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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 CEO David Michery will provide a video update for shareholders on Tuesday, Sept. 24, 2024, at 9 a.m. Eastern. The video will be available on MullenUSA.com and the company's social media channels. Michery will discuss key achievements by Mullen and Bollinger Motors, as well as recent progress on expanding domestic and international sales and distribution channels. The update will cover company efforts through Sept. 20, 2024. Mullen Automotive (NASDAQ: MULN) is an emerging electric vehicle (EV) manufacturer.
Bollinger Motors celebrated its transition to a full-fledged Original Equipment Manufacturer (OEM) on September 20, 2024, with the launch of its first customer-ready all-electric Class 4 Bollinger B4 Chassis Cab. The company, founded by Robert Bollinger in 2015, pivoted from high-end electric SUVs to commercial vehicles in 2022. CEO Jim Taylor highlighted the readiness of the commercial vehicle segment for electrification.
Bollinger has achieved several milestones, including CARB certification, FMVSS compliance, and EPA approval. The company secured significant vehicle sales to Momentum Group, Doering Fleet Management, and EnviroCharge. It also established partnerships with dealers, battery suppliers, and service providers.
Government officials, including Michigan Governor Gretchen Whitmer and House Speaker Joe Tate, praised Bollinger's commitment to Michigan and its role in advancing electric vehicle technology. The launch event emphasized Bollinger's impact on Detroit's automotive industry and its contribution to a more sustainable transportation future.
Mullen Automotive subsidiary, Bollinger Motors, has achieved a significant milestone with the production of its first customer-ready B4 electric truck on September 20, 2024, in Livonia, Michigan. The event marked Bollinger's transition to a full-fledged Original Equipment Manufacturer (OEM).
Key highlights include:
- The Bollinger B4 is an all-electric Class 4 Chassis Cab, entirely assembled in the USA in partnership with Roush Industries.
- Bollinger has secured several vehicle sales, including 145 to Momentum Group, 70 to Doering Fleet Management, and 50 to EnviroCharge.
- The company has expanded its dealer and service center network, partnered with ONE for battery packs, Syncron for warranty administration, and Amerit Fleet Solutions for mobile service.
- Bollinger has received CARB certification, FMVSS compliance, and EPA Certificate of Conformity.
The launch event was attended by employees, suppliers, and government leaders, showcasing strong support for Bollinger's contribution to sustainable transportation and Michigan's automotive industry.
Mullen Automotive provides an update on the $210 million UAE order from Volt Mobility. The company's technical and sales team are in Dubai this week to support the initial market launch, including the delivery of the first Mullen ONE EV cargo vans and Mullen THREE cab chassis trucks on Sept. 18, 2024. Mullen plans to supply 300 all-electric commercial vehicles in 2024 and an additional 3,000 vehicles in 2025. The company will also establish a parts and service network to support Volt Mobility's fleet operations.
Mullen is working with VoltiE Group, a Miami-based EV charging company, to provide EV vehicles and charging equipment to Volt Mobility, which operates in the Gulf Cooperation Council (GCC) region of the Middle East. This collaboration aims to expand Mullen's presence in the UAE market, which CEO David Michery describes as a very important opportunity for the company.
Bollinger Motors has announced the pricing for its 2025 Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck, with an MSRP of $158,758. The company began production on September 16 and will start deliveries in October 2024. Notably, buyers can qualify for over $100,000 in state and federal incentives, including up to $40,000 in IRS tax credits and up to $60,000 from California's HVIP program.
The B4 features a 158-kWh battery pack and is designed with input from fleets and upfitters. It's now available for order through Bollinger's national dealer network. Recent developments include sales agreements, dealer partnerships, and collaborations with suppliers like Our Next Energy for battery packs and Amerit Fleet Solutions for mobile services.
Mullen Automotive subsidiary Bollinger Motors has announced pricing for its 2025 Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck, with an MSRP of $158,758. The B4 features a 158-kwh battery pack and began serial production on September 16, 2024, with deliveries starting in October 2024.
Buyers can qualify for over $100,000 in state and federal incentives, including up to $40,000 from the IRS clean vehicle credit and up to $60,000 from California's HVIP program. The B4 is available through Bollinger's national dealer network and can be customized with dealer accessories and factory options, including an e-PTO unit available in January.
Recent developments include vehicle sales to Momentum Group, Doering Fleet Management, and EnviroCharge, as well as dealer and service agreements with several automotive groups.
Mullen Automotive (NASDAQ: MULN) has entered into a sales and service agreement with Papé Kenworth, expanding its commercial EV dealer network. Papé Kenworth, part of the Papé Group, operates in 9 states with over 150 locations, 815 service bays, and 1,500 technicians. This partnership marks Mullen's seventh franchise dealer addition in recent months.
The collaboration aims to accelerate commercial EV adoption by combining Mullen's innovative lineup with Papé Kenworth's extensive network and industry expertise. Mullen's commercial EVs include the Class 1 Mullen ONE cargo van and Class 3 Mullen THREE cab chassis truck, both compliant with U.S. safety standards and eligible for various state and federal incentives.
Mullen Automotive Inc. (NASDAQ: MULN) has announced a 1-for-100 reverse stock split effective Sept. 17, 2024. This move is primarily aimed at complying with Nasdaq's $1.00 minimum bid price requirement. Key points include:
- The stock will continue trading under MULN symbol
- New CUSIP number: 62526P505
- Stockholders approved the split on Sept. 9, 2024
- 100 current shares will convert to 1 share
- Adjustments will be made to equity awards, warrants, and convertible notes
- No fractional shares will be issued; all fractions rounded up
- The split won't alter stockholders' percentage interest (except for rounding)
Continental Stock Transfer & Trust Company will serve as the exchange agent. Stockholders don't need to take action for the split.
Bollinger Motors, a commercial electric vehicle manufacturer, has added Affinity Truck Center to its retail network. Affinity will sell the all-electric Bollinger B4 at locations in Bakersfield and Fresno, California, with service centers in Paso Robles and Salinas. The B4 Chassis Cab is a Class 4 commercial truck with a 158-kwh battery pack, designed for fleets and upfitters.
Bollinger Motors will begin serial production of the B4 on September 16, with deliveries starting in October 2024. This expansion follows recent milestones, including partnerships with other dealerships, warranty coverage announcements, EPA certification, and significant vehicle sales to various companies. Affinity Truck Center, a family-owned business since 1980, is certified under California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).
Mullen Automotive's subsidiary, Bollinger Motors, has expanded its retail network by adding Affinity Truck Center as an official dealer. Affinity, a California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) certified dealership, operates in multiple California locations. The Bollinger B4, an all-electric Class 4 commercial truck, will begin serial production on September 16, 2024, with deliveries starting in October 2024.
This expansion follows recent milestones for Bollinger, including partnerships with other dealers, full warranty coverage for the B4 chassis cab, EPA certification, and significant vehicle sales to various companies. The move strengthens Bollinger's presence in California's Central Valley and supports the region's transition to electric vehicles.
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