Mullen Automotive, a notable player in the electric vehicle (EV) manufacturing space, has taken a significant step forward by announcing the creation of Mullen Credit Corporation (MCC) as a wholly owned subsidiary. This initiative is designed to bolster the company's dealership network and customer base through customized financing solutions, including vehicle floor planning for dealers and attractive financing options for fleet and small business customers.
The introduction of MCC is a response to the company's rapid growth and evolving financing needs, as highlighted by David Michery, Chairman and CEO of Mullen Automotive. With projected sales for 2025 expected to rise significantly, MCC aims to provide the financial flexibility necessary for dealers and customers alike, supporting Mullen's ambitious growth and market share expansion plans.
This strategic move comes as Mullen Automotive continues to make waves in the EV industry, with operational milestones such as the commencement of commercial vehicle production at its Tunica, Mississippi facility and the receipt of IRS approval for federal EV tax credits on its commercial vehicles. These developments, along with CARB and EPA certifications for its Mullen ONE and Mullen THREE models, underscore the company's commitment to innovation and market readiness.
Furthermore, Mullen's expansion of its commercial dealer network and the Foreign Trade Zone status approval for its Tunica manufacturing center highlight the company's strategic positioning for growth. The establishment of MCC is poised to complement these achievements by addressing the financial aspects of EV adoption, thereby facilitating easier access to Mullen's products for dealers and end customers.
As the EV market grows increasingly competitive, Mullen Automotive's integrated approach—encompassing manufacturing, sales, and now financing through MCC—could serve as a key differentiator. The success of this venture may not only enhance Mullen's market penetration but also contribute to the broader adoption of electric vehicles in commercial and fleet applications, signaling a promising direction for the company's future in the EV landscape.
