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 (NASDAQ: MULN) has announced the establishment of a new EV Technology team in Pontiac, Michigan, focusing on the development of electric vehicle technologies for its commercial van portfolio. This new division aims to enhance energy efficiency and vehicle range. With nearly 20 new hires already onboard, Mullen expects to grow the team to 50 by year-end. This Detroit Tech Center marks Mullen's fifth facility, complementing existing sites in California and Mississippi. The company is also gearing up for a nationwide test drive tour for its Mullen FIVE EV Crossover.
Mullen Automotive (NASDAQ: MULN) announces that CEO David Michery will be interviewed on Benzinga’s YouTube channel on Aug. 4, 2022, at 1:30 p.m. ET. Michery aims to discuss exciting developments following a recent health issue. Mullen's EV offerings include the Mullen FIVE EV Crossover, Mullen ONE EV Fleet Vans, and DragonFLY Sports Car. The company has also initiated the “Strikingly Different” U.S. Test Drive Tour for the Mullen FIVE, starting in Southern California.
Mullen Automotive has opened a new Automotive Development Center in Irvine, California, designed to support its growing team in engineering, styling, program management, and marketing. This 16,000-square-foot facility will help facilitate Mullen's expansion strategy alongside its existing Monrovia location. CEO David Michery emphasized the importance of this location for attracting talent and resources needed for ongoing electric vehicle (EV) programs. Mullen's EV portfolio includes the Mullen FIVE EV Crossover and plans for a national test drive tour.
Mullen Automotive has signed a binding agreement with DelPack Logistics for the purchase of up to 600 Class 2 EV cargo vans over the next 18 months. This order includes 300 vans that could be delivered by November 30, 2022. The vans will be fully compliant with U.S. regulations, equipped with safety features and a minimum 80 kWh battery pack. This agreement is positioned as a significant opportunity for Mullen in the last-mile delivery sector, according to CEO David Michery.
Mullen Automotive has entered a binding agreement with DelPack Logistics to supply up to 600 Class 2 EV cargo vans over the next 18 months. The first 300 vans are eligible for delivery by November 30, 2022. These vans will comply with U.S. standards, featuring airbags, a comfort package, and an 80 kWh battery. This collaboration is seen as a significant opportunity for Mullen in the last-mile delivery market, as noted by CEO David Michery. DelPack, an Amazon Delivery Service Partner, also expressed enthusiasm for participating in sustainable initiatives.
Mullen Automotive (NASDAQ: MULN) has significantly reduced its debt from over $30 million to approximately $11 million, eliminating $17.5 million attributed to a secured convertible promissory note with DBI Lease Buyback Servicing LLC. This marks the company's most robust financial position in its history, according to CEO David Michery. Mullen is focusing on its electric vehicle initiatives, including the upcoming 'Strikingly Different' U.S. Test Drive Tour for the Mullen FIVE EV Crossover, which will cover 19 cities beginning in the fall.
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.
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