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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 (NASDAQ: MULN) announces significant advancements with its Energy Management Module (EMM) technology, recently tested by Element Materials Technology. The EMM technology demonstrated the potential to enhance electric vehicle (EV) range, achieving a 60% efficiency increase, raising the range from 269 to 431 miles. Notably, Mullen's own testing showed a remarkable 75% increase in range for its Class 1 EV Cargo Van. A U.S. provisional patent application has been filed for this innovative technology, which is set to be integrated into Mullen's vehicle lineup. The company holds a 51% stake in MAEO, LLC, consolidating its technological advancements. The EMM technology aims to license to other electric vehicle manufacturers, potentially positioning Mullen as a leader in EV technology.
Mullen Automotive, Inc. (NASDAQ: MULN) has formed a partnership with Global EV Technology, Inc. and EV Technologies, LLC to establish Mullen Advanced Energy Operations, LLC (MAEO). This new entity focuses on enhancing energy management technologies for electric vehicles, aiming to improve vehicle range and performance. Mullen holds a 51% stake and will consolidate its operations under MAEO, leveraging Global EV Technology's existing technology and contracts. The collaboration's initial development targets Mullen's electric vehicle lineup, with founder Lawrence Hardge bringing over 30 years of experience in invention. Notably, Mullen aims to capitalize on verified technologies to enhance EV performance, an essential factor as it enters a competitive market.
Mullen Automotive (NASDAQ: MULN) announced the integration of solid-state polymer battery technology into its Class 1 EV cargo vans, aiming to boost the range from 110 miles to over 200 miles on a single charge. Testing of this innovative battery technology is set to begin on US roads in Q4 2023. This advancement promises higher energy density, quicker charging, and improved safety compared to traditional lithium-ion batteries. The company's partnership with Linghang Guochuang Holding Group is pivotal in implementing this technology, marking a significant step in enhancing the performance and efficiency of commercial electric vehicles.
Mullen Automotive has successfully completed a 60-day pilot program for its Class 1 EV cargo vans with Menzies Aviation at Los Angeles International Airport (LAX). The program demonstrated strong vehicle performance with 100% uptime and no maintenance issues. Over 1,500 miles were driven, and significant cost savings were noted, with a 66% reduction in electrical costs compared to gas vehicles and an 83% drop in CO2 emissions. Menzies has requested enhancements for increased seating and visibility, indicating potential fleet expansion. The pilot highlights Mullen's capabilities in the commercial EV sector.
Mullen Automotive has successfully delivered its Class 1 EV cargo vans to the University of North Carolina at Charlotte (UNC Charlotte) as part of an order fulfilled through Randy Marion Automotive Group. The initial order consists of seven vehicles, with plans for more deliveries across the university's 16 campuses over the next year. The vans will support various campus operations, promoting sustainability and reducing carbon emissions. Following a recent trade show, Mullen aims to expand its commercial EV offerings, highlighting the lower total cost of ownership as a key selling point for potential customers.
Mullen Automotive (NASDAQ: MULN) delivered its first fleet of Class 1 EV cargo vans to the University of North Carolina Charlotte on March 29, 2023. The initial order comprises seven vehicles, which are part of a larger plan to fulfill multiple deliveries across UNC's campuses over the next year. The vans will enhance campus delivery and facility services while promoting sustainability. Mullen's EVs offer a lower total cost of ownership and reduced emissions, making them attractive to institutions like UNC. The delivery follows Mullen's participation in the National Truck and Equipment Work Truck Week, signaling a key milestone for its commercial lineup.
Mullen Automotive (NASDAQ: MULN), an electric vehicle manufacturer, has delivered its first class 1 EV cargo vans to MGT Lease Company in High Point, North Carolina, through Randy Marion Automotive Group. MGT, with over $70 million in 2022 revenue and projected $100 million for 2023, focuses on last-mile delivery and services like plumbing. The partnership aims to expand Mullen's Fleet-First approach in the commercial EV market. Further announcements on additional deliveries are expected, indicating growing interest in Mullen's commercial offerings.
Mullen Automotive, Inc. (NASDAQ: MULN) filed a civil defamation lawsuit against dot.LA in Delaware, claiming the publication contained false statements about a settlement agreement. The company has retained McDermott Will & Emery LLP for legal representation. Mullen is focused on producing electric vehicles, with notable products including the Mullen FIVE EV Crossover and the I-GO Commercial Urban Delivery EV.
Recent developments include the acquisition of Electric Last Mile Solutions' assets and becoming the majority owner of Bollinger Motors, which enhances Mullen's portfolio in the EV market.
Mullen Automotive has secured a license for intellectual property and exclusive distribution rights for the Qiantu K50 supercar in North and South America. The company plans to finalize vehicle engineering to meet U.S. standards, with assembly occurring in Mishawaka, Indiana. The K50 will be rebranded as the Mullen GT and GTRS, featuring impressive specifications: 0-60 MPH in 1.95 seconds and a top speed exceeding 200 MPH. CEO David Michery views this agreement as a significant milestone, resolving previous disputes and paving the way for the supercar to compete globally, leveraging positive market feedback received since its debut.
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle manufacturer, provided updates on March 16, 2023, addressing investor inquiries. The company anticipates Class 1 EV deliveries to commercial customers by the end of March 2023, linked to a previous order of 6,000 EV cargo vans valued at $200 million from Randy Marion Isuzu. As of February 28, 2023, Mullen reported cash and equivalents of $87.4 million and expects an additional $110 million from firm commitments by June 1, 2023. CEO David Michery expressed confidence in the company's plans to deliver vehicles and progress with the Mullen FIVE program, targeting continued development and production.
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