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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

Mullen Announces Bollinger Motors Receives Vehicle Orders for 40 B4, Class 4 EV Trucks; Valued at Approximately $6 Million

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Mullen Automotive, Inc. (NASDAQ: MULN) announces collaboration with Bollinger Motors for the production of 40 B4 Class 4 EV trucks, valued at approximately $6 million. The B4 chassis cab is expected to start production in mid-2024 and is eligible for a federal purchasing incentive of 30% of the vehicle cost, up to $40,000. The B4 is designed to be custom-configured by fleets and is all-electric, with a range of 110-200 miles.
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Mullen Automotive Provides 2023 Financial Results and Current Business Update

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Mullen Automotive Inc. achieved significant milestones with the receipt of first vehicle orders, commencement of Class 1 and 3 vehicle production, customer deliveries, and recorded revenue. The company also received federal EPA and NHTSA certification for its vehicles, and IRS approval for tax credits. In fiscal year 2023, the company recorded first revenues of $366,000 and delivered vehicles worth $652,200 to Randy Marion Automotive for resale. Mullen has delivered 100 Class 1 vehicles and invoiced for $3.3 million, and 141 Class 3 vehicles invoiced for $9.2 million to Randy Marion Automotive Group as of Dec. 31, 2023. The company also opened a battery module and pack development facility in California, reducing reliance on foreign battery components.
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Mullen, Phenix Truck & Van and Knapheide Announce Completion of a New Class 3 Light-Weight EV Service Body; Purpose Built for Municipalities and Public Utilities Applications

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Mullen Automotive, Inc. (NASDAQ: MULN) announces the completion of a light-weight service truck body for the All-Electric Mullen THREE, developed in collaboration with Phenix Truck Bodies & Van Equipment and Knapheide Manufacturing. The Mullen THREE Class 3 vehicle upfit is available for evaluation and pilot programs, targeting commercial fleet customers. The vehicle offers a range of 125 miles, Level 3 DC charge time of 1.5 hrs, and a best-in-class turning diameter of 38 ft. The partnership with Phenix and Knapheide opens an important segment for Mullen in public utilities and local municipalities, especially in California.
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Mullen Submits ATVM Loan Opportunity to the Department of Energy (‘DOE’) for Domestic Battery Materials Processing

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Mullen Automotive, Inc. (NASDAQ: MULN) announces submission of $50 million ATVM loan application to support domestic battery manufacturing, aiming to produce 150,000 battery packs through 2032.
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Mullen Submits Grant Funding Opportunity to DOE for Domestic Battery Materials Processing

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Mullen Automotive, Inc. (NASDAQ: MULN) plans to produce an estimated 150,000 battery packs through the 2032 Program, aiming to provide $3.5 billion to strengthen US battery material manufacturing. The company's subsidiary, Mullen Advanced Energy, LLC, submitted a Concept Paper in response to the U.S. Department of Energy Funding Opportunity for Battery Materials. The program, established via the current administration, seeks to boost domestic production of advanced batteries and battery materials nationwide. Mullen's Concept Paper details the plan to produce 150,000 battery packs domestically through 2032, reducing current battery costs by over 20% and seeking a $50 million DOE grant to support capital investment for plant equipment and tooling. The company's new high-energy facility in Fullerton, California, is dedicated to producing next-generation American-made EV battery packs, with the formal submission for the DOE funding opportunity expected on or before March 19, 2024.
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Mullen Announces 2023 Class 1 and Class 3 Invoice Totals of $12,559,520

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Mullen Automotive, Inc. (NASDAQ: MULN) delivered 100 Class 1 and 141 Class 3 vehicles to Randy Marion Automotive Group through Dec. 31, 2023, with an additional 185 Class 1 vehicles scheduled for delivery through Jan. 8, 2024. These vehicles are part of a purchase order totaling $263,000,000. The majority of the vehicles are expected to be delivered throughout 2024. The total invoiced amount for the 2023 deliveries was $12,559,520. David Michery, CEO and chairman of Mullen Automotive, expressed confidence in the company's production and delivery scaling for 2024.
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For Calendar Year 2023, Mullen Hits Class 3 Delivery Target with 141 Class 3’s Delivered to RMA; Total Invoiced Amount of $9,196,021

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Mullen Automotive, Inc. (NASDAQ: MULN) achieved its 2023 Class 3 delivery target with 154 units built and 141 delivered to Randy Marion Automotive Group for a total invoiced amount of $9,196,021. The remaining 13 vehicles are being utilized for engineering and marketing purposes. Mullen THREE is a Class 3 low cab forward EV truck with a 125-mile range, built for urban last-mile delivery and various vocational needs.
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Mullen Delivers 50 Additional Class 1 EV Cargo Vans to Randy Marion Automotive Group Invoiced at $1,681,750

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Mullen Automotive, Inc. (NASDAQ: MULN) announces the delivery of 50 additional Class 1 EV cargo vans to Randy Marion Automotive Group for $1,681,750, bringing the total invoiced amount to $3,363,500 for 100 vans. The company is on track to deliver a total of 285 Class 1 vehicles by Jan. 8, 2024. Mullen ONE production is based in Tunica, Mississippi, with the Mullen ONE being the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment, designed for last-mile delivery.
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Mullen Delivers 50 Class 1 EV Cargo Vans and Invoices Randy Marion Automotive Group for $1,680,000

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Mullen Automotive, Inc. (NASDAQ: MULN) announces delivery of 50 all-electric Mullen ONE, Class 1 cargo vans to Randy Marion Automotive Group with plans to deliver a total of 285 vehicles within the next five business days. The company invoiced RMA for $1,680,000 and has invoiced over $6,054,300 for Class 1 vehicles. The Mullen ONE is anticipated to be the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment, designed for last-mile delivery with best-in-class cargo volume, payload, and turning diameter.
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Mullen Completes Solid-State Polymer Cell to Pack Integration and Begins Class 1 Battery Pack Testing

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Mullen Automotive Inc. (MULN) announces the successful completion of solid-state polymer pack level test and validation for Class 1 EV cargo vans, with on-vehicle road testing set to begin in Q1 2024. The 110-mile current LFP range is projected to increase to over 190 SSP miles, representing a 73% increase and providing a superior, clean, and safe alternative to current lithium-ion batteries. The solid-state polymer cells allow for increased safety and efficiency without sacrificing payload, with the Mullen ONE featuring a 72-kilowatt solid-state polymer battery pack, 4,881 lbs. GVWR, 1,603 lbs. max payload, 157-cubic-feet cargo volume, and a 20-foot turning radius.
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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.

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