracing the Mullen ONE, businesses in the home services industry can expect to see substantial savings that drive their bottom line, while contributing to sustainability efforts through the reduction of carbon emissions.

“The home services sector is integral to the economy, and we're excited to help businesses in this space reduce their transportation costs with the Mullen ONE,” said David Michery, CEO and chairman of Mullen Automotive. “With Mr. Appliance of Owings Mills leading the way, we look forward to working with more home service operators to optimize their operations and bring long-term savings to their business.”

About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. Recently, CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network to seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England and Mid-Atlantic markets.