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Mullen Automotive (NASDAQ: MULN) has announced a strategic partnership with Ziegler Truck Group and Range Truck Group to expand its zero-emissions commercial vehicle dealership network in the Midwest and Pacific Northwest. The partnership aims to cover national and regional fleet opportunities for Mullen's commercial EVs, specifically targeting the Pacific Northwest and upper Midwest regions. Ziegler and Range, part of the Ziegler Companies distribution network, bring over 110 years of experience in selling and servicing premier brands in construction and agriculture equipment. Ziegler is an approved California Air Resource Board (CARB) HVIP dealer and will offer Mullen's full line of all-electric commercial vehicles, including the Mullen ONE and Mullen THREE. The Mullen THREE qualifies for up to $45,000 in HVIP vouchers and a $7,500 federal tax credit, potentially reducing its cost to under $17,000.
Mullen Automotive (NASDAQ: MULN) reported its Q2 2024 fiscal quarter results, showing positive stockholders' equity at $117.4 million as of March 31, 2024. The company secured an additional $150 million in capital commitments to support its commercial EV operations. Recent highlights include expansion of its dealer network, approval for Foreign Trade Zone status in Mississippi, and CARB approval for its Class 3 EV truck. Financially, Mullen reported a net loss of $193.9 million for the six months ended March 31, 2024, compared to a net loss of $483.8 million in the same period the previous year. Revenue for the same period was $33.3 thousand. The company’s cash balance significantly decreased to $29.8 million from $155.7 million as of September 30, 2023.
Mullen Automotive (NASDAQ: MULN) announces a $150 million financing commitment to support its operations and expansion over the next 13 months. The company received $100 million from a family office and sold $50 million in senior secured convertible notes to high-net-worth investors. This funding will support Mullen's and Bollinger Motors' operations, including the production of the Bollinger B4 vehicle. Recent advancements include approval from the California Air Resource Board (CARB) for the Mullen THREE Class 3 EV truck, allowing for up to $45,000 in cash vouchers per purchase. Mullen has also expanded its commercial dealer network by partnering with Pritchard EV and National Auto Fleet Group. Additionally, its Tunica, Mississippi, manufacturing center received Foreign Trade Zone Status, allowing deferment and elimination of certain duties.
Mullen Automotive, Inc. receives approval from the U.S. Department of Commerce for Foreign Trade Zone status for its Tunica, Miss., facility, resulting in up to $21 million in deferred duty for FY2024 and FY2025. The FTZ status allows for duty deferment on import fees, benefiting domestic and international sales. The approval enhances Mullen's global competitiveness, reduces taxes and fees, and improves logistics flexibility, positively impacting its manufacturing position and economic development in Tunica, Mississippi.
Bollinger Motors and Amerit Fleet Solutions have partnered to provide mobile service and warranty support for Bollinger's B4 All-Electric Class 4 Commercial Truck. Amerit will offer maintenance, repair, and warranty services to Bollinger's fleet customers across the US, enhancing nationwide service coverage.
Mullen Automotive, Inc. announces a partnership between its subsidiary, Bollinger Motors, and Amerit Fleet Solutions to provide mobile service and warranty for the B4 All-Electric Class 4 Commercial Truck. The agreement aims to offer nationwide service and maintenance for Bollinger's fleet customers, ensuring convenient and efficient support for the B4 and future vehicles. Amerit will deliver maintenance, repair, and warranty services outside of Bollinger's designated service areas, enhancing customer confidence in the company's offerings.
Mullen Automotive, Inc. (NASDAQ: MULN) partners with National Auto Fleet Group (NAFG) to offer its all-electric commercial vehicles in key California markets. NAFG, a Sourcewell contract awardee, will provide fleet vehicle purchasing to government agencies, schools, and local governments. Mullen's EV lineup includes the Mullen ONE cargo van and Mullen THREE cab chassis truck, both HVIP approved. NAFG, with two Sourcewell contracts, simplifies the purchasing process for government fleets, aiming to transition to sustainable electric transportation.
Mullen Automotive, Inc. (NASDAQ: MULN) has announced the adoption of a duration stockholder rights plan to ensure fair treatment of all stockholders and protect the company from takeover attempts without paying a control premium. The plan imposes penalties on any entity acquiring 10% or more of common stock without board approval. The Rights Plan is effective immediately and will expire on May 1, 2025.
Mullen Automotive, Inc. and Pritchard EV, in collaboration with Mobile Road Service Solutions, have unveiled the Mullen ONE Class 1 EV cargo van roadside assistance vehicle at the American Towman Showcase in Las Vegas. MRSS is a key upfitter for the Roadside Service Industry, supplying towing and emergency service companies like AAA. The Mullen ONE features 157 cubic feet of cargo space, 1,600 lbs. of payload, and 110 miles of range, catering to the growing demand for sustainable mobility solutions in the commercial EV market.
Mullen Automotive, Inc. (NASDAQ: MULN) has expanded its U.S. dealer network by partnering with Pritchard EV, a leading commercial dealer. Pritchard EV will offer Mullen's commercial EV lineup, including the Mullen ONE and Mullen THREE, to customers in the United States. This partnership aims to enhance accessibility to electric vehicles and service infrastructure for fleet customers, providing sustainable mobility solutions and addressing key logistics challenges.
