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 (MULN) is a leader in commercial electric vehicle innovation, specializing in Class 1-3 EVs for urban logistics and fleet operations. This page provides authorized updates on corporate developments, product milestones, and strategic initiatives directly from the company and verified sources.
Access timely announcements including new vehicle certifications, production updates from Mullen's U.S. manufacturing facilities, and partnerships advancing battery technology. Investors and industry observers will find essential updates on regulatory compliance achievements, dealer network expansions, and progress with the Carhub digital ecosystem.
All content is curated to meet strict journalistic standards, focusing on operational developments rather than market speculation. Information is organized chronologically with clear sourcing to enable efficient tracking of Mullen's progress in sustainable transportation solutions.
Bookmark this page for structured access to MULN's evolving position in commercial EVs, including updates from their Bollinger and Mullen Commercial segments. Check regularly for verified announcements about production capabilities, vehicle certifications, and technological advancements in electric mobility.
Mullen Automotive (NASDAQ: MULN) delivered its first fleet of Class 1 EV cargo vans to the University of North Carolina Charlotte on March 29, 2023. The initial order comprises seven vehicles, which are part of a larger plan to fulfill multiple deliveries across UNC's campuses over the next year. The vans will enhance campus delivery and facility services while promoting sustainability. Mullen's EVs offer a lower total cost of ownership and reduced emissions, making them attractive to institutions like UNC. The delivery follows Mullen's participation in the National Truck and Equipment Work Truck Week, signaling a key milestone for its commercial lineup.
Mullen Automotive (NASDAQ: MULN), an electric vehicle manufacturer, has delivered its first class 1 EV cargo vans to MGT Lease Company in High Point, North Carolina, through Randy Marion Automotive Group. MGT, with over $70 million in 2022 revenue and projected $100 million for 2023, focuses on last-mile delivery and services like plumbing. The partnership aims to expand Mullen's Fleet-First approach in the commercial EV market. Further announcements on additional deliveries are expected, indicating growing interest in Mullen's commercial offerings.
Mullen Automotive, Inc. (NASDAQ: MULN) filed a civil defamation lawsuit against dot.LA in Delaware, claiming the publication contained false statements about a settlement agreement. The company has retained McDermott Will & Emery LLP for legal representation. Mullen is focused on producing electric vehicles, with notable products including the Mullen FIVE EV Crossover and the I-GO Commercial Urban Delivery EV.
Recent developments include the acquisition of Electric Last Mile Solutions' assets and becoming the majority owner of Bollinger Motors, which enhances Mullen's portfolio in the EV market.
Mullen Automotive has secured a license for intellectual property and exclusive distribution rights for the Qiantu K50 supercar in North and South America. The company plans to finalize vehicle engineering to meet U.S. standards, with assembly occurring in Mishawaka, Indiana. The K50 will be rebranded as the Mullen GT and GTRS, featuring impressive specifications: 0-60 MPH in 1.95 seconds and a top speed exceeding 200 MPH. CEO David Michery views this agreement as a significant milestone, resolving previous disputes and paving the way for the supercar to compete globally, leveraging positive market feedback received since its debut.
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle manufacturer, provided updates on March 16, 2023, addressing investor inquiries. The company anticipates Class 1 EV deliveries to commercial customers by the end of March 2023, linked to a previous order of 6,000 EV cargo vans valued at $200 million from Randy Marion Isuzu. As of February 28, 2023, Mullen reported cash and equivalents of $87.4 million and expects an additional $110 million from firm commitments by June 1, 2023. CEO David Michery expressed confidence in the company's plans to deliver vehicles and progress with the Mullen FIVE program, targeting continued development and production.
Mullen Automotive (NASDAQ: MULN) has received a 180-day extension from Nasdaq to meet the minimum $1 bid price requirement after failing to do so previously. The deadline to comply is September 5, 2023. Mullen's stock must trade above $1 for at least 10 consecutive business days to avoid a reverse stock split, a measure that the company plans to implement if compliance is not achieved. CEO David Michery emphasized the company's commitment to regain compliance. Mullen Automotive's portfolio includes various electric vehicles, with the Mullen FIVE slated for delivery in 2024.
Mullen Automotive (NASDAQ: MULN) launched two commercial products in 2023: a fully electric Class 1 cargo van and a Class 3 low-cab forward. The company showcased these vehicles at NTEA’s Work Truck Week 2023 in Indianapolis, which runs from March 7-10. Mullen highlights the commercial market as a significant opportunity, emphasizing the importance of this event for establishing the Mullen Commercial brand. The company’s EV portfolio includes various models, with the Mullen FIVE EV crossover slated for 2024 delivery. Mullen aims to support all aspects of electric vehicle ownership through a hybrid dealership model.
Mullen Automotive (NASDAQ: MULN) has partnered with Rapid Response Defense Systems (RRDS) to pursue federal government vehicle fleet opportunities, following RRDS being awarded a $2.7 billion IDIQ contract by the GSA. Mullen's Class 1 EV cargo van is viewed as a key asset to meet the federal government's electrification goals. RRDS, an established federal contractor with over 2,500 delivery orders since 2014, recognizes Mullen’s electric vans as a strategic fit for their clientele. The collaboration aims to enhance Mullen's market position in federal contracts, reinforcing its commitment to supplying electric vehicles to government sectors.
Mullen Automotive (NASDAQ: MULN) has provided a financial update for Q1 FY2023, ending December 31, 2022. The company completed a $105 million acquisition of Electric Last Mile Solutions and secured $90 million in committed capital. Mullen has over $100 million in cash for operations and investments. A significant order from Randy Marion Automotive Group for 6,000 Class 1 EV cargo vans, worth approximately $200 million, was received. However, net loss attributable to shareholders reached $376.9 million, driven by non-cash financing expenses and operational costs. Authorized share capital was increased significantly. The company plans to begin production of its models in late 2024 and early 2025.
Mullen Automotive (NASDAQ: MULN) has initiated a 60-day pilot program for its Class 1 electric cargo vans in collaboration with Menzies Aviation at Los Angeles International Airport (LAX). The program aims to evaluate the vans' operational capabilities as Menzies pursues carbon neutrality by 2033. Loop Global will supply the necessary EV charging infrastructure and fleet operations software. With over 8,000 vehicles in Menzies' fleet, this partnership represents a significant step towards electrification in aviation services.
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