Welcome to our dedicated page for Mullen Automotive news (Ticker: MULN), a resource for investors and traders seeking the latest updates and insights on Mullen Automotive stock.
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.
Bollinger Motors has announced a strategic partnership with EO Charging to provide comprehensive electrification solutions for commercial fleet customers. EO Charging will deliver complete charge assurance solutions, including charger installation, tech stack, and 24/7 support with >99% uptime guarantee. The partnership leverages EO's experience of over 50 million charging sessions and 100,000+ charging units deployed globally.
The collaboration aims to simplify fleet electrification by combining the Bollinger B4 chassis cab with EO's infrastructure. The B4, which began customer deliveries in October, is an all-electric class 4 commercial truck with a 158-kwh battery pack. Recent company milestones include production launch, regulatory certifications, dealer network expansion, and partnerships with key service providers.
Mullen Automotive (NASDAQ: MULN) has announced a strategic partnership between its subsidiary Bollinger Motors and EO Charging to provide comprehensive EV charging solutions for commercial fleet customers. EO Charging will deliver full charge assurance solutions, including charger installation, tech stack, and 24/7 support with 99% uptime guarantee.
EO Charging brings significant experience with over 50 million charging sessions delivered and 100,000+ charging units deployed globally across 1,700+ sites. The partnership will support the Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck with a 158-kwh battery pack, which began customer deliveries in October.
Recent Bollinger achievements include production launch in September 2024, FMVSS compliance, EPA and CARB certifications, expansion of dealer network, partnership with Our Next Energy for battery supplies, and agreements with Syncron for warranty administration and Amerit Fleet Solutions for mobile service.
Mullen Automotive reported its strongest quarter to date for the period ended Dec. 31, 2024, with $4.4M invoiced and $6M received for delivered vehicles. The company's subsidiary Bollinger Motors delivered 20 B4 trucks, generating $2.8M in revenue.
Despite these achievements, the company reported a net loss of $114.9M, with 79% ($91.0M) attributed to non-cash expenses. Cash position decreased to $2.7M from $10.7M in September 2024, with negative working capital of $186.2M. The company implemented cost-cutting measures, including personnel reductions expected to save $13M annually.
Mullen expanded its commercial vehicle presence through sales to various sectors and strengthened its battery production capabilities in Fullerton, California. The company is seeking $55M in matching DOE funds for U.S.-based battery production.
Mullen Automotive (NASDAQ: MULN) has announced a 1-for-60 reverse stock split effective Feb. 18, 2025, at 12:01 a.m. Eastern Time. The primary goal is to comply with Nasdaq's $1.00 minimum bid price requirement for continued listing. The stock will continue trading under the MULN symbol with a new CUSIP number 62526P604.
The reverse split was approved by stockholders at a Special Meeting on Jan. 31, 2025, authorizing a range of 1-for-2 to 1-for-100, with the board selecting 1-for-60. The split will automatically convert every 60 current shares into one new share. Proportional adjustments will be made to equity awards, warrants, convertible notes, and preferred stock conversion prices. No fractional shares will be issued, with all fractions rounded up to the nearest whole share.
Mullen Automotive (NASDAQ: MULN) has expanded its U.S. battery production capabilities by purchasing additional battery line equipment from Nikola for its Fullerton, California facility. The newly acquired assets include a high-volume standard battery chemistry production line and an electro-dynamic shaker system for laboratory testing.
Upon installation of the new equipment delivered on January 27, 2025, the Fullerton facility will feature two high-volume standard battery chemistry lines, high-precision R&D lines for both standard and solid-state polymer batteries, and a full testing laboratory. Production is planned to begin in the second half of 2025.
This follows Mullen's initial $3.5 million purchase of battery production assets from Romeo Power in September 2023. The company has also submitted a modified plan to the U.S. Department of Energy, seeking $55 million in matching funds to support U.S. manufacturing capabilities at its Fullerton and Mishawaka facilities.
Mullen Automotive (NASDAQ: MULN) has secured additional orders for five Mullen ONE Class 1 EV cargo vans from two leading California universities located in Los Angeles and the San Francisco Bay Area. The orders will be fulfilled through Mullen's dealer partners, the Papé Group and Randy Marion Automotive Group.
The Mullen ONE, designed for campus-related tasks including deliveries and maintenance, features a compact size with ample cargo space. These orders represent repeat business from institutions already using Mullen's EVs on their campuses, demonstrating customer satisfaction with the product line.
Mullen's commercial vehicle lineup includes both the Mullen ONE and the Mullen THREE Class 3 EV cab chassis truck. Both vehicles comply with U.S. Federal Motor Vehicle Safety Standards, EPA requirements, and CARB certifications.
Mullen Automotive (NASDAQ: MULN) reported financial results for fiscal year 2024, highlighting a challenging year for the EV industry. The company achieved significant milestones including:
- Reduced cash spend by $85.4M compared to FY2023
- Delivered 443 vehicles valued at $21M in FY2024 vs 35 vehicles ($1M) in FY2023
- Expanded dealer network from one to seven partners
- Launched Bollinger Motors B4 production with 31 trucks delivered ($4.2M revenue)
- Established three EV production lines in the U.S.
Financial results showed $1.1M in recognized revenue for FY2024 vs $0.4M in FY2023. Net loss was $471M ($1,425.6 per share). Cash position decreased to $10.7M from $155.7M year-over-year. The company announced $13M annual reduction in cash spend effective Feb 2025.
Mullen Automotive (NASDAQ: MULN) has received a notice from Nasdaq due to not filing its Annual Report (Form 10-K) for the fiscal year ended Sept. 30, 2024. This puts the company in non-compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports.
While the notice doesn't immediately affect MULN's listing status, the company must either file the Form 10-K or submit a compliance plan within 60 days. If a plan is submitted and accepted, Mullen could receive up to 180 days from the original due date to comply. The company expects to file its 10-K on or before January 31, 2025.
Mullen Automotive (NASDAQ: MULN) announces the sale of its Mullen ONE All-Electric Cargo Van to Mr. Appliance of Owings Mills, Maryland, marking the company's first entry into the home service vertical. The sale represents a strategic expansion into a sector where transportation costs typically exceed 30% of operating expenses.
The Mullen ONE offers significant advantages for home service businesses, including up to 57% reduction in fuel expenses, 50% lower maintenance costs, and eligibility for a $7,500 federal tax credit. The vehicle aims to provide cost-effective transportation solutions while supporting sustainability through reduced carbon emissions.
Mullen Automotive (NASDAQ: MULN) announces a purchase order from Westland Floral for two Mullen THREE Class 3 EV trucks. The vehicles, featuring service body upfits by Phenix Truck Bodies & Van Equipment, were fulfilled by Pritchard and include California HVIP incentives. The Mullen THREE offers a 38-foot turning diameter, payload capacity over 5,800 pounds, and can accommodate bodies up to 14 feet long.
The vehicles are fully compliant with U.S. Federal Motor Vehicle Safety Standards, EPA, and CARB certifications. The Mullen THREE qualifies for significant incentives: $15,000 through Massachusetts MOR-EV program, $45,000 through California HVIP, and $7,500 Federal Tax Incentive.
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