In the competitive electric vehicle (“EV”) world, Mullen Automotive (NASDAQ: MULN) stands apart. The Southern California–based company owns and partners with several synergistic businesses to create clean and scalable electric vehicles and energy solutions. The company’s ability to reach this goal can perhaps be measured by its success, which was recently on display when Mullen inked a deal with DelPack Logistics LLC (“DPL”) for up to 600 Mullen Class 2 Electric Cargo Vans (https://ibn.fm/iKHKn).
The two companies entered a binding agreement earlier this month calling for DPL, an Amazon delivery service partner, to purchase the EVs over the next 18 months; the first 300 will be ready for delivery by Nov. 30, 2022. All 600 vehicles, which will be fully homologated for the U.S. market, will include a “cabin-comfort” package featuring adjustable seats, cup holders, an infotainment system and comfortable passenger seat; they will also meet U.S. standards for airbags and safety and will carry a minimum of an 80-kilowatt-per-hour battery pack.
“This agreement is a milestone for Mullen Automotive,” said Mullen CEO and chair David Michery. “DelPack is a leader in last-mile package delivery, and this agreement puts our Class 1 cargo van program front and center for last-mile delivery opportunities.”
Last-mile delivery is the term for the final step in the process of delivering a product from warehouse shelf to the buyer’s door; this last step is typically the most expensive and time-consuming part of the shipping process, often representing a pain point for many companies (https://ibn.fm/6WQ7s).
A recent study indicated that the last-mile delivery market in North America is projected to see an incremental growth of $59.81 billion between 2020 and 2025. “The market witnessed a YOY growth of 14.80% in 2021, and the growth momentum is expected to accelerate at a CAGR of 16% during the forecast period,” reported Technavio (https://ibn.fm/d5wQK).
DelPack is committed to being an effective player in the last-mile space. The company’s priority is to bring smiles to Amazon customers while consistently outperforming expectations and providing a safe and well-compensated work environment for its valued employees. “DelPack is excited about an opportunity to take part and participate in a global green and sustainable initiative,” said DelPack partner Eugene Goldberg.
Mullen’s involvement in the last-mile market is only a small piece of what the company is working to do. Mullen and its partner companies are focused on creating clean and scalable energy solutions in diverse ways. Its product lineup includes three models — the Mullen Five, Dragonfly and EV cargo vans — manufactured in state-of-the-art production facilities in the United States.
Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the company is dedicated to providing exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.
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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