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 acquired a 60% stake in Bollinger Motors for $148.2 million, positioning itself in the medium-duty electric truck market (classes 3-6). This acquisition includes nearly 50,000 reservations for Bollinger's B1 and B2 models, enhancing Mullen's product offering. CEO David Michery emphasizes the potential to dominate the commercial electric vehicle sector and leverage Mullen's solid-state battery technology. The partnership aims to expedite production and capitalize on a growing demand for electric trucks.
Mullen Automotive has partnered with Watergen to integrate water-from-air technology into Mullen's electric vehicles. This groundbreaking collaboration aims to provide fresh drinking water directly from the vehicle while in motion, with each unit capable of generating up to 5 liters of water daily. Mullen will be the first automotive company to implement this technology across its portfolio, including the Mullen FIVE EV and Mullen ONE fleet vans. Testing is set to begin in Q1 2023, enhancing user experience and contributing to environmental sustainability.
Mullen Automotive (NASDAQ: MULN) announced a collaboration with Team Rosberg Engineering (TRE) for vehicle chassis and safety development of the Mullen FIVE EV Crossover. The agreement is part of Mullen's ongoing engineering efforts, alongside previous partnerships with ARRK, aimed at finalizing the Mullen FIVE's structural design by next year. CEO David Michery stated that these partnerships are accelerating production plans, initially targeted for late 2024 to early 2025. Mullen's vision is to create scalable, clean energy solutions with a focus on American-made electric vehicles.
Mullen Automotive is set to launch its first fully functional demonstrator vehicles of the Mullen FIVE EV Crossover, scheduled to arrive in October 2022. Developed in collaboration with hofer powertrain, these vehicles will be featured in Mullen's upcoming ‘Strikingly Different’ Test Drive Tour. The FIVE is projected to have a 120-kWh battery, achieving 325 miles of range, with performance metrics including 0-60 mph in 3.2 seconds. The high-performance version, FIVE RS, promises a staggering 0-60 mph in 1.95 seconds and a top speed exceeding 200 mph.
Mullen Automotive (NASDAQ: MULN) announced a strong preliminary financial position with approximately $99 million in cash and equivalents as of August 8, 2022. The company reported a remarkable 391% growth in assets, primarily due to financing activities. Additionally, Mullen has a positive working capital of $27.7 million and significant financial commitments of $318 million. The company also achieved a 77% reduction in debt and increased R&D spending by 281%, aimed at enhancing its EV offerings, including the Mullen FIVE and EV cargo vans.
Mullen Automotive (NASDAQ: MULN) has announced the establishment of a new EV Technology team in Pontiac, Michigan, focusing on the development of electric vehicle technologies for its commercial van portfolio. This new division aims to enhance energy efficiency and vehicle range. With nearly 20 new hires already onboard, Mullen expects to grow the team to 50 by year-end. This Detroit Tech Center marks Mullen's fifth facility, complementing existing sites in California and Mississippi. The company is also gearing up for a nationwide test drive tour for its Mullen FIVE EV Crossover.
Mullen Automotive (NASDAQ: MULN) announces that CEO David Michery will be interviewed on Benzinga’s YouTube channel on Aug. 4, 2022, at 1:30 p.m. ET. Michery aims to discuss exciting developments following a recent health issue. Mullen's EV offerings include the Mullen FIVE EV Crossover, Mullen ONE EV Fleet Vans, and DragonFLY Sports Car. The company has also initiated the “Strikingly Different” U.S. Test Drive Tour for the Mullen FIVE, starting in Southern California.
Mullen Automotive has opened a new Automotive Development Center in Irvine, California, designed to support its growing team in engineering, styling, program management, and marketing. This 16,000-square-foot facility will help facilitate Mullen's expansion strategy alongside its existing Monrovia location. CEO David Michery emphasized the importance of this location for attracting talent and resources needed for ongoing electric vehicle (EV) programs. Mullen's EV portfolio includes the Mullen FIVE EV Crossover and plans for a national test drive tour.
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