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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) 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.
Bollinger Motors has announced comprehensive warranty coverage for its all-electric B4 Chassis Cab, a Class 4 commercial truck. The warranty includes 3-year/36,000-mile bumper-to-bumper, 5-year/50,000-mile powertrain, and 8-year/100,000-mile high voltage battery coverage. This move demonstrates the company's confidence in the B4's durability and capability.
The company has achieved several milestones, including EPA certification, multiple vehicle sales to fleet management companies, and partnerships with key suppliers and service providers. Bollinger Motors anticipates B4 deliveries to begin in the second half of 2024. The company has also appointed James Taylor, a former General Motors executive, as CEO to lead its production preparations.
Mullen Automotive's subsidiary, Bollinger Motors, has announced comprehensive warranty coverage for its B4 Chassis Cab EV Truck. The EPA-certified B4 offers one of the strongest warranties in the commercial market, including:
- Bumper-to-bumper: 3-year/36,000-miles
- Powertrain: 5-year/50,000-miles
- High-voltage battery: 8-year/100,000-miles
- Frame rails and cross-members: 5-years/unlimited miles
- Corrosion (perforation only): 5-years/unlimited miles
Bollinger expects B4 deliveries to begin in the second half of 2024. The company has achieved several milestones, including EPA certification, multiple vehicle sales, and partnerships with key suppliers and service providers. Former GM executive James Taylor has been appointed as CEO, positioning Bollinger for continued success as it prepares for production.
Mullen Automotive (NASDAQ: MULN) has announced a municipal purchase of its Class 3 electric truck by the City of Dublin, Ohio. The City of Dublin, known for its sustainable fleet management, sees the Mullen THREE as aligning with its vision to be the most sustainable fleet nationally. Mullen is currently negotiating with multiple government agencies and expects to announce additional orders in the current fiscal quarter.
The all-electric Mullen THREE, a Class 3 low cab forward EV truck, offers a 125-mile range and is designed for urban last-mile delivery. It qualifies for significant incentives, including a $15,000 incentive through Massachusetts' MOR-EV program and a $45,000 cash rebate voucher through California's HVIP program. Both Mullen's Class 1 and Class 3 commercial vehicles have received EPA and CARB certifications.
Mullen Automotive (NASDAQ: MULN) announces that its 2024 Mullen ONE, an all-electric Class 1 cargo van, has been approved for up to $3,500 cash voucher under Massachusetts' MOR-EV program. With a suggested MSRP of $34,500, the Mullen ONE can now benefit from both this state rebate and the $7,500 federal tax credit, potentially reducing its net cost to approximately $23,500.
The MOR-EV program, managed by the Massachusetts Executive Office of Energy and Environmental Affairs' Department of Energy Resources, aims to make EVs more affordable and reduce greenhouse gas emissions. Both the Mullen ONE and THREE are eligible for MOR-EV rebates, with the THREE qualifying for a $15,000 incentive. These vehicles are available for purchase in Massachusetts through Eco Auto, Mullen's New England area EV dealer.
Bollinger Motors, an electric commercial vehicle manufacturer, has announced significant leadership changes. Former GM executive James Taylor has been named CEO, replacing founder Robert Bollinger, who will remain on the board and a major shareholder. Bryan Chambers has been promoted to President and COO, while Siva Kumar becomes Chief Strategy Officer and SVP of Finance.
The company plans to launch the Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck, in the second half of 2024. Bollinger Motors has recently qualified for $40,000 in refundable tax credits per truck under the Inflation Reduction Act. The company has also secured several key partnerships and sales agreements, including an 80-vehicle sale to Momentum Groups and a 50-vehicle sale to EnviroCharge.
Bollinger Motors, an electric commercial vehicle manufacturer, has agreed to sell 70 all-electric Class 4 Bollinger B4 commercial trucks to Doering Fleet Management. This marks the first medium duty electric truck offered by Doering, a leading fleet management company. The Bollinger B4 Chassis Cab is an 800V battery-powered Class 4 truck designed with fleet and upfitter input.
Bollinger Motors has recently achieved several milestones, including EPA certification, sales agreements with other companies, and partnerships for battery supply, assembly, warranty administration, and mobile services. The B4 qualifies for a $40,000 tax credit under the Inflation Reduction Act. This agreement represents a significant step for Bollinger Motors in expanding its presence in the commercial EV market.
Mullen Automotive's subsidiary, Bollinger Motors, has secured a significant deal with Doering Fleet Management for the sale of 70 all-electric Class 4 Bollinger B4 commercial trucks. The order, valued at approximately $11.5 million, marks a milestone as the B4 will be Doering's first medium-duty, all-electric truck offering. Deliveries are scheduled to begin in late 2024.
The Bollinger B4 Chassis Cab is a newly designed 800-volt battery electric Class 4 commercial truck, developed with input from fleets and upfitters. It qualifies for a $40,000 refundable tax credit per truck under the Inflation Reduction Act. Bollinger Motors has recently achieved several milestones, including EPA certification and partnerships with key industry players for battery supply, assembly, warranty administration, and mobile services.
Mullen Automotive announces the POWER BOOST program, an innovative battery exchange initiative allowing current Class 1 EV cargo van customers to upgrade their lithium-ion batteries to solid-state polymer packs. This enhancement is expected to boost vehicle range to over 200 miles. The Mullen ONE, equipped with the new battery, is set for production in the second half of 2025. The company has made significant strides, including road testing the Class 1 van with the new battery, identifying lead suppliers, and issuing purchase orders. The program reflects Mullen's commitment to advancing technology and providing value to early adopters.
Bollinger Motors, an electric commercial vehicle manufacturer, announced the sale of five all-electric Class 4 Bollinger B4 trucks to Spencer Manufacturing. Spencer, a specialist in upfitting emergency rescue vehicles, will convert these trucks for fire rescue purposes. Production of the vehicles will commence in the second half of 2024. Bollinger's B4 chassis cab offers durability, reliability, and performance with a unique design that includes an 800V battery system. Additionally, Bollinger Motors has recently qualified for a $40,000 refundable tax credit per truck under the Inflation Reduction Act. Bollinger Motors has also secured several milestones, including sales to Momentum Groups and EnviroCharge, and partnerships with key suppliers and service centers.
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