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.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Mullen Automotive's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Mullen Automotive's position in the market.
Mullen Automotive has announced the hiring of Alain Van Munster as the new VP of Sales for Europe, Middle East, and Africa (EMEA). Alain, who has over 25 years of experience in the automotive and fleet industries, will lead Mullen's commercial electric vehicle (EV) sales efforts in Europe.
Mullen has commenced its European sales with an initial order of 93 EVs. This includes 40 all-electric Mullen-GO urban delivery vehicles for GAMA in Serbia and 53 commercial vans and trucks for Antidoto SA in Switzerland. These developments are part of Mullen's strategy to capture a growing share of the European EV market.
CEO David Michery highlighted the significant growth potential in Europe, emphasizing Alain's expertise in the industry as important for driving this expansion.
Mullen's recent agreements with Antidoto SA and GAMA illustrate the increasing demand for its commercial EVs in Europe and mark the beginning of its fleet sales across the continent.
Mullen Automotive (NASDAQ: MULN) announced a new purchase order for 40 Mullen-GO urban delivery vehicles from Switzerland-based Antidoto SA, valued at approximately $440,000 USD. The initial order is part of a larger plan, with projected orders reaching at least 180 units by 2025. The Mullen-GO vehicles are designed for urban commercial delivery and are EU standard homologated, catering to the growing demand for zero-emission vehicles in Europe. Antidoto SA, which specializes in on-demand food delivery solutions, will start using these vehicles in Switzerland, with plans for expansion into other parts of Europe. This partnership aims to enhance Antidoto SA’s delivery capabilities while supporting Mullen’s expansion in the European market.
Mullen Automotive (NASDAQ: MULN) has announced the development of a zero-emissions version of its PowerUP mobile EV charging truck, based on the all-electric Mullen THREE Class 3 cab chassis EV truck. This new model provides mobile DC fast-charging with 100% zero emissions, reflecting Mullen's commitment to sustainable transportation and market demand for eco-friendly solutions.
The new PowerUP has significant improvements in charging capabilities and versatility, offering a scalable battery platform from 10kW to 1MW, Level 3 DC fast charging, off-grid AC power, and micro-grid connectivity. It operates quietly, reducing noise pollution, making it ideal for urban centers, hospitals, and residential areas.
The system includes solar and wind off-grid power generation options, and bi-directional 480V grid connection. The PowerUP development is at Mullen's High Energy Facility in Fullerton, California, aligned with the company's vision of a comprehensive U.S.-built electric vehicle ecosystem.
Mullen Automotive (NASDAQ: MULN) has announced a new distribution partnership with GAMA for the Balkans region, covering Bosnia Herzegovina, Serbia, Montenegro, Croatia, Slovenia, Macedonia, Albania, Greece, and Bulgaria. GAMA will distribute Mullen's complete range of commercial electric vehicles (EVs) and has placed an initial order for 53 vehicles, including urban delivery vehicles, vans, and trucks. GAMA has significant experience in the Balkan EV market, having sold over 300 vehicles in the past year, and is well-regarded for its success in public tenders. The partnership is part of Mullen's broader strategy to expand its global footprint in European markets.
Bollinger Motors has announced the sale of 50 Bollinger B4 Chassis Cabs to EnviroCharge, a company offering mobile charging solutions for EV owners. EnviroCharge will outfit these all-electric, Class 4 trucks with their mobile clean-propane-powered charging systems. The combined units will offer convenient, mobile EV charging. The vehicles are set for delivery in the second half of 2024 and will be eligible for a $40,000 federal tax credit under the Inflation Reduction Act.
This partnership aligns with Bollinger's recent expansions, including new dealer and service center additions and collaborations with battery and assembly partners. EnviroCharge plans to resell the vehicles to fleet owners, targeting states with voucher incentive programs. The collaboration aims to promote cleaner transportation and operational efficiency for fleet owners.
Mullen Automotive (NASDAQ: MULN) announced that Bollinger Motors, a subsidiary, has sold 50 Bollinger B4 Chassis Cab EV Trucks to EnviroCharge for an estimated value of $8.25 million. The trucks will incorporate EnviroCharge's mobile clean-propane-powered charging systems to provide flexible and convenient charging for electric vehicle fleets. Production is expected to commence in the second half of 2024, with vehicles eligible for $40,000 federal tax credits under the Inflation Reduction Act. This deal enhances the partnership between Mullen and EnviroCharge to promote innovative electric transportation solutions.
Mullen Automotive (NASDAQ: MULN) has announced a strategic partnership with Ziegler Truck Group and Range Truck Group to expand its zero-emissions commercial vehicle dealership network in the Midwest and Pacific Northwest. The partnership aims to cover national and regional fleet opportunities for Mullen's commercial EVs, specifically targeting the Pacific Northwest and upper Midwest regions. Ziegler and Range, part of the Ziegler Companies distribution network, bring over 110 years of experience in selling and servicing premier brands in construction and agriculture equipment. Ziegler is an approved California Air Resource Board (CARB) HVIP dealer and will offer Mullen's full line of all-electric commercial vehicles, including the Mullen ONE and Mullen THREE. The Mullen THREE qualifies for up to $45,000 in HVIP vouchers and a $7,500 federal tax credit, potentially reducing its cost to under $17,000.
Mullen Automotive (NASDAQ: MULN) reported its Q2 2024 fiscal quarter results, showing positive stockholders' equity at $117.4 million as of March 31, 2024. The company secured an additional $150 million in capital commitments to support its commercial EV operations. Recent highlights include expansion of its dealer network, approval for Foreign Trade Zone status in Mississippi, and CARB approval for its Class 3 EV truck. Financially, Mullen reported a net loss of $193.9 million for the six months ended March 31, 2024, compared to a net loss of $483.8 million in the same period the previous year. Revenue for the same period was $33.3 thousand. The company’s cash balance significantly decreased to $29.8 million from $155.7 million as of September 30, 2023.
Mullen Automotive (NASDAQ: MULN) announces a $150 million financing commitment to support its operations and expansion over the next 13 months. The company received $100 million from a family office and sold $50 million in senior secured convertible notes to high-net-worth investors. This funding will support Mullen's and Bollinger Motors' operations, including the production of the Bollinger B4 vehicle. Recent advancements include approval from the California Air Resource Board (CARB) for the Mullen THREE Class 3 EV truck, allowing for up to $45,000 in cash vouchers per purchase. Mullen has also expanded its commercial dealer network by partnering with Pritchard EV and National Auto Fleet Group. Additionally, its Tunica, Mississippi, manufacturing center received Foreign Trade Zone Status, allowing deferment and elimination of certain duties.
Mullen Automotive, Inc. receives approval from the U.S. Department of Commerce for Foreign Trade Zone status for its Tunica, Miss., facility, resulting in up to $21 million in deferred duty for FY2024 and FY2025. The FTZ status allows for duty deferment on import fees, benefiting domestic and international sales. The approval enhances Mullen's global competitiveness, reduces taxes and fees, and improves logistics flexibility, positively impacting its manufacturing position and economic development in Tunica, Mississippi.
