Mullen enters $15M EV purchase agreement with MGT Lease Co. for 250 Class 3 trucks

Commercial vehicle leasing and sales company MGT Lease Co. has signed an agreement to buy 250 Class 3 cab chassis electric trucks from electric vehicle manufacturer Mullen Automotive for $15.76 million. The vehicles are slated for delivery beginning this August with complete fulfillment of the purchase agreement by December, according to a news release.

The vehicle orders would be fulfilled through Randy Marion Automotive Group, a distributor of Mullen’s commercial EVs.

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 across all major OEM brands, with a focus on Class 1-4 commercial vehicles. It is based in North Carolina, with annual revenue of over $70 million in 2022 and $100 million projected for 2023. 

MGT is a Mullen Automotive repeat customer, initially purchasing EV cargo vans from Mullen in March 2023 and now expanding into the larger Class 3 cab chassis EVs with an initial order of 250 units. MGT’s order follows Randy Marion’s initial order for 1,000 units placed in early May 2023.

“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,” said Greg Striker, partner at MGT.

“Momentum continues following last week’s pricing announcement for our Class 3 all-electric cab chassis truck. We are excited to begin delivering trucks to MGT Leasing this summer as they continue to scale up their business,” said John Schwegman, chief commercial officer of Mullen Automotive.