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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) expects to report over $61 million in cash and cash equivalents as of June 30, 2022. The company has strengthened its balance sheet significantly. Highlights include the delivery of its first EV van to a telecommunications provider, an extension of a secured convertible note to July 2024, and addition to the Russell 2000 Index. Mullen is also securing $275 million in funding for EV development projects, pending shareholder approval. CEO David Michery emphasized strong progress in the past quarter.
Mullen Automotive (MULN) announced significant advances in its electric vehicle programs. Key achievements include successful testing of solid-state polymer battery technology, delivery of its first EV van, and anticipation of joining the Russell 2000 and 3000 Indexes. The company secured $275 million in potential funding, pending shareholder approval, aimed at expanding its EV offerings. Mullen also initiated retrofitting for EV battery pack development and plans a nationwide test drive tour in 2022.
Mullen Automotive has filed over 130 patents in 24 countries to support the Mullen FIVE EV Crossover. This includes 19 U.S. design patents and 117 international design patents, with 30 patents already granted. The patents cover various aspects of the vehicle's design, such as bodywork, headlights, and interiors. CEO David Michery emphasized the company's commitment to global availability of the Mullen FIVE. Additionally, Mullen is planning a U.S. Test Drive Tour across 19 cities beginning this fall.
Mullen Automotive has announced the extension of the maturity of a $28 million secured convertible note by two years, now due in July 2024. This note, originally set to mature in July 2022, was initially secured with DBI Lease Buyback Servicing LLC. The extension aims to enhance the company's cash flow during economic challenges, allowing better execution of its electric vehicle plans. CEO David Michery emphasized the importance of this move for the company's financial stability. For further details, the transaction is documented in Mullen's latest 8-K filing.
Mullen Automotive, Inc. (NASDAQ: MULN) has announced its upcoming inclusion in the Russell 2000® and 3000® Indexes, effective June 27, 2022. This decision, based on market capitalization rankings, marks a significant milestone for the company, enhancing its visibility within the institutional investor community. The Russell indexes are critical benchmarks, with approximately $10.6 trillion in assets referenced against them. Mullen's CEO, David Michery, expressed optimism regarding increased liquidity and investor awareness stemming from this inclusion.
Mullen Automotive (NASDAQ: MULN) announced its inclusion in the Russell 2000® and 3000® Indexes starting June 27, 2022. This membership increases visibility among institutional investors and enhances liquidity for its shares. The Russell Indexes track the largest U.S. stocks, with approximately $10.6 trillion in assets benchmarked against them. In addition, Mullen is preparing for its 'Strikingly Different' U.S. Test Drive Tour for the Mullen FIVE EV Crossover, set to commence in Southern California this fall.
Mullen Automotive (NASDAQ: MULN) announces that CEO David Michery will be interviewed on Benzinga’s All Access Series on June 3, 2022, at 11 a.m. ET. This follows a successful previous interview that drew significant viewership. The event aims to provide insights into Mullen's electric vehicle efforts, including the upcoming U.S. Test Drive Tour. Mullen is focused on creating accessible EV options and building an ecosystem for EV ownership in the U.S.
Mullen Automotive's solid-state polymer battery cell testing at Indiana's Battery Innovation Center exceeded expectations, achieving a performance of 343.28 Ah at 4.2 volts, surpassing the previously rated 300 Ah at 3.7 volts. This advancement supports Mullen's goal of delivering over 600 miles of range on a full charge for their FIVE EV Crossover when scaled to a 150-kilowatt hour battery pack. The results align with findings from EV Grid, showcasing the battery's high energy density and safety compared to traditional options.
Mullen Automotive has appointed Richard Curtis as President of International Operations, focusing on existing partnerships and expanding business opportunities for their electric vehicles. With over 35 years of automotive experience, including leadership roles at Imperium Motor Company and Lithia Automotive, Curtis is set to enhance Mullen's international presence, particularly in Asia. Additionally, the company plans a U.S. Test Drive Tour across 19 cities this fall, aiming to boost consumer engagement and brand visibility.
Mullen Automotive (NASDAQ: MULN) has announced several key hires across its vehicle engineering, integration, powertrain, and manufacturing teams to support the expansion of its electric vehicle programs, specifically the Mullen FIVE EV Crossover and Mullen ONE EV Cargo Van. New personnel have joined various facilities in California and Mississippi, enhancing the company's capabilities in these sectors. CEO David Michery emphasized the importance of these hires in fulfilling the company's commitment to creating jobs in the U.S. and advancing its EV initiatives.
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