Mullen Automotive (NASDAQ: MULN) has announced the creation of Mullen Credit Corporation (MCC), a wholly owned subsidiary designed to offer specialized financing solutions to its dealership network and customers. This strategic initiative is set to introduce vehicle floor planning for dealerships, enabling them to finance inventory upfront and repay upon sale, alongside attractive financing options for fleet and small business customers.
David Michery, Chairman and CEO of Mullen Automotive, highlighted the significance of MCC in supporting the company's growth. With projected sales for 2025 on the rise, MCC aims to provide the financial flexibility needed for dealers and customers alike, as Mullen seeks to expand its market share in the competitive electric vehicle (EV) sector.
The launch of MCC coincides with Mullen's notable advancements in the EV industry, including the operation of two U.S.-based vehicle plants and the commencement of commercial vehicle production in Tunica, Mississippi. The company's achievements are further underscored by IRS approval for federal EV tax credits on its commercial vehicles, enhancing product appeal with potential savings of up to $7,500 per vehicle for eligible customers.
Mullen's vehicles, the Mullen ONE and Mullen THREE, have received certifications from the California Air Resource Board (CARB) and EPA, making them available for sale across the United States. The CARB-issued HVIP approval for the Mullen THREE offers an additional incentive, with up to a $45,000 cash voucher at purchase.
With an expanding commercial dealer network and Foreign Trade Zone (FTZ) status for its Tunica facility, Mullen is poised for significant growth. The introduction of MCC is a strategic move to align financial services with the company's manufacturing and sales expansion, aiming to facilitate EV adoption by removing financial barriers for dealers and customers.
As the EV market grows increasingly competitive, Mullen's comprehensive approach—combining manufacturing, sales, and now financing—could distinguish the company in the crowded landscape. The success of MCC may not only bolster Mullen's market penetration but also contribute to the broader transition towards electric vehicles in commercial and fleet applications.
