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.
Overview
Mullen Automotive Inc is a Southern California-based manufacturer and distributor of commercial electric vehicles (EVs) and advanced energy solutions. Specializing in the design and production of cutting-edge EV trucks and cargo vans, the company delivers innovative mobility solutions tailored for commercial fleets and urban last-mile delivery. With robust capabilities in battery production and digital transformation, Mullen Automotive Inc has positioned itself as a key player in the rapidly evolving landscape of sustainable transportation and commercial EV innovation.
Business Segments and Operations
Mullen Automotive Inc operates through two primary segments, each serving distinct market needs. The Bollinger segment focuses on high-performance commercial trucks that cater to fleets requiring powerful and durable transportation solutions, while the Mullen Commercial segment specializes in vehicles designed for urban logistics, including the Class 1 EV cargo van (Mullen ONE) and the Class 3 EV cab chassis truck (Mullen THREE). The company’s state-of-the-art manufacturing facilities, located in Tunica, Mississippi and Mishawaka, Indiana, underscore its commitment to U.S.-based production and quality control.
Dealer Network: Mullen Automotive Inc has cultivated an extensive dealer network across key regions, ensuring nationwide sales and comprehensive service coverage.
Regulatory Compliance: All vehicles are developed in full compliance with U.S. Federal Motor Vehicle Safety Standards, EPA requirements, and California Air Resources Board (CARB) certifications, ensuring superior safety and environmental performance.
Technological Innovation and Digital Integration
Innovation is at the core of Mullen Automotive Inc's strategy. The company has embraced advanced battery manufacturing technologies by integrating assets from established industry players, thereby enhancing its production capabilities and driving down costs. Moreover, its proprietary digital platform, Carhub, leverages artificial intelligence to provide a seamless and interactive experience for buying, selling, and owning a vehicle. This digital-first approach not only modernizes the consumer experience but also reinforces the company’s reputation as a forward-thinking leader in the commercial EV space.
Market Position and Industry Significance
Mullen Automotive Inc is strategically positioned to meet the growing demand for sustainable commercial transportation solutions. Its product portfolio, which ranges from versatile cargo vans to sophisticated trucks designed for urban logistics, addresses the dynamic needs of commercial fleets and specialized market segments such as home service operations. The company's emphasis on U.S.-based production, strategic partnerships, and adherence to rigorous safety and environmental standards contributes to its competitive edge in the evolving EV market. Through continuous innovation and a focus on operational excellence, Mullen Automotive Inc delivers practical, scalable, and efficient mobility solutions that resonate with both fleet operators and end users.
Expertise and Industry Leadership
Mullen Automotive Inc demonstrates deep industry expertise through its commitment to cutting-edge technology and quality manufacturing. The company’s integrated approach combines advanced production processes with digital innovations, ensuring that every vehicle meets the highest standards of performance, safety, and environmental sustainability. Its strong focus on compliance and quality control builds trust among customers, stakeholders, and industry regulators. As a result, Mullen Automotive Inc not only meets the current demands of the commercial EV market but also sets the benchmark for future advancements in electric mobility.
Mullen Automotive has appointed Richard Curtis as President of International Operations, focusing on existing partnerships and expanding business opportunities for their electric vehicles. With over 35 years of automotive experience, including leadership roles at Imperium Motor Company and Lithia Automotive, Curtis is set to enhance Mullen's international presence, particularly in Asia. Additionally, the company plans a U.S. Test Drive Tour across 19 cities this fall, aiming to boost consumer engagement and brand visibility.
Mullen Automotive (NASDAQ: MULN) has announced several key hires across its vehicle engineering, integration, powertrain, and manufacturing teams to support the expansion of its electric vehicle programs, specifically the Mullen FIVE EV Crossover and Mullen ONE EV Cargo Van. New personnel have joined various facilities in California and Mississippi, enhancing the company's capabilities in these sectors. CEO David Michery emphasized the importance of these hires in fulfilling the company's commitment to creating jobs in the U.S. and advancing its EV initiatives.
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.
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