Mullen Automotive Inc - MULN STOCK NEWS

Mullen Automotive announces that its Class 1 EV cargo van, the Mullen ONE, is now available for rental on Turo, the world's largest vehicle sharing marketplace. The initial pilot launch is in Jacksonville, Florida, through Parasol Strategic Solutions, with a second pilot planned for Baltimore, Maryland. The Mullen ONE and THREE models are eligible for significant incentives, including up to $15,000 through Massachusetts' MOR-EV program and $45,000 through California's HVIP program. When combined with the $7,500 Federal Tax Incentive, these vehicles offer substantial savings for commercial fleet customers.

Bollinger Motors announced eligibility for New York's Truck Voucher Incentive Program (NYTVIP), becoming the fourth Northeast state incentive qualification. The company's all-electric B4 Chassis Cab can now receive up to $100,000 in NY state credits. Combined with other Northeast state incentives and federal IRA credits of $40,000, customers can access between $70,000-$140,000 in total incentives.

The 2025 B4 features a 158-kilowatt-hour battery pack and is designed for commercial fleets. Recent company milestones include production launch, regulatory certifications, multiple fleet sales totaling 265 vehicles, dealer network expansion, and partnership announcements with ONE for batteries, Syncron for warranty administration, and Amerit Fleet Solutions for mobile service.

Mullen Automotive announces that its subsidiary, Bollinger Motors, has been approved for the New York Truck Voucher Incentive Program (NYTVIP), offering up to $100,000 cash voucher incentive for its all-electric B4 Truck. This adds to existing Northeast state incentives from Massachusetts ($30,000), New Jersey ($90,000), and Pennsylvania ($20,000). Combined with the federal IRA tax credit of $40,000, customers can receive between $70,000 and $140,000 in total incentives.

The 2025 Bollinger B4 Chassis Cab, featuring a 158-kilowatt-hour battery pack, has secured multiple vehicle sales agreements and expanded its dealer network. Recent achievements include FMVSS compliance, EPA certification, and CARB certification.

Bollinger Motors has delivered its first West Coast 2025 Bollinger B4 Chassis Cabs to TEC Equipment dealerships in Washington and California, with a total retail value of nearly $500,000. The all-electric Class 4 commercial truck features a 158-kilowatt-hour battery pack and qualifies for federal clean vehicle tax credits of $40,000 per vehicle, with potential total savings exceeding $100,000 with state incentives. The company has achieved several milestones, including production launch, regulatory certifications, and significant vehicle sales to various fleet management companies.

Mullen Automotive's subsidiary, Bollinger Motors, has delivered three 2025 B4 chassis cab electric trucks to TEC Equipment locations in Washington and California, with a retail value of approximately $500,000. The revenue is being recognized in Mullen's current fiscal quarter ending December 2024. The B4 chassis cab features a 158-kilowatt-hour battery pack and qualifies for federal clean vehicle tax credits of $40,000 per vehicle, with potential total savings exceeding $100,000 including state incentives. TEC Equipment, a family-owned dealership with over 30 locations across eight states, will help distribute Bollinger's electric trucks along the West Coast.

Mullen Automotive (Nasdaq: MULN) announced that Robert Bollinger, founder of Bollinger Motors, has provided $10 million in non-dilutive debt financing to Bollinger Motors. The funding will support the production ramp-up and sale of the Bollinger B4, a Class 4 EV truck. The B4 entered full-scale production in September at Roush Industries in Livonia, Michigan, with over 70% US-made content. The trucks are currently being shipped to customers and dealers nationwide.

Mullen Automotive Inc. (MULN) has regained full compliance with Nasdaq's listing requirements, specifically the minimum bid price requirement. The company received formal notice from Nasdaq on Oct. 16, 2024, confirming its compliance with Nasdaq Listing Rule 5550(a)(2). As a result, Mullen will continue to be listed and traded on The Nasdaq Capital Market.

The previously scheduled Nasdaq hearing before the Panel, set for Nov. 14, 2024, has been cancelled, and the matter is now closed. Mullen anticipates being removed from Nasdaq's list of noncompliant companies within approximately four business days from the receipt of the compliance notification.

Mullen Automotive (NASDAQ: MULN) has announced the establishment of Mullen Credit (MCC), a wholly owned subsidiary aimed at supporting its expanding dealership network with vehicle floor planning and providing financing options for fleets and small business customers. This move comes as Mullen experiences rapid growth, with projected sales for 2025 expected to increase significantly.

MCC will enable dealerships to finance inventory upfront and pay back the loan plus interest when the vehicle is sold. Mullen's commercial EV lineup includes the Mullen ONE, Class 1 EV cargo van, and the Mullen THREE, Class 3 EV cab chassis truck, both available for sale and compliant with U.S. safety and environmental standards.

The company's commercial dealer network has expanded to include several key partners across various U.S. regions. Additionally, Mullen's vehicles qualify for significant incentives, including state rebates and federal tax credits, offering substantial savings for commercial fleet customers.

Mullen Automotive (NASDAQ: MULN) forecasts $75 million in GAAP revenue over the next six months from its sales pipeline and pilot programs. The company plans to immediately reduce monthly operating expenses by $5.5 million, from $12.8 million to $7.3 million. This reduction will be achieved through a 20% headcount cut, elimination of passenger vehicle programs, and facility consolidations.

Mullen has conducted over 80 vehicle demos or pilots across various U.S. industries, leading to significant commercial sales progress. The company expects to reach an average monthly revenue of $12.5 million over the next six months from both Mullen Commercial and Bollinger Motors sales opportunities.

CEO David Michery expressed confidence in improving near-term cash flow through continued focus on revenue growth and expense reduction. Mullen now has three vehicle lines in full production and is concentrating on near-term commercial revenue generation and enhanced operational efficiencies.