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Mullen Automotive, Inc. (NASDAQ: MULN) is a Southern California-based automotive innovator specializing in the manufacture of electric vehicles (EVs) and energy solutions. The company's primary mission is to make EVs accessible by creating a comprehensive ecosystem that supports all aspects of electric vehicle ownership.
Mullen Automotive's business is anchored by its two U.S.-based vehicle plants in Tunica, Mississippi, and Mishawaka, Indiana, where it commenced commercial vehicle production in August 2023. The company operates through two segments: Bollinger and Mullen/ELMS, which collectively generate its revenue.
One of Mullen's significant assets is its subsidiary Mullen Auto Sales, a fast-expanding chain of auto dealerships. Additionally, Mullen owns CarHub, a digital platform that leverages AI to provide a seamless car buying, selling, and ownership experience. The company’s product lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck. These vehicles are certified by the California Air Resource Board (CARB) and the EPA, making them available for sale across the U.S. The Mullen THREE, for instance, is HVIP approved, offering up to a $45,000 voucher at purchase combined with a $7,500 federal tax credit, potentially reducing its net effective cost to under $17,000.
In recent developments, Mullen has formed key partnerships to enhance its market reach and operational capacity. Collaborations with entities like Ziegler Truck Group, Range Truck Group, and EnviroCharge underscore Mullen's commitment to delivering zero-emission commercial vehicles. Mullen’s strategic pivot to a zero-emissions model, as highlighted by the launch of the PowerUP zero-emissions mobile charging truck, aligns with the growing market demand for sustainable solutions.
Mullen's international footprint is also expanding, with new distributor agreements in regions like the Balkans and partnerships with companies like Antidoto SA to deploy urban delivery vehicles in Europe. Such initiatives are key to Mullen’s global EV market strategy.
Financially, Mullen received federal EV tax credit approval in September 2023, enhancing the affordability of its commercial vehicles. Additionally, the Tunica, Mississippi plant's Foreign Trade Zone (FTZ) status offers various financial benefits, including duty deferment and elimination of export duties.
For more detailed and up-to-date information, visit Mullen Automotive’s official site at www.MullenUSA.com.
Mullen Automotive (NASDAQ: MULN) has submitted an updated plan to the Department of Energy (DOE) for a $55 million grant funding opportunity in US battery materials processing. The company has already invested $12 million in battery development and manufacturing, with plans to invest an additional $43 million. The strategy includes relocating high-volume production to Mishawaka, Indiana, which will have a capacity of 108,000 battery systems or 1 gigawatt-hour per year, while the Fullerton, California facility will focus on R&D and solid-state prototype production.
The company plans to begin production deliveries in mid-2025, with two additional production lines scheduled for launch in the following years. Mullen is also considering adding a low-voltage line for 24-volt and 48-volt battery modules.
Mullen Automotive reports significant progress in EV sales and cost reduction through December 18, 2024. The company has delivered 100 electric vehicles (57 Class 3 and 43 Class 1 EV cargo vans and trucks) since September 30, generating $5.5 million in sales. Notably, Mullen has substantially reduced its monthly burn rate from $16.8M in August to $5.3M in October and November 2024.
The company's vehicles qualify for various incentives, including a $15,000 Massachusetts MOR-EV program incentive and a $45,000 California HVIP rebate for the Mullen THREE, plus a $7,500 federal tax incentive for both models. Mullen is actively engaging with government agencies, universities, and large fleets to expand EV adoption.
Mullen Automotive's subsidiary, Bollinger Motors, reports successful initial sales of its B4 electric trucks, delivering 25 units worth approximately $4.1 million since production began in September. The Class 4 all-electric commercial truck features a 158-kWh battery pack, 7,300+ pounds payload capacity, and 185-mile average range.
Production is being carried out through a partnership with Roush Industries in Livonia, Michigan. The company has established a nationwide dealer network including notable partners like Anderson Motors, TEC Equipment, and Nacarato Truck Centers. Key achievements include FMVSS compliance, EPA and CARB certifications, and partnerships with Our Next Energy for battery packs and Amerit Fleet Solutions for mobile service.
Bollinger Motors has expanded its commercial EV network by partnering with Bergey's Truck Centers, adding over 50 locations across Delaware, Maryland, New Jersey, and Pennsylvania. The company's B4 Chassis Cab, an all-electric class 4 commercial truck featuring a 158-kwh battery pack, began customer deliveries in October.
