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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 Delivers 63 More Class 3 Vehicles to Randy Marion Automotive Group Valued at $3,969,000; To-Date, 121 Class 3s Delivered Valued at $7,623,000

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Mullen Automotive, Inc. (NASDAQ: MULN) announces the delivery of 63 additional Class 3 vehicles to Randy Marion Automotive Group, totaling $3,969,000 invoiced. The company is on track to deliver 150 vehicles by EOY 2023 as part of a 1,000 Class 3 purchase order from Randy Marion. The production facility in Tunica, Mississippi, plans to produce 150 vehicles in 2023, with a total capacity of 3,000 vehicles annually per shift.
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Mullen Achieves Production Milestone, Dec. 13, 2023, with 100th Mullen THREE EV Truck Rolling Off Tunica, Miss., Assembly Line

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Mullen Automotive, Inc (NASDAQ: MULN) achieves production milestone with 125 Mullen THREE's, Class 3 cab chassis EV trucks. CEO David Michery emphasizes the company's focus on commercial vehicle production and customer deliveries. The Tunica facility is aligned with current customer purchase orders and has a production capacity of 3,000 trucks annually per shift.
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Mullen Delivers 38 Class 3 Vehicles to Randy Marion Automotive Group

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Mullen Automotive, Inc. (NASDAQ: MULN) announces the delivery of 38 additional Class 3 vehicles to Randy Marion Automotive Group, invoicing for $2.5 million. Randy Marion has committed to a total of 1,000 Class 3 vehicles for $63 million, with most deliveries expected in 2024. Class 3 production at the Tunica, Mississippi, facility is planned for 150 vehicles in 2023, with a total capacity of 3,000 vehicles annually per shift.
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Mullen Class 1 EV Cargo Van Now Certified for Sale in all 15 CARB States and District of Columbia by California Air Resources Board

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Mullen Automotive, Inc. (NASDAQ: MULN) has achieved a significant milestone in the electric vehicle market with the certification of its all-electric Class 1 cargo van, the Mullen ONE, by the California Air Resources Board (CARB) as a zero-emission vehicle. This certification, along with the previous certificate of conformity from the Environmental Protection Agency (EPA), allows Mullen to sell the Mullen ONE in every state throughout the U.S. and makes it eligible for critical state EV incentive programs. The CARB certification is particularly important given CARB's recent Advanced Clean Truck regulation, which mandates that all local delivery and government fleets must be zero emissions by 2036. This achievement positions Mullen to capitalize on the growing demand for electric vehicles in the U.S.
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Mullen CEO Addresses Letter to Shareholders

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Mullen Automotive, Inc. (NASDAQ: MULN) recently announced a reverse stock split to regain compliance with Nasdaq's minimum bid price requirement. The CEO, David Michery, explained the decision in an open letter to shareholders, citing the need to raise capital and protect shareholder interests.
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Mullen Automotive Inc. Announces 1-for-100 Reverse Stock Split Effective December 21, 2023

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Mullen Automotive Inc. (NASDAQ: MULN) announced a 1-for-100 reverse stock split of its common stock to maintain its listing on Nasdaq. The split will be effective on December 21, 2023, and aims to comply with the $1.00 minimum bid price requirement. The company's board of directors approved the reverse split, with the new CUSIP number for the common stock following the split being 62526P 406.
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MULLEN AUTOMOTIVE INC. ADJOURNS SPECIAL MEETING TO DECEMBER 18, 2023

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Mullen Automotive Inc. (NASDAQ: MULN) adjourned its Special Meeting of Stockholders to December 18, 2023, to solicit more votes for the Reverse Stock Split Proposal aimed at increasing the per share market price to meet Nasdaq's listing requirements.
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Now Shipping: Mullen Delivers Class 3 EV Trucks to NRTC Automation Group

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Mullen Automotive, Inc. (NASDAQ: MULN) delivered a Class 3 EV low cab forward vehicle to NRTC Automation Group in Birmingham, Alabama. NRTC purchased Mullen’s all-electric Class 3 low cab forward, the Mullen THREE, as part of its vehicle fleet. The production is based out of Tunica, Mississippi, and Mullen began first deliveries of the Mullen THREE to Randy Marion on Sept. 28, 2023. Randy Marion received its North Carolina license to retail Mullen’s commercial EVs on Nov. 16, 2023.
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Mullen Provides Securities Litigation Update

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Mullen Automotive Inc. (NASDAQ: MULN) files spoofing complaint against several broker-dealers alleging a 2-year scheme to manipulate company securities. The complaint was filed in the United States District Court for the Southern District of New York on Dec. 6, 2023. The company believes that the spoofing litigation has exponentially greater potential to recover damages based on the nature of the claims and the duration of the alleged spoofing period. The decision to file the spoofing complaint led to the voluntary dismissal of a previous lawsuit focusing on short-selling claims. CEO David Michery emphasizes the company's focus on transparency and protecting long-term value for stockholders.
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Mullen Files Landmark Federal Spoofing Lawsuit to Combat Artificially Deflated Stock Prices

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Mullen Automotive, Inc. (NASDAQ: MULN) has filed a complaint against UBS Securities, LLC, IMC Financial Markets, and Clear Street Markets, LLC for engaging in a market manipulation scheme involving spoofing. The complaint alleges that over 5 billion shares were issued at artificially deflated prices since the company's Nasdaq debut in November 2021.
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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

MULN Stock Data

28.24M
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2.23%
2.56%
18.48%
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