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 has kicked off the Mullen FIVE EV Crossover “Strikingly Different” tour successfully on October 27 in Pasadena, CA, with reservations surpassing expectations. Customer feedback has been overwhelmingly positive, with pre-orders quadrupling in volume during the event.
New dates have been added for Angel Stadium in Anaheim on November 1 and 2, followed by stops in Las Vegas on November 10 and 11. The tour allows participants to experience the Mullen FIVE's features, including the innovative PERSONA technology.
Mullen Automotive is launching the Mullen FIVE EV Crossover Tour starting October 27 in Pasadena, California, due to high demand. Additional dates in Anaheim, California, on November 1 and 2 have been added. Attendees will experience Mullen's proprietary PERSONA technology, enhancing the vehicle's personalization features. The tour will continue in various U.S. cities through November and December, culminating in spring 2023 with a second leg focusing on the East Coast. Mullen aims to showcase its innovative electric vehicles and gather consumer feedback.
Mullen Automotive has announced it secured exclusive sales, distribution, and branding rights for the I-GO, a compact urban delivery electric vehicle, in major European markets including the UK, Germany, Spain, France, and Ireland. The I-GO is EU certified, featuring a 16.5-kWh battery with a range of 124 miles and a starting price of $11,999 plus VAT and local transportation. This strategic move aims to address the growing demand for urban delivery vehicles, allowing Mullen to enhance its brand presence and revenue opportunities without detracting from its US manufacturing focus.
Mullen Automotive has appointed John Schwegman as Chief Commercial Officer for its commercial EV division. With 35 years at General Motors, Schwegman brings extensive experience in overseeing commercial product lines and EV strategy. His focus will be on growth for Mullen’s Class 1 to Class 6 commercial vehicles, enhancing enterprise and fleet sales opportunities. Mullen recently acquired Bollinger Motors, expanding its commercial vehicle offerings.
Mullen Automotive (NASDAQ: MULN) has received US Bankruptcy Court approval for its acquisition of ELMS assets in an all-cash deal. This acquisition includes a manufacturing plant in Mishawaka, Indiana, enabling Mullen to produce up to 50,000 vehicles annually. The transaction, totaling up to $275 million, aims to accelerate the launch of Mullen's electric vehicles by over 12 months. Mullen's recent purchases are expected to enhance its production capacity and significantly reduce overall spending, positioning the company for further growth in the electric vehicle market.
Mullen Automotive is launching its "Strikingly Different" Tour, starting on October 27, 2022, at the Rose Bowl in Pasadena, California, and continuing to the Las Vegas Motor Speedway on November 10-11, 2022. The tour will showcase the Mullen FIVE electric vehicle crossover with additional stops planned in various U.S. cities, including Texas, Tennessee, Florida, Georgia, and North Carolina through December 2022. The company aims to engage potential customers and reservation holders through test drives while promoting its first model, enhancing its visibility in the EV market.
Bollinger Motors, now majority-owned by Mullen Automotive (NASDAQ: MULN), partners with Wabash to create a lighter, more efficient refrigerated electric truck. The collaboration leverages Wabash's EcoNex™ Technology, which enhances thermal efficiency and reduces weight, leading to increased payload capacity. The new trucks promise lower operational costs and less energy consumption compared to traditional models. This venture marks Mullen's entry into the medium-duty truck sector, expanding its product offerings and supporting sustainability efforts in commercial transportation.
Mullen Automotive has unveiled the specifications and a first look at its ultra-high-performance EV sport crossover, the Mullen FIVE RS. This vehicle boasts a top speed of 200 mph and can accelerate from 0-60 mph in just 1.9 seconds. The FIVE RS features advanced engineering, including an 800-volt architecture, all-wheel drive, and over 1,000 horsepower. It will be showcased during the second leg of the ‘Strikingly Different’ U.S. Test Drive Tour in spring 2023. Consumers will experience the vehicle by riding alongside professional drivers.
Mullen Automotive has successfully completed its majority acquisition of Bollinger Motors as of September 7, 2022. The transaction was funded with cash and restricted stock. CEO David Michery expressed optimism about the acquisition's potential benefits for shareholders. Mullen Automotive specializes in developing affordable electric vehicles built in the U.S., and the acquisition of Bollinger, noted for its commercial vehicle platforms, is expected to enhance Mullen's capabilities in the EV market. Further details can be found in the recent SEC filing.
Mullen Automotive has announced the majority acquisition of Bollinger Motors, marking its first significant move into the medium and heavy-duty truck segments. This acquisition allows Mullen to expand its electric vehicle offerings, specifically in classes 3-6 trucks and SUVs like the B1 and B2. A webinar featuring David Michery and Robert Bollinger will discuss the strategic vision behind the partnership. The acquisition is touted as one of the largest in the EV sector, potentially enhancing Mullen's market position in electric commercial vehicles.
FAQ
What is the current stock price of Mullen Automotive (MULN)?
What is the market cap of Mullen Automotive (MULN)?
What does Mullen Automotive specialize in?
Where are Mullen’s production facilities located?
What are some of Mullen Automotive’s key products?
What recent partnerships has Mullen Automotive formed?
What is the significance of Mullen’s CARB and EPA certifications?
What is the PowerUP zero-emissions mobile charging truck?
How is Mullen expanding internationally?
What financial incentives are available for Mullen vehicles?
What benefits does the Foreign Trade Zone status provide Mullen?
Where can I find more information about Mullen Automotive?
