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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, Inc. (NASDAQ: MULN) partners with National Auto Fleet Group (NAFG) to offer its all-electric commercial vehicles in key California markets. NAFG, a Sourcewell contract awardee, will provide fleet vehicle purchasing to government agencies, schools, and local governments. Mullen's EV lineup includes the Mullen ONE cargo van and Mullen THREE cab chassis truck, both HVIP approved. NAFG, with two Sourcewell contracts, simplifies the purchasing process for government fleets, aiming to transition to sustainable electric transportation.
Mullen Automotive, Inc. (NASDAQ: MULN) has announced the adoption of a duration stockholder rights plan to ensure fair treatment of all stockholders and protect the company from takeover attempts without paying a control premium. The plan imposes penalties on any entity acquiring 10% or more of common stock without board approval. The Rights Plan is effective immediately and will expire on May 1, 2025.
Mullen Automotive, Inc. and Pritchard EV, in collaboration with Mobile Road Service Solutions, have unveiled the Mullen ONE Class 1 EV cargo van roadside assistance vehicle at the American Towman Showcase in Las Vegas. MRSS is a key upfitter for the Roadside Service Industry, supplying towing and emergency service companies like AAA. The Mullen ONE features 157 cubic feet of cargo space, 1,600 lbs. of payload, and 110 miles of range, catering to the growing demand for sustainable mobility solutions in the commercial EV market.
Mullen Automotive, Inc. (NASDAQ: MULN) has expanded its U.S. dealer network by partnering with Pritchard EV, a leading commercial dealer. Pritchard EV will offer Mullen's commercial EV lineup, including the Mullen ONE and Mullen THREE, to customers in the United States. This partnership aims to enhance accessibility to electric vehicles and service infrastructure for fleet customers, providing sustainable mobility solutions and addressing key logistics challenges.
Mullen Automotive, Inc. receives approval from the California Air Resources Board for their all-electric Class 3 low cab forward truck, the 2024 Mullen THREE, under the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). This approval grants the truck a $45,000 cash voucher per vehicle sold, making it more affordable for businesses looking to electrify their fleets. Combined with the federal tax credit, the net effective cost of the Mullen THREE could be less than $17,000. Mullen's electric vehicles are in full compliance with U.S. Federal Motor Vehicle Safety Standards and are designed for urban last-mile delivery, with a 125-mile range and versatile upfit options.
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