Following the news of a strategic alliance, shares of Mullen Automotive, Inc. (NASDAQ: MULN) are rising significantly. Due to its inclusion in a significant government purchasing contract, MULN shares took a 96.40% jump to $4.64 as of the most recent market check.
Mullen Automotive Signs a Contract with Sourcewell
Mullen Automotive has formally added its all-electric commercial vehicle portfolio to National Auto Fleet Group’s (NAFG) Sourcewell contract. This includes the Mullen ONE Class 1 EV cargo van and the Mullen THREE Class 3 EV cab chassis truck. This clearance expedites the purchase process for public enterprises by granting instant eligibility for government sector procurement through NAFG.
Improved Availability for Government Organizations
Mullen Automotive’s commercial EVs may now be acquired by local and educational organizations without the need for drawn-out bidding processes because of their placement within Sourcewell. Competitively solicited contracts are offered by Sourcewell, a government organization that helps with public sector acquisitions, to speed up procurement and cut expenses.
With two awarded contracts, National Auto Fleet Group, a reputable commercial vehicle dealer with headquarters in California, is an authorized Sourcewell distributor. The firm specializes in supplying educational institutions and state and municipal government organizations with fleet automobiles.
This contract’s inclusion of Mullen’s cars streamlines the procurement process, enabling government clients to avoid drawn-out contractual talks and hasten fleet electrification.
Principal Advantages for Municipal Fleets
Municipalities now have a more effective option to acquire electric cars thanks to Mullen’s EVs being added to the Sourcewell contract. This action guarantees that public sector organizations may switch to sustainable energy solutions with the least amount of administrative burden possible, in addition to supporting sustainability activities. The accessibility and uptake of MULN’s vehicles are further reinforced by NAFG’s established connections with municipal clients.
Incentive for Mullen THREE Purchasers
NAFG is an authorized dealer under the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program (HVIP) of the California Air Resources Board (CARB). With a suggested retail price of $68,500, the 2024 Mullen THREE is eligible for a cash voucher of up to $45,000 under this scheme.
MULN is establishing itself as a major player in the commercial EV market by utilizing strategic alliances to promote accessibility, affordability, and sustainability in government fleet electrification.