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 (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.
Bollinger Motors has delivered its first five customer-ready all-electric trucks to Nacarato Truck Centers in LaVergne, Tennessee. The delivery includes 2025 Bollinger B4 Chassis Cabs with a sales value of nearly $800,000, generating revenue for Bollinger Motors in the current quarter. Four vehicles will be sold to commercial fleet customers, while one will be used for Nacarato's internal parts deliveries.
The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed with fleet and upfitter input. It features a unique chassis design that protects the 158-kwh battery pack and components. The 2025 model has an MSRP of $158,758 and qualifies for a $40,000 federal clean vehicle tax credit under the Inflation Reduction Act.
Mullen Automotive's subsidiary, Bollinger Motors, has delivered its first 2025 Bollinger B4 Chassis Cab electric trucks to Nacarato Truck Centers. The delivery of five B4s generated $800,000 in revenue, recognized for the three months ended Sept. 30, 2024. Nacarato will sell four vehicles to commercial fleet customers and use one for internal parts deliveries.
The B4 Chassis Cab is an all-electric Class 4 commercial truck with a 158-kilowatt-hour battery pack. It has a Manufacturers Suggested Retail Price of $158,758 and qualifies for a $40,000 federal tax credit under the Inflation Reduction Act. Bollinger has achieved several milestones, including production launch, CARB certification, FMVSS compliance, and EPA certification.
Mullen Automotive Inc. (NASDAQ: MULN) announces significant revenue growth and reduced spending for Q3 2024. The company expects to report $4.5 million in revenue for the quarter ended Sept. 30, 2024, a 6791% increase from the previous quarter's $65,235. Mullen has also reduced its monthly cash burn to $12.7 million in Q3 2024, down from $18.1 million in Q1 2024. The company aims to achieve breakeven on a cash basis by December 2025.
Additional updates include receiving $11.9 million from investors, with an expected $600,000 more incoming. Mullen has a $150 million investment commitment through its equity line. CEO David Michery expressed optimism about the company's momentum for the remainder of 2024.
Mullen Automotive (NASDAQ: MULN) announces a $3.2 million vehicle order from Papé Truck, comprising 43 Class 3 EV trucks and 7 Class 1 EV cargo vans. Deliveries will begin immediately. Papé, Mullen's seventh commercial EV dealer, has over 30 locations across the Western U.S.
The order includes various Class 3 configurations and parts supply for warranty service. Papé's partnership aligns with Mullen's goal of expanding access to its commercial EVs. Mullen's lineup features the Class 1 Mullen ONE and Class 3 Mullen THREE, both compliant with U.S. safety and environmental standards.
Both vehicles qualify for significant incentives, including state rebates in Massachusetts and California, as well as the $7,500 Federal Tax Incentive, offering substantial savings for commercial fleet customers.
Mullen Automotive CEO David Michery provided a video update for shareholders, highlighting the company's recent progress. Key points include:
1. Sales and Distribution Expansion: Expanded dealer network to seven dealers nationwide, conducted over 80 vehicle demos, and secured orders from universities, local governments, and businesses.
2. International Growth: Established retailers and orders in Eastern Europe and the Middle East, including a $210M order from Volt Mobility.
3. Bollinger Motors Progress: Completed engineering and testing for compliance, partnered with Roush Industries for production, and began manufacturing the first customer-ready B4 electric trucks.
4. Financial Performance: Transitioned to revenue generation, reduced cash burn, and secured $100M preferred instrument and $150M equity line to support growth.
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.
FAQ
What is the current stock price of Mullen Automotive (MULN)?
What is the market cap of Mullen Automotive (MULN)?
What is the core business of Mullen Automotive Inc?
How does Mullen Automotive generate its revenue?
What are the main products offered by Mullen Automotive Inc?
How does Mullen Automotive ensure quality and safety in its vehicles?
What role does technology play in Mullen Automotive's operations?
How is Mullen Automotive positioned within the EV market?
