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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, Inc. (NASDAQ: MULN) announces a strategic partnership with ARRK, a leading automotive engineering firm based in Munich. ARRK will provide engineering support for Mullen's entire EV lineup, beginning with the Mullen FIVE EV Crossover. Up to 180 engineers will focus on Computer Aided Engineering (CAE), battery systems, and chassis among other aspects. This collaboration aims to enhance regulatory compliance and performance, helping Mullen meet production timelines. Mullen is committed to creating accessible, American-made electric vehicles.
Mullen Automotive will showcase its Mullen FIVE EV Crossover and introduce level 5 autonomous technology at CES® in Las Vegas from January 4-8, 2022. Following a positive reception at the L.A. Auto Show, where the FIVE was recognized as the best-looking vehicle and won the Top SUV EV category, Mullen aims to capitalize on this momentum. The company will feature a media presentation on January 5, demonstrating its innovative powertrain and battery technologies to enhance EV accessibility in the U.S.
Mullen Automotive has commenced initial validation testing for its Class 2 EV cargo vans at the AMEC facility in Tunica, Mississippi. The Class 2 van features a 144-inch wheelbase, an 78.8-kWh battery pack, and a maximum payload capacity of 3,296 pounds. The estimated range exceeds 200 miles, and deliveries to fleet order customers are anticipated to begin in Q2 2022. CEO David Michery expressed optimism regarding the manufacturing program and highlighted the significance of the Mullen ONE as a pivotal product.
Mullen Automotive has increased the reservation capacity for its Mullen FIVE EV Crossover from 5,000 to 25,000 units due to overwhelming demand during the LA Auto Show. The first 25,000 reservations will receive a custom 'Launch' edition with special trim options. The FIVE debuted on November 17, 2021, garnering significant media attention and consumer interest, leading to record-high reservations by November 20, 2021. The vehicle won the Top EV SUV award at the show, further solidifying its appeal.
Mullen Automotive has debuted its new FIVE EV Crossover SUV at the LA Auto Show, marking a significant milestone for the company. Scheduled for its first public appearance today at 1:50 p.m., the FIVE is also a finalist for the LAIAS ZEVAS Award for Top SUV Zero Emission Vehicle. Mullen plans to showcase various models and technologies during the event, which runs from Nov. 19-28. CEO David Michery highlighted the importance of this debut against strong competitors like Rivian R1S and Lincoln Aviator Grand Touring.
Mullen Automotive (NASDAQ: MULN) has successfully purchased the Tunica, Mississippi Advanced Manufacturing and Engineering Center (AMEC) without debt. This facility will support the production of class 1 and class 2 EV cargo vans and the Mullen FIVE EV Crossover. A hiring ramp-up is underway to fill skilled trades and support staff positions as part of the preproduction phase. Mullen plans to debut the FIVE model at the Los Angeles International Auto Show on November 17, 2021. The total land available at AMEC exceeds 100 acres, with plans for extensive manufacturing space enhancements.
Mullen Automotive has announced the hiring of key personnel to enhance its electric vehicle operations. Dr. Marc Papakyriakou joins as Battery R&D Manager, focusing on advanced battery technologies. Dr. George Qingyuan Hu will be the Vehicle Program Manager for China operations, overseeing crucial product launches and supplier negotiations. Jillian Green, appointed as VP of Business & Legal Affairs, brings extensive experience in cyber and privacy litigation. These hires come as Mullen recently began trading on NASDAQ under the ticker MULN and prepares to debut its FIVE EV Crossover at the upcoming LA Auto Show.
Mullen Automotive has successfully completed its reverse merger with Net Element, and is now trading on NASDAQ under the ticker MULN. The merger consolidates Mullen's position in the electric vehicle market, with 51,173,640 shares outstanding. Post-merger, 85% of shares were allocated to existing stockholders. Mullen plans to debut its FIVE EV Crossover at the Los Angeles International Auto Show on November 17. This transition marks a significant step for Mullen, allowing for expanded development of electric vehicle technologies.
Mullen Automotive has started trading on the Nasdaq under the ticker symbol MULN. This milestone is seen as a significant step for the company, enhancing its visibility to investors and expanding its profile in the electric vehicle market. CEO David Michery expressed pride in the achievement, stating it opens new opportunities for Mullen's innovative technologies. Additionally, the company is set to unveil the FIVE EV Crossover at the Los Angeles International Auto Show on November 17, 2021, showcasing its advanced powertrains and battery solutions.
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