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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.
Bollinger Motors, now majority-owned by Mullen Automotive (NASDAQ: MULN), partners with Wabash to create a lighter, more efficient refrigerated electric truck. The collaboration leverages Wabash's EcoNex™ Technology, which enhances thermal efficiency and reduces weight, leading to increased payload capacity. The new trucks promise lower operational costs and less energy consumption compared to traditional models. This venture marks Mullen's entry into the medium-duty truck sector, expanding its product offerings and supporting sustainability efforts in commercial transportation.
Mullen Automotive has unveiled the specifications and a first look at its ultra-high-performance EV sport crossover, the Mullen FIVE RS. This vehicle boasts a top speed of 200 mph and can accelerate from 0-60 mph in just 1.9 seconds. The FIVE RS features advanced engineering, including an 800-volt architecture, all-wheel drive, and over 1,000 horsepower. It will be showcased during the second leg of the ‘Strikingly Different’ U.S. Test Drive Tour in spring 2023. Consumers will experience the vehicle by riding alongside professional drivers.
Mullen Automotive has successfully completed its majority acquisition of Bollinger Motors as of September 7, 2022. The transaction was funded with cash and restricted stock. CEO David Michery expressed optimism about the acquisition's potential benefits for shareholders. Mullen Automotive specializes in developing affordable electric vehicles built in the U.S., and the acquisition of Bollinger, noted for its commercial vehicle platforms, is expected to enhance Mullen's capabilities in the EV market. Further details can be found in the recent SEC filing.
Mullen Automotive has announced the majority acquisition of Bollinger Motors, marking its first significant move into the medium and heavy-duty truck segments. This acquisition allows Mullen to expand its electric vehicle offerings, specifically in classes 3-6 trucks and SUVs like the B1 and B2. A webinar featuring David Michery and Robert Bollinger will discuss the strategic vision behind the partnership. The acquisition is touted as one of the largest in the EV sector, potentially enhancing Mullen's market position in electric commercial vehicles.
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.
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