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 appointed Newgate Motor Group as the marketing, sales, distribution, and servicing agent for the Mullen I-GO in Ireland and the UK. The agreement includes a purchase order for 500 vehicles per year, with initial vehicle demonstrations scheduled for December 20, 2022. This strategic partnership aims to enhance Mullen's presence in the European commercial EV market, addressing the rising demand for zero-emission delivery vehicles. Newgate's extensive experience in the automotive sector is expected to facilitate this market entry.
Mullen Automotive has confirmed a strategic agreement with Newgate Motor Group to serve as the sales and distribution agent for Mullen I-GO vehicles in Ireland and the UK. Under the terms, Newgate will purchase 500 vehicles annually, starting with initial units for demonstrations and marketing. The delivery date for these samples is set for December 20, 2022. This partnership aims to capitalize on the increasing demand for electric commercial vehicles in Europe, as the I-GO meets EU standards for zero-emission deliveries.
Mullen Automotive has successfully eliminated $13 million in debt, significantly reducing its total debt from over $30 million last year to under $10 million. This strategic move is expected to save the company more than $3.5 million in interest expenses. CEO David Michery emphasized the importance of these financial improvements in fostering investor confidence and advancing the company's electric vehicle innovations. With a stronger balance sheet, Mullen is poised for continued growth and success in the EV market.
Mullen Automotive successfully launched the Mullen FIVE EV Crossover Tour in Pasadena, California, receiving strong positive feedback from attendees, including reservation holders and investors. Scheduled stops include Anaheim, Las Vegas, Dallas, and more through December 2022. Notably, California reports that 17.7% of new car sales are zero-emission vehicles, a significant increase since 2020. Tour participants praised the vehicle's performance and advanced infotainment system with PERSONA technology. The next tour location is Angel Stadium in Anaheim on November 1 and 2.
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.
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