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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 has made significant strides in its partnership with Linghang Guochuang Group (LGG) to develop solid-state polymer battery technology for its second-generation Mullen FIVE EV Crossover. The partnership, active since 2019 and resumed after COVID-19 disruptions, is focused on integrating solid-state cells into vehicle packs. Testing shows potential for a range of up to 600 miles on a full charge, with over 300 miles achievable in just 18 minutes with DC fast charging. The company aims to enhance its EV offerings to better meet consumer demands.
Mullen Automotive (NASDAQ: MULN) reported preliminary financial results for the period ending March 31, 2022. Cash and cash equivalents rose to $65.2 million, primarily from the Series C Preferred Stock issuance. Total assets increased to over $100 million, up approximately 138.4%. Stockholders’ equity improved from a $10.5 million deficit to a surplus of $52.6 million. The company also announced a partnership with Thurner Design to develop the Mullen FIVE RS, a high-performance EV crossover.
Mullen Automotive (NASDAQ: MULN) has provided an update on its solid-state polymer battery testing at the Battery Innovation Center (BIC) in Indiana. The facility has completed cell preconditioning and is preparing to enter high rate cycling, with results expected soon. This technology aims to produce a 150-kWh battery, promising over 600 miles of range for the Mullen FIVE EV. The company is optimistic about the battery performance, with final results anticipated later this month.
Mullen Automotive announces the inclusion of the high-performance Mullen FIVE RS in the second leg of its ‘Strikingly Different’ U.S. Test Drive Tour, extending through May 2023.
The Mullen FIVE RS boasts nearly 1,100 horsepower, accelerating from 0-60 mph in just 1.95 seconds and reaching close to 200 mph. Consumer test drives will be provided alongside professional drivers rather than directly. The tour will visit multiple cities, including Los Angeles, Las Vegas, and the Bonneville Salt Flats, with an emphasis on showcasing the vehicle's performance.
Mullen Automotive (NASDAQ: MULN) is set to launch a 19-city national test drive tour for its Mullen FIVE EV Crossover, starting in October. This event aims to provide reservation holders a chance to experience the vehicle first-hand. Each city will host a two-day event allowing limited participants to test drive on closed tracks. Key cities include Los Angeles, New York, and Chicago. CEO David Michery expressed excitement about the tour, which is a response to positive feedback from past events like the LA Auto Show.
Mullen Automotive has filed its ATVM loan application for the Mullen ONE EV Cargo Van Program with the U.S. Department of Energy, marking a significant milestone in its electric vehicle (EV) initiative. Submitted on April 29, 2022, the funds will support high-volume production at its Mississippi facility. The Mullen ONE EV is positioned to compete in the Class 1 light commercial van market. The ATVM Loan Program, established to promote U.S. manufacturing of light-duty vehicles, has seen over $8 billion in loans issued since its inception.
Mullen Automotive recently featured in a Q&A with The Buzz, discussing its electric vehicle plans, particularly the upcoming FIVE EV Crossover. Executives, including CEO David Michery, highlighted the company’s partnerships with key players in the EV industry, which aim to expedite the development and rollout of their vehicles. Mullen reported over $65 million in cash as of Q2 '22, showcasing financial stability. The interview emphasized the company's commitment to innovation, with over 120 patents filed globally related to the FIVE.
Mullen Automotive (MULN) is testing a solid-state polymer battery cell expected to enable over 600 miles of range for its Mullen FIVE EV Crossover. The tests will be conducted at the Battery Innovation Center in Indiana, with results anticipated in early May 2022. Previous tests indicated that the battery achieved an impressive 343 Ah at 4.3 volts. Mullen has $65 million in cash as of Q2 2022, with strategic partnerships aimed at expediting the EV rollout, including collaborations with companies like hofer powertrain and Dürr.
Mullen Automotive announces the retrofit of its Monrovia, California, facility for in-house production of EV battery packs.
This move aims to enhance quality control, reduce costs, and lessen reliance on third-party suppliers affected by supply chain issues.
With cash reserves exceeding $65 million and strategic partnerships for EV technologies, Mullen is poised to advance its EV vehicle lineup, including the Mullen ONE, FIVE, and DragonFLY models.
Mullen Automotive has announced the promotion of John Taylor to senior vice-president of Global Manufacturing and Strategic Planning. With extensive experience, including over 12 vehicle launches and key roles at General Motors and Tesla, Taylor will focus on the expansion of Mullen's Advanced Manufacturing and Engineering Center in Mississippi. Following the recent debut of two Mullen FIVE show cars and plans for a vehicle manufacturing facility, the company projects over $65 million in cash by the end of Q2 2022, bolstered by strategic partnerships in EV production.
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