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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 (NASDAQ: MULN) has announced the sale of its Mullen THREE, Class 3 EV box truck to Princeton University's facilities operations unit. This marks Mullen's expansion into the higher education sector, supporting Princeton's goal of achieving zero emissions for on-campus service vehicles by 2046. The all-electric Mullen THREE features a 125-mile range and is designed for urban last-mile delivery.
The vehicle order was fulfilled through Mullen's dealer partner, Pritchard EV. Princeton's facilities operations manage over 350 vehicles, and this purchase aligns with their sustainability initiatives, including the recent launch of 17 electric buses. The Mullen THREE qualifies for incentives in Massachusetts and California, potentially reducing its cost significantly.
Mullen Automotive (NASDAQ: MULN) reported financial results for Q3 2024 ending June 30. Key highlights include:
- Positive stockholders' equity of $53 million as of June 30, 2024
- Total assets of $192 million
- Net loss of $289.9 million for the nine months ended June 30, 2024
- Invoiced 377 vehicles valued at $16.8 million in first 9 months of FY2024
- Secured $250 million new financing commitment
- Received EPA certification for Bollinger's B4 Class 4 EV chassis cab
- Announced new commercial EV orders valued at $7.7 million
- Expanded dealer network and received state incentive approvals
The company is focusing on scaling its commercial EV business in the U.S. and internationally. However, it faces challenges including significant net losses and decreasing cash reserves.
Mullen Automotive (NASDAQ: MULN) announces a follow-on purchase of Mullen ONE Class 1 EV cargo vans by the University of Virginia (UVA) for its Sustainable Fleet Department. This order comes after UVA's initial purchase in 2023 and follows a recent $7.7 million, 180-vehicle order from dealer partner Eco Auto. The growing demand highlights the increasing market for Mullen's electric commercial vehicles.
UVA's purchase aligns with its sustainability goals, including achieving carbon neutrality by 2030 and fossil fuel independence by 2050. The university has already electrified 13% of its Facilities Management vehicles and increased EV usage by 275% from 2020 to 2023. Mullen's EV lineup includes the Mullen ONE and Mullen THREE, both compliant with U.S. safety and emissions standards and eligible for various state incentives.
Mullen Automotive Inc. (NASDAQ: MULN) announces a significant expansion through its dealer Eco Auto. Eco Auto will purchase 180 commercial EVs over 18 months, valued at $7.7 million, with deliveries starting September 2024. This includes 130 Class 1 EV cargo vans and 50 Class 3 EV trucks. Eco Auto is expanding its coverage to Pennsylvania, Connecticut, Rhode Island, New Hampshire, Maine, and Vermont, meeting growing demand for commercial EVs.
Mullen's commercial lineup includes the Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck), both compliant with U.S. safety and emissions standards. The Mullen THREE qualifies for significant incentives: a $15,000 incentive in Massachusetts and a $45,000 rebate in California. The Mullen ONE is eligible for a $3,500 incentive in Massachusetts.
Mullen Automotive (NASDAQ: MULN) has promoted John Taylor to president of its commercial EV division while retaining his role as SVP of global manufacturing. Taylor, who joined Mullen in 2021, has been instrumental in launching the Mullen ONE Class 1 EV cargo van and Mullen THREE Class 3 low cab forward commercial EV in late 2023. In his new role, he will oversee engineering, supply chain management, and manufacturing for the commercial vehicle operations.
Taylor brings over 35 years of automotive experience, including significant roles at General Motors and Tesla. At Tesla, he was one of the first 50 employees and played a important role in establishing the Fremont facility and manufacturing operations for the Tesla Model S. CEO David Michery expressed confidence that Taylor's expertise will drive growth and expand Mullen's market share in the commercial EV sector.
Mullen Automotive (NASDAQ: MULN), a US-based EV manufacturer, provided a company update highlighting strong financial position and operational progress. Key points include:
1. Expected total assets of $191.4 million as of June 30, 2024
2. Cash position exceeding current market capitalization
3. Achieved all federal and state regulatory requirements for Class 1 and 3 commercial vehicles
4. Actively manufacturing and selling Class 1 and 3 EVs across the US
5. Secured $250 million in new financing commitments
6. Expanded distribution network to six dealerships and added five new commercial dealer partners
7. Bollinger Motors subsidiary received orders for over 200 B4 commercial Class 4 EV trucks
8. Advancing solid-state polymer pack program with expected certification in second half of 2025
Mullen Automotive (NASDAQ: MULN) has introduced bizEV, a new lease program for its Mullen ONE Class 1 EV cargo van. The program offers a 3-year lease option starting at $475 per month, plus taxes and fees, including scheduled vehicle maintenance. Targeted at individuals, small businesses, and fleets, bizEV aims to make EV ownership more accessible and affordable.
The Mullen ONE, the first of its kind in the U.S. market, is designed for urban last-mile delivery with a focus on navigating narrow streets while maximizing payload and cargo space. It complies with U.S. Federal Motor Vehicle Safety Standards, EPA, and CARB certifications. The van is currently available for sale at an MSRP of $34,500 through MullenUSA.com and authorized dealerships.
Mullen Automotive (NASDAQ: MULN) announces its participation as an Anchor Organization and panelist at the 2024 Southeastern United States - Canadian Provinces (SEUS-CP) Business Forum in Biloxi, Mississippi, from August 4-6. The event focuses on Advanced Manufacturing for Electric Vehicle and Aerospace Technology. Mullen joins other premier companies like Airbus and The Coca-Cola Company as anchor organizations.
The SEUS-CP alliance, established in 2007, promotes economic ties between six southeastern U.S. states and six Canadian provinces. Mullen's participation underscores its commitment to the Southeast U.S., with its commercial EV manufacturing facility located in Tunica, Mississippi. The 120,000-square-foot facility, recently designated as a Foreign Trade Zone, serves as Mullen's innovation hub for commercial EV production.
Mullen will showcase its commercial EV lineup, including the Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck), both compliant with U.S. federal safety and emissions standards.
Mullen Automotive (NASDAQ: MULN) announces that global transportation and logistics leader DB Schenker has purchased four Mullen CAMPUS electric vehicles for use on Intel's technology campus in Chandler, Arizona. The vehicles, designed for low-speed, closed-campus use, will be utilized for mail and package delivery. Randy Marion Automotive, a Mullen commercial vehicle dealer, has received full payment and delivered the vehicles.
DB Schenker, founded in 1872, is a global leader with over 72,700 employees across 1,850 locations worldwide. The company aims to be carbon neutral by 2040 and continuously invests in innovative low-carbon freight solutions. The Mullen CAMPUS, a fully battery-operated vehicle (BEV), aligns with DB Schenker's sustainability goals and will contribute to reducing their environmental footprint while maintaining efficient operations.
Mullen Automotive Inc. (NASDAQ: MULN) has announced a significant order from GAMA, one of its European distributors. GAMA has purchased 29 Mullen GO vehicles, valued at $304,000 USD, with shipment planned for early August 2024. This order is part of a larger 53-unit commercial vehicle order for the Balkans Region.
GAMA, recently announced as Mullen's distributor for southeastern Europe, covers nine countries in the Balkans. They have extensive experience in the EV market, having distributed over 300 vehicles in the past year. The Mullen GO, designed for urban delivery in congested European cities, is EU standard homologated and certified for European sale.
This development marks Mullen's expansion into the European market, with GAMA reporting strong interest in Mullen's commercial EVs. The order includes a 15% upfront deposit, with full payment due upon shipment.
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