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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) has completed the third stop of its Mullen FIVE “Strikingly Different” U.S. tour in Las Vegas and is headed to Texas with stops in Dallas on Nov 14-15 and Houston on Nov 18-19. The tour has received an overwhelmingly positive response, with all initial stops booked out. Mullen is gathering customer feedback for future vehicle enhancements. The tour aims to enhance visibility for the Mullen FIVE, which will have a second leg starting in Spring 2023, featuring the high-performance Mullen FIVE RS.
Bollinger Motors, majority-owned by Mullen Automotive (NASDAQ: MULN), announced a partnership with Our Next Energy (ONE) to produce Aries battery packs in Van Buren Twp., Michigan. These modular battery packs aim to provide enhanced range and durability for Bollinger's all-electric Class 4 to Class 6 commercial trucks. The production is set to coincide with the anticipated start of vehicle production in late 2023. This collaboration focuses on using nickel and cobalt-free battery technology, promoting a more sustainable solution for electric vehicles.
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.
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