- EV sales remain strong, projected to grow in 2024
- Mullen is positioning itself in the global market with recent purchase order from Grupo Cavel in the Dominican Republic
- Mullen EVs “establish a new level of quality among commercial vehicles,” says Cavel CEO
Electric vehicle sales are projected to continue growing globally in 2024, according to a recent NASDAQ report (https://ibn.fm/asZpm). That is great news for Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer that is expanding into the Caribbean market with its commercial CAMPUS EV cargo van (https://ibn.fm/Oph51).
“It’s important to note that EV sales are expected to continue growing in 2024,” stated the NASDAQ article. “In fact, EV sales have grown throughout 2023 — even though numerous headlines claimed that they have been falling in recent months.
“The reality is that EV sales remain strong and growing, although the supply of unsold EVs on dealer lots has increased,” the article continued. “In fact, the third quarter saw the strongest year-over-year growth in sales of battery-electric vehicles and plug-in hybrids since the fourth quarter of 2021. Additionally, EV sales surpassed one million for the first time in September.”
Additional sources concur. “Global sales of plug-in cars are expected to grow by 21 percent this year, according to Bloomberg New Energy Finance,” reported a Yale Environment 360 article (https://ibn.fm/2UrhM). “Analysts project sales will total 16.7 million worldwide, including 1.9 million plug-in cars sold in the U.S., 3.4 million in Europe, and 9.7 million in China.
Mullen is positioning itself in this global market with a recent purchase order from Grupo Cavel. The initial vehicle order is for 20 Mullen CAMPUS EV cargo vans to be sold by Cavel’s Electric Motors dealerships throughout the Dominican Republic and the Caribbean. The battery-operated Mullen CAMPUS cargo van is designed as an ideal delivery solution for micro-environments.
“Cavel plans to continue ongoing vehicle orders and will be establishing a sales and service distribution channel for Mullen’s lineup of commercial EVs in the Dominican Republic and Caribbean,” Mullen announced.
Grupo Cavel is a well-known retail automotive group in the Dominican Republic, which boasts the most electric vehicles per capita in Latin America countries. Cavel has also established key relationships in vehicle sales, distribution, warranty and servicing throughout the Caribbean.
“Our commitment to electric vehicles began with the introduction of the first electric motorcycles in the Dominican Republic, which grew into offering five brands through our Electric Motors dealerships,” said Grupo Cavel CEO Joel Tavarez. “Today we made an important decision by adding Mullen’s commercial vehicles to our portfolio. The Mullen EVs establish a new level of quality among commercial vehicles, and we are confident they will excel in the Dominican Republic and the broader region.”
Mullen CEO David Michery stated: “This is an important relationship for Mullen with a strong partner in Grupo Cavel, opening doors to a new market in the Dominican Republic and Caribbean, where the warm weather also provides a near-perfect operating environment for EVs.”
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles in its two United States-based manufacturing and assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE Crossover and FIVE RS High-Performance Sport Crossover EVs, Mullen GT and GTRS EV Supercars, Mullen PowerUP Mobile EV Charging Truck, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs, and Bollinger Motors, which features the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all Electric Last Mile Solutions (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
For more information about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
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