Recent achievements include production launch, regulatory certifications (FMVSS, EPA, CARB), and significant vehicle agreements: 145 vehicles with Momentum Group, 70 with Doering Fleet Management, and 50 with EnviroCharge. The company has also secured partnerships with multiple dealers, ONE for battery supplies, and established warranty administration with Syncron and mobile service through Amerit Fleet Solutions.
Mullen Automotive's subsidiary, Bollinger Motors, has expanded its dealer network by adding Bergey's Truck Centers, covering Delaware, Maryland, New Jersey, and Pennsylvania. This addition grows Bollinger's national network to over 50 locations. The company has delivered and received payment for Bergey's initial order of all-electric B4 Trucks.
The Bollinger B4 Chassis Cab is an all-electric Class 4 commercial truck featuring a 158-kilowatt-hour battery pack. Bollinger began customer deliveries in October and has achieved several milestones, including FMVSS compliance, EPA certification, and CARB certification. The company has secured multiple vehicle agreements: 145 with Momentum Group, 70 with Doering Fleet Management, and 50 with EnviroCharge.
Bollinger Motors has partnered with St. Louis-based Broadway Ford Truck Center as an official dealer, expanding its Midwest presence. The partnership aims to meet growing EV demand among fleet managers and provide access to innovative electric vehicle solutions.
The company's B4 Chassis Cab, an all-electric class 4 commercial truck featuring a 158-kwh battery pack, began customer deliveries in October. Recent achievements include production launch, regulatory certifications (FMVSS, EPA, CARB), and significant vehicle agreements: 145 vehicles with Momentum Group, 70 with Doering Fleet Management, and 50 with EnviroCharge.
Bollinger has also expanded its dealer network, secured battery supply from Our Next Energy, and established partnerships with Syncron for warranty administration and Amerit Fleet Solutions for mobile service.
Mullen Automotive subsidiary Bollinger Motors has partnered with Broadway Ford Truck Center in St. Louis, Missouri, expanding its Midwest dealer network. The partnership aims to meet growing EV demand among fleet managers, offering the Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck with a 158-kilowatt-hour battery pack.
Recent milestones include production launch in September, achieving FMVSS compliance, EPA and CARB certifications, and securing multiple fleet agreements: 145 vehicles with Momentum Group, 70 with Doering Fleet Management, and 50 with EnviroCharge. Bollinger has also expanded its dealer network, partnered with Our Next Energy for battery supplies, and established warranty services through Syncron and Amerit Fleet Solutions.
Mullen Automotive (NASDAQ: MULN) has secured an order for 10 Class 3 EV cab chassis trucks from Associated Coffee, a San Francisco Bay Area coffee and snack distributor servicing over 5,000 Northern California businesses. The order will be fulfilled through Mullen's newest franchise dealer, Papé Group, a leading West Coast commercial dealer.
The Mullen THREE Class 3 EV trucks qualify for a $45,000 HVIP cash rebate voucher and a $7,500 Federal Tax Incentive. Associated Coffee, known for its sustainability initiatives, will use these EVs to support their environmentally conscious operations across five Bay Area branches.
Mullen Automotive's subsidiary, Bollinger Motors, has received a follow-on order for seven all-electric 2025 B4 trucks from TEC Equipment, with full payment received via electronic transfer. This follows TEC's initial order of three B4s from October 30, 2024. The B4 trucks will be delivered to TEC dealer locations across California, Oregon, and Washington.
The Bollinger B4 is a Class 4 commercial truck featuring a 158-kilowatt-hour battery pack, 185-mile range, and 7,394-pound payload capacity. The vehicle qualifies for federal clean vehicle tax credits of $40,000 under the Inflation Reduction Act, with potential total savings exceeding $100,000 including state incentives.
Mullen Automotive (NASDAQ: MULN) announces a collaboration with Emerald Transportation Solutions and the Papé Group to develop a refrigerated upfit for the Mullen THREE Class 3 electric truck. The initiative targets expanding markets in home delivery, frozen food, grocery, and beverage transportation. The Mullen THREE features a versatile chassis supporting bodies up to 14 feet long with over 5,300 lbs payload capacity. The vehicle qualifies for significant incentives, including a $15,000 rebate through Massachusetts' MOR-EV program and a $45,000 voucher through California's HVIP program, plus the $7,500 Federal Tax Incentive.
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