Mullen Automotive, an electric vehicle manufacturer, recently announced it will establish Mullen Credit Corporation as its wholly owned subsidiary. MCC will offer vehicle floor planning, which will enable dealerships to finance inventory up-front and repay the loan plus interest when the vehicle is sold. Additionally, MCC will provide fleets and small-business customers with financing options.
"Our business is experiencing rapid growth, with projected sales for 2025 expected to increase significantly. Consequently, our financing needs have also evolved,” David Michery, chairman and CEO, said. “Mullen Credit Corporation will provide financing flexibility for our dealers and customers as we pursue accelerated growth and expand our market share.”
See also: Mullen abandons passenger EV development to focus on commercial vehicles
Mullen’s commercial EV lineup includes the Mullen One, Class 1 EV cargo van, and the Mullen Three, Class 3 EV cab chassis truck, built to meet the demands of urban last-mile delivery. Both vehicles are available for sale and in full compliance with U.S. Federal Motor Vehicle Safety Standards, EPA, and California Air Resources Board certifications.
The Mullen Three recently qualified for a $15,000 incentive through the State of Massachusetts MOR-EV program and a $45,000 cash rebate voucher through the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program. The Mullen One is also eligible for the MOR-EV program with a $3,500 rebate in Massachusetts. When combined with the $7,500 Federal Tax Incentive, both vehicles offer substantial savings for commercial fleet customers, according to the company.
