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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 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.
Mullen Automotive (NASDAQ: MULN) announced a firm purchase order for 6,000 Class 1 EV cargo vans from Randy Marion Isuzu, valued at approximately $200 million. Deliveries are set to begin in the first quarter of 2023. RMA, a major commercial vehicle dealer, has become Mullen's first commercial dealer partner, indicating strong demand for Mullen's EV solutions. This partnership aligns with Mullen’s strategy to leverage their commercial EV portfolio, manufactured at their plant in Mississippi.
Mullen Automotive (NASDAQ: MULN) has announced a partnership with Loop Global to enhance EV charging infrastructure through a $300 million financing program. The collaboration aims to combine Mullen's vehicle engineering with Loop's charging solutions, offering a complete system for both public and private charging needs. This includes Level 2 and Level 3 DC fast charging capabilities and a unique financing model that allows customers to implement charging stations at no upfront cost. The partnership strives to accelerate the adoption of electric vehicles in the USA.
Mullen Automotive has partnered with Randy Marion Automotive, becoming the first commercial dealer group to offer sales, service, and parts for Mullen's Class 1-6 electric vehicle (EV) lineup, expected to launch in 2023. This collaboration aims to address the underserved commercial EV market, particularly in the Class 1 cargo van segment, as OEMs have exited this space. Randy Marion expressed confidence in Mullen's offerings, while Mullen's CEO highlighted the significance of this partnership for the company's growth.
Mullen Automotive has appointed Ronald Dixon as General Manager of Government Sales, targeting U.S. federal vehicle procurement programs. Dixon, with over 42 years in the automotive sector, will leverage his extensive experience from General Motors to facilitate Mullen's entry into this market. The Biden administration aims to convert the federal fleet of approximately 650,000 vehicles to electric, offering significant growth opportunities for Mullen, which specializes in electric vehicles. The move aligns with Mullen's vision for commercial EV sales success.
Mullen Automotive has appointed Donald Borthwick as Vice President of Commercial Sales, bringing over 25 years of experience from Ford. Borthwick's track record includes an 18% increase in commercial vehicle sales and strong relationships with key commercial accounts. His leadership is expected to enhance Mullen’s position in the commercial EV market. Mullen, which focuses on developing affordable electric vehicles entirely in the U.S., aims to deliver its first crossover, the Mullen FIVE, in 2024. This strategic hire is part of Mullen's broader efforts to expand its market presence.
Mullen Automotive has successfully completed the acquisition of Electric Last Mile Solutions’ assets on November 30, 2022, in a cash deal valued at $105 million. This acquisition enhances Mullen's manufacturing capacity, allowing for faster market entry with its Class 1 and Class 3 vehicles, expected in Q1 and Q2 of 2023, respectively. The Mishawaka, Indiana factory, previously home to GM’s Hummer H2 production, is now set for Mullen's FIVE SUV and Bollinger B1 and B2 platforms, reducing launch costs and accelerating timelines.
Mullen Automotive (NASDAQ: MULN) has secured $150 million from existing shareholders to expedite the production and delivery of electric vehicles (EVs). The funds will facilitate the acquisition of ELMS assets, which include a factory in Indiana capable of producing up to 50,000 vehicles annually. This strategic move is expected to accelerate the launch of Mullen's cargo van program and enhance manufacturing capabilities. CEO David Michery emphasized that this acquisition positions Mullen as a potential leader in the EV market, aligning with their goal of creating affordable, premium EVs built in the U.S.
Mullen Automotive (NASDAQ: MULN) announced the successful completion of the third stop of its "Strikingly Different" EV Crossover Tour in Las Vegas, attracting a fully booked audience. The tour, which showcases the Mullen FIVE, includes interactive experiences with the vehicle's advanced infotainment system and its unique Personal Vehicle Assistant technology. The positive engagement continues in Texas this week, with future stops planned across the southeastern USA. CEO David Michery emphasizes the importance of customer feedback for enhancing the Mullen FIVE ahead of its anticipated release in 2024.
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