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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) has received a 180-day extension from Nasdaq to meet the minimum $1 bid price requirement after failing to do so previously. The deadline to comply is September 5, 2023. Mullen's stock must trade above $1 for at least 10 consecutive business days to avoid a reverse stock split, a measure that the company plans to implement if compliance is not achieved. CEO David Michery emphasized the company's commitment to regain compliance. Mullen Automotive's portfolio includes various electric vehicles, with the Mullen FIVE slated for delivery in 2024.
Mullen Automotive (NASDAQ: MULN) launched two commercial products in 2023: a fully electric Class 1 cargo van and a Class 3 low-cab forward. The company showcased these vehicles at NTEA’s Work Truck Week 2023 in Indianapolis, which runs from March 7-10. Mullen highlights the commercial market as a significant opportunity, emphasizing the importance of this event for establishing the Mullen Commercial brand. The company’s EV portfolio includes various models, with the Mullen FIVE EV crossover slated for 2024 delivery. Mullen aims to support all aspects of electric vehicle ownership through a hybrid dealership model.
Mullen Automotive (NASDAQ: MULN) has partnered with Rapid Response Defense Systems (RRDS) to pursue federal government vehicle fleet opportunities, following RRDS being awarded a $2.7 billion IDIQ contract by the GSA. Mullen's Class 1 EV cargo van is viewed as a key asset to meet the federal government's electrification goals. RRDS, an established federal contractor with over 2,500 delivery orders since 2014, recognizes Mullen’s electric vans as a strategic fit for their clientele. The collaboration aims to enhance Mullen's market position in federal contracts, reinforcing its commitment to supplying electric vehicles to government sectors.
Mullen Automotive (NASDAQ: MULN) has provided a financial update for Q1 FY2023, ending December 31, 2022. The company completed a $105 million acquisition of Electric Last Mile Solutions and secured $90 million in committed capital. Mullen has over $100 million in cash for operations and investments. A significant order from Randy Marion Automotive Group for 6,000 Class 1 EV cargo vans, worth approximately $200 million, was received. However, net loss attributable to shareholders reached $376.9 million, driven by non-cash financing expenses and operational costs. Authorized share capital was increased significantly. The company plans to begin production of its models in late 2024 and early 2025.
Mullen Automotive (NASDAQ: MULN) has initiated a 60-day pilot program for its Class 1 electric cargo vans in collaboration with Menzies Aviation at Los Angeles International Airport (LAX). The program aims to evaluate the vans' operational capabilities as Menzies pursues carbon neutrality by 2033. Loop Global will supply the necessary EV charging infrastructure and fleet operations software. With over 8,000 vehicles in Menzies' fleet, this partnership represents a significant step towards electrification in aviation services.
Mullen Automotive (NASDAQ: MULN) has announced a series of new hires to strengthen its commercial and consumer vehicle programs, focusing on product development, manufacturing, and sales.
The new team members come from notable automotive brands like VW and GM, enhancing Mullen's expertise in the EV sector. Key hires include Jerry Hu as President of Mullen Commercial Vehicles and Dave Adkins as Chief of Class 3 Commercial Vehicles. CEO David Michery expressed optimism about the company's growth trajectory, leveraging the experience of these professionals to support Mullen’s aggressive EV portfolio expansion.
Mullen Automotive, an emerging electric vehicle manufacturer, announced that all proxy proposals were approved during its reconvened Special Meeting of Stockholders on January 25, 2023. The company currently has no plans for a reverse stock split but must meet the NASDAQ minimum bid price requirement of $1.00 by March 6, 2023. If it fails, Mullen may seek an extension or eventually implement a reverse split. Additionally, Mullen is part of the Russell 2000 Index and must maintain the $1.00 stock price for continued inclusion. The company will assess the impact of a reverse split if necessary.
Mullen Automotive has announced that its I-GO™ Commercial Urban Delivery EV has arrived in Europe, with sample vehicles en route to Newgate Motor Group in Ireland, expected for delivery in early January 2023. Initially delayed due to COVID shutdowns in China, these vehicles aim to meet the demand for quick deliveries in congested European cities. The I-GO is now EU certified and will be marketed in the U.K., Germany, Spain, France, and Ireland. Mullen also established a partnership with Newgate for sales, distribution, and servicing in these regions.
Mullen Automotive successfully concluded its 2022 Mullen FIVE 'Strikingly Different' Test Drive Tour on December 16 in Charlotte, North Carolina, after visiting nine U.S. cities. The tour showcased the Mullen FIVE EV Crossover, with all locations selling out and receiving positive feedback. A second leg of the tour is planned for spring 2023, focusing on the East Coast and featuring the high-performance Mullen FIVE RS. Mullen aims to deliver the Mullen FIVE in 2025 and has made significant acquisitions to enhance its EV portfolio.
Mullen Automotive (NASDAQ: MULN) has announced a significant purchase order for 6,000 Class 1 EV cargo vans from Randy Marion Isuzu, LLC, valued at approximately $200 million.
This partnership marks the first commercial dealer relationship for Mullen, highlighting the growing demand for its electric vehicles. Deliveries are expected to commence in the First Quarter of 2023.
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