Mullen Automotive, an electric vehicle manufacturer, signed a vehicle purchase agreement with MGT Lease Company, a fleet leasing provider, which will purchase 250 all-electric commercial Class 3 cab chassis EV trucks from Mullen. The contract is valued at $15.755 million and the vehicles are slated for delivery beginning in August, with complete fulfillment of the purchase agreement occurring by December. The vehicle orders will be fulfilled through Randy Marion Automotive Group, a distributor of Mullen’s commercial EVs.
MGT is a commercial vehicle sales and leasing company based in North Carolina, with annual revenue of more than $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 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 . It will now expand into the larger Class 3 cab chassis EV trucks with an initial order of 250 units. MGT’s order follows Randy Marion’s initial order for 1,000 units placed in early May.
“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,” Greg Striker, a partner at MGT Lease Company, said.
“Momentum continues following last week’s pricing announcement for our Class 3 all-electric cab chassis truck,” John Schwegman, CCO of Mullen Automotive, said. “We are excited to begin delivering trucks to MGT Leasing this summer as they continue to scale up their business.”
“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,” David Michery, CEO and chairman of Mullen Automotive, said.
