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Mullen Automotive, Inc. - MULN STOCK NEWS

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.

News

CORRECTION – Mullen Reports Strongest Fiscal Quarter in Company’s History for Three Months Ended Dec. 31, 2023

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Mullen Automotive Inc. (NASDAQ: MULN) reports strong financial results for Q4 2023 with a focus on EV production and deliveries. The company reduced its net loss and achieved CARB certifications for its vehicles. Recent highlights include regaining Nasdaq compliance and significant milestones in EV development.
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Mullen Reports Strongest Fiscal Quarter in Company’s History for Three Months Ended Dec. 31, 2023

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Mullen Automotive Inc. reports financial results with a focus on EV production and deliveries. The company reduced net loss significantly and achieved key certifications and milestones. Financially, the company shows improved performance and strategic growth.
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BOLLINGER MOTORS RECEIVES IRS APPROVAL FOR $40,000 COMMERCIAL EV FEDERAL TAX CREDIT

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Bollinger Motors, Inc. has received IRS approval as a 'qualified manufacturer' for clean vehicle credits under the Inflation Reduction Act of 2022, enabling the Bollinger B4 chassis cab to qualify for a tax credit of up to $40,000 per vehicle. The company is poised for growth and aims to help electrify America's fleets. The B4, with a GVWR of 15,500 pounds, is expected to qualify for the full eligible tax credit. The company has also announced partnerships with Our Next Energy and Roush Industries, with deliveries of the B4 chassis cab expected to begin in the second half of 2024.
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Mullen Announces Bollinger Motors Receives IRS Approval for $40,000 Commercial EV Tax Credit

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Mullen Automotive Inc. announces that Bollinger Motors has received IRS approval as a 'qualified manufacturer' for clean vehicle credits under the Inflation Reduction Act of 2022. This designation enables the Bollinger B4 chassis cab to qualify for a tax credit of up to $40,000 per vehicle, providing an important incentive for customers to replace gas and diesel trucks. The company also anticipates deliveries of the Bollinger B4 chassis cab to begin in the second half of 2024.
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Mullen Is Making Great Strides in the Commercial EV Segment and Development of US-Made Battery Capabilities

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Mullen Automotive Inc. (MULN) is making significant progress in the commercial EV space, with a focus on reducing reliance on foreign-made battery components. The company's subsidiary, Mullen Advanced Energy, is installing a battery pack production line at a new high-energy facility in Fullerton, California. The CEO, David Michery, emphasized the commitment to increasing production capacity to meet growing demand and reducing battery costs by bringing production in-house.
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Mullen Capitalizes on First-Mover Advantage in Class 1 EV Cargo Vans and Class 3 EV Trucks

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Mullen Automotive Inc. (NASDAQ: MULN) has invoiced $17,318,000.00 for its first-to-market Class 1 EV cargo vans and Class 3 EV trucks, with a positive gross margin on vehicles invoiced. The company continues to capitalize on its first-mover advantage in the U.S. market, with strong production and deliveries of its commercial EVs. CEO David Michery highlights the positive gross profit margin per vehicle, emphasizing the growth in the commercial and fleet segments. Mullen's Class 1 and Class 3 commercial vehicles have received EPA and CARB certifications, making them available for sale in every state throughout the U.S.
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Mullen Opens Dominican Republic and Caribbean Markets for Commercial EVs

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Grupo Cavel has entered into an initial order agreement to purchase 20 Mullen CAMPUS EV cargo vans for sale in the Dominican Republic and Caribbean markets. This marks a significant expansion for Mullen Automotive, Inc. into new markets, with Grupo Cavel planning to continue ongoing vehicle orders and establishing a sales and service distribution channel for Mullen's lineup of commercial EVs in the region. The Dominican Republic is a leading country among Latin American countries with the most electric vehicles per capita, making it a strategic market for Mullen's expansion. The Mullen CAMPUS is a highly efficient electric van designed for low-speed, closed-campus use, providing cargo capacity and operator comfort.
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The Mullen THREE, Class 3 EV Truck Now CARB Certified and Ready for Sale in All CARB States and District of Columbia

Rhea-AI Summary
Mullen Automotive, Inc. (NASDAQ: MULN) announces the achievement of a key commercial EV milestone with its all-electric Class 3 low cab forward chassis truck, receiving certification from the California Air Resources Board (CARB). The certification opens the Mullen ONE and THREE eligibility for state EV incentive programs, including California's HVIP project, offering a rebate of up to $45,000.00. This achievement is significant as CARB's recent ACF regulation mandates 50% zero-emission vehicle purchases by 2024 and 100% by 2027. CARB certification also makes the Mullen THREE EV truck more appealing to customers who want to electrify their fleets, with a net effective cost of less than $20,000.00 after incentives.
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Mullen Automotive Regains Compliance with Nasdaq Minimum Bid Price Requirement

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Mullen Automotive Inc. (NASDAQ: MULN) has regained compliance with the minimum bid price requirement of The Nasdaq Stock Market LLC, ensuring its continued listing and trading on The Nasdaq Capital Market. The company has until March 8, 2024, to demonstrate compliance with the annual shareholder meeting requirement, with the meeting scheduled for February 29, 2024.
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Mullen Invoices and Delivers 130 Additional Class 1 EV Cargo Vans to Randy Marion Automotive Group for $4,372,550.00

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Mullen Automotive, Inc. announces the delivery and invoicing of 130 additional Class 1 EV cargo vans to Randy Marion Automotive Group, with a total invoiced amount of $7,736,150. The company has seen strong demand and interest in the Mullen ONE, a versatile EV cargo van designed for last-mile delivery.
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FAQ

What is the current stock price of Mullen Automotive (MULN)?

The current stock price of Mullen Automotive (MULN) is $2.93 as of November 22, 2024.

What is the market cap of Mullen Automotive (MULN)?

The market cap of Mullen Automotive (MULN) is approximately 28.2M.

What does Mullen Automotive specialize in?

Mullen Automotive focuses on manufacturing electric vehicles and energy solutions, aiming to make EVs more accessible through a comprehensive ecosystem.

Where are Mullen’s production facilities located?

Mullen has two vehicle plants in Tunica, Mississippi, and Mishawaka, Indiana.

What are some of Mullen Automotive’s key products?

Key products include the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck.

What recent partnerships has Mullen Automotive formed?

Recent partnerships include collaborations with Ziegler Truck Group, Range Truck Group, and EnviroCharge.

What is the significance of Mullen’s CARB and EPA certifications?

These certifications make Mullen’s vehicles eligible for sale across the U.S. and qualify them for financial incentives like the HVIP voucher and federal tax credits.

What is the PowerUP zero-emissions mobile charging truck?

PowerUP is Mullen’s zero-emissions mobile charging truck designed for flexible and scalable EV recharging solutions.

How is Mullen expanding internationally?

Mullen is expanding through distributor agreements in regions like the Balkans and partnerships in Europe to deploy urban delivery vehicles.

What financial incentives are available for Mullen vehicles?

Mullen vehicles can qualify for federal EV tax credits up to $7,500 and additional state incentives like the HVIP voucher in California.

What benefits does the Foreign Trade Zone status provide Mullen?

The FTZ status offers benefits like deferment of duties owed and elimination of duties on exported vehicles.

Where can I find more information about Mullen Automotive?

For more details, visit Mullen Automotive’s official website at www.MullenUSA.com.

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Mullen Automotive, Inc.

Nasdaq:MULN

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#5153 Ranked by Market Cap
N/A Ranked by Dividends

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28.24M
8.78M
2.23%
2.56%
18.48%
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