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.
Mullen Automotive's subsidiary, Bollinger Motors, has delivered three 2025 B4 chassis cab electric trucks to TEC Equipment locations in Washington and California, with a retail value of approximately $500,000. The revenue is being recognized in Mullen's current fiscal quarter ending December 2024. The B4 chassis cab features a 158-kilowatt-hour battery pack and qualifies for federal clean vehicle tax credits of $40,000 per vehicle, with potential total savings exceeding $100,000 including state incentives. TEC Equipment, a family-owned dealership with over 30 locations across eight states, will help distribute Bollinger's electric trucks along the West Coast.
Mullen Automotive (Nasdaq: MULN) announced that Robert Bollinger, founder of Bollinger Motors, has provided $10 million in non-dilutive debt financing to Bollinger Motors. The funding will support the production ramp-up and sale of the Bollinger B4, a Class 4 EV truck. The B4 entered full-scale production in September at Roush Industries in Livonia, Michigan, with over 70% US-made content. The trucks are currently being shipped to customers and dealers nationwide.
Mullen Automotive Inc. (MULN) has regained full compliance with Nasdaq's listing requirements, specifically the minimum bid price requirement. The company received formal notice from Nasdaq on Oct. 16, 2024, confirming its compliance with Nasdaq Listing Rule 5550(a)(2). As a result, Mullen will continue to be listed and traded on The Nasdaq Capital Market.
The previously scheduled Nasdaq hearing before the Panel, set for Nov. 14, 2024, has been cancelled, and the matter is now closed. Mullen anticipates being removed from Nasdaq's list of noncompliant companies within approximately four business days from the receipt of the compliance notification.
Mullen Automotive (NASDAQ: MULN) has announced the establishment of Mullen Credit (MCC), a wholly owned subsidiary aimed at supporting its expanding dealership network with vehicle floor planning and providing financing options for fleets and small business customers. This move comes as Mullen experiences rapid growth, with projected sales for 2025 expected to increase significantly.
MCC will enable dealerships to finance inventory upfront and pay back the loan plus interest when the vehicle is sold. Mullen's commercial EV lineup includes the Mullen ONE, Class 1 EV cargo van, and the Mullen THREE, Class 3 EV cab chassis truck, both available for sale and compliant with U.S. safety and environmental standards.
The company's commercial dealer network has expanded to include several key partners across various U.S. regions. Additionally, Mullen's vehicles qualify for significant incentives, including state rebates and federal tax credits, offering substantial savings for commercial fleet customers.
Mullen Automotive (NASDAQ: MULN) forecasts $75 million in GAAP revenue over the next six months from its sales pipeline and pilot programs. The company plans to immediately reduce monthly operating expenses by $5.5 million, from $12.8 million to $7.3 million. This reduction will be achieved through a 20% headcount cut, elimination of passenger vehicle programs, and facility consolidations.
Mullen has conducted over 80 vehicle demos or pilots across various U.S. industries, leading to significant commercial sales progress. The company expects to reach an average monthly revenue of $12.5 million over the next six months from both Mullen Commercial and Bollinger Motors sales opportunities.
CEO David Michery expressed confidence in improving near-term cash flow through continued focus on revenue growth and expense reduction. Mullen now has three vehicle lines in full production and is concentrating on near-term commercial revenue generation and enhanced operational efficiencies.
Bollinger Motors has delivered its first five customer-ready all-electric trucks to Nacarato Truck Centers in LaVergne, Tennessee. The delivery includes 2025 Bollinger B4 Chassis Cabs with a sales value of nearly $800,000, generating revenue for Bollinger Motors in the current quarter. Four vehicles will be sold to commercial fleet customers, while one will be used for Nacarato's internal parts deliveries.
The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed with fleet and upfitter input. It features a unique chassis design that protects the 158-kwh battery pack and components. The 2025 model has an MSRP of $158,758 and qualifies for a $40,000 federal clean vehicle tax credit under the Inflation Reduction Act.
Mullen Automotive's subsidiary, Bollinger Motors, has delivered its first 2025 Bollinger B4 Chassis Cab electric trucks to Nacarato Truck Centers. The delivery of five B4s generated $800,000 in revenue, recognized for the three months ended Sept. 30, 2024. Nacarato will sell four vehicles to commercial fleet customers and use one for internal parts deliveries.
The B4 Chassis Cab is an all-electric Class 4 commercial truck with a 158-kilowatt-hour battery pack. It has a Manufacturers Suggested Retail Price of $158,758 and qualifies for a $40,000 federal tax credit under the Inflation Reduction Act. Bollinger has achieved several milestones, including production launch, CARB certification, FMVSS compliance, and EPA certification.
Mullen Automotive Inc. (NASDAQ: MULN) announces significant revenue growth and reduced spending for Q3 2024. The company expects to report $4.5 million in revenue for the quarter ended Sept. 30, 2024, a 6791% increase from the previous quarter's $65,235. Mullen has also reduced its monthly cash burn to $12.7 million in Q3 2024, down from $18.1 million in Q1 2024. The company aims to achieve breakeven on a cash basis by December 2025.
Additional updates include receiving $11.9 million from investors, with an expected $600,000 more incoming. Mullen has a $150 million investment commitment through its equity line. CEO David Michery expressed optimism about the company's momentum for the remainder of 2024.
Mullen Automotive (NASDAQ: MULN) announces a $3.2 million vehicle order from Papé Truck, comprising 43 Class 3 EV trucks and 7 Class 1 EV cargo vans. Deliveries will begin immediately. Papé, Mullen's seventh commercial EV dealer, has over 30 locations across the Western U.S.
The order includes various Class 3 configurations and parts supply for warranty service. Papé's partnership aligns with Mullen's goal of expanding access to its commercial EVs. Mullen's lineup features the Class 1 Mullen ONE and Class 3 Mullen THREE, both compliant with U.S. safety and environmental standards.
Both vehicles qualify for significant incentives, including state rebates in Massachusetts and California, as well as the $7,500 Federal Tax Incentive, offering substantial savings for commercial fleet customers.
Mullen Automotive CEO David Michery provided a video update for shareholders, highlighting the company's recent progress. Key points include:
1. Sales and Distribution Expansion: Expanded dealer network to seven dealers nationwide, conducted over 80 vehicle demos, and secured orders from universities, local governments, and businesses.
2. International Growth: Established retailers and orders in Eastern Europe and the Middle East, including a $210M order from Volt Mobility.
3. Bollinger Motors Progress: Completed engineering and testing for compliance, partnered with Roush Industries for production, and began manufacturing the first customer-ready B4 electric trucks.
4. Financial Performance: Transitioned to revenue generation, reduced cash burn, and secured $100M preferred instrument and $150M equity line to support growth.
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