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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 provides updates on the Mullen FIVE EV crossover and Mullen EV Cargo Van programs. Progress includes battery adaptation and structural reinforcements, with fully functional vehicles expected by Q3 2022. Consumer events are planned for late summer and early fall, allowing reservation holders to test drive the FIVE. The EV Cargo Van is also on track for deliveries in Q2 2022 despite global supply chain issues. Mullen has formed strategic partnerships for production and technology enhancements. The Mullen FIVE won the Top SUV award at the ZEVA Awards in November 2021.
Mullen Automotive has announced a strategic partnership with DSA Systems to develop Over the Air (OTA) technology for vehicle diagnostics used in the Mullen FIVE EV Crossover. This collaboration aims to enhance remote diagnostics, smart vehicle grids, and telematics capabilities, allowing proactive identification and resolution of vehicle issues without needing dealership visits. DSA, with over 40 years of experience, will provide Mullen with tools for managing software across its vehicle fleet. The Mullen FIVE will feature advanced 5G OTA technology.
Mullen Automotive has announced a strategic collaboration with Dürr, a leader in vehicle production systems, to enhance its Advanced Manufacturing and Engineering Center (AMEC) located near Tunica, Mississippi. This partnership focuses on integrating vehicle assembly and paint shop technologies aimed at improving manufacturing efficiency. Mullen's goal is to establish a state-of-the-art production facility for their electric vehicles, including the Mullen FIVE. The collaboration is expected to enhance Mullen's manufacturing capabilities, ultimately supporting their mission to provide accessible EV solutions built in the U.S.
Mullen Automotive has announced a partnership with ARRK, an automotive engineering firm, to support the development of its electric vehicle lineup, beginning with the Mullen FIVE EV Crossover. ARRK will allocate up to 180 engineers to help ensure performance and regulatory compliance across various engineering domains over the next three years. This collaboration aims to enhance Mullen's engineering capabilities, improving vehicle safety, battery design, and overall performance, crucial for meeting production timelines.
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.
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