Mullen Automotive Inc Stock Price, News & Analysis

Mullen Automotive (NASDAQ: MULN) has commenced installation of Energy Management Modules (EMM) in Washington, D.C.'s city fleet, under a $680,000 contract awarded to its subsidiary, Mullen Advanced Energy Operations (MAEO). This contract will enhance the efficiency of Chevrolet Bolts used by the city, with tests indicating a possible 60% increase in driving range. The project aims to optimize the performance of electric vehicles (EVs) in municipal use, enabling reduced charging time and increased operational time within communities. The collaboration with EV Technologies and the execution of this pilot project could pave the way for further municipal contracts and bolster the company's position in the EV market.

Mullen Automotive (NASDAQ: MULN) announces significant advancements with its Energy Management Module (EMM) technology, recently tested by Element Materials Technology. The EMM technology demonstrated the potential to enhance electric vehicle (EV) range, achieving a 60% efficiency increase, raising the range from 269 to 431 miles. Notably, Mullen's own testing showed a remarkable 75% increase in range for its Class 1 EV Cargo Van. A U.S. provisional patent application has been filed for this innovative technology, which is set to be integrated into Mullen's vehicle lineup. The company holds a 51% stake in MAEO, LLC, consolidating its technological advancements. The EMM technology aims to license to other electric vehicle manufacturers, potentially positioning Mullen as a leader in EV technology.

Mullen Automotive, Inc. (NASDAQ: MULN) has formed a partnership with Global EV Technology, Inc. and EV Technologies, LLC to establish Mullen Advanced Energy Operations, LLC (MAEO). This new entity focuses on enhancing energy management technologies for electric vehicles, aiming to improve vehicle range and performance. Mullen holds a 51% stake and will consolidate its operations under MAEO, leveraging Global EV Technology's existing technology and contracts. The collaboration's initial development targets Mullen's electric vehicle lineup, with founder Lawrence Hardge bringing over 30 years of experience in invention. Notably, Mullen aims to capitalize on verified technologies to enhance EV performance, an essential factor as it enters a competitive market.

Mullen Automotive (NASDAQ: MULN) announced the integration of solid-state polymer battery technology into its Class 1 EV cargo vans, aiming to boost the range from 110 miles to over 200 miles on a single charge. Testing of this innovative battery technology is set to begin on US roads in Q4 2023. This advancement promises higher energy density, quicker charging, and improved safety compared to traditional lithium-ion batteries. The company's partnership with Linghang Guochuang Holding Group is pivotal in implementing this technology, marking a significant step in enhancing the performance and efficiency of commercial electric vehicles.

Mullen Automotive has successfully completed a 60-day pilot program for its Class 1 EV cargo vans with Menzies Aviation at Los Angeles International Airport (LAX). The program demonstrated strong vehicle performance with 100% uptime and no maintenance issues. Over 1,500 miles were driven, and significant cost savings were noted, with a 66% reduction in electrical costs compared to gas vehicles and an 83% drop in CO2 emissions. Menzies has requested enhancements for increased seating and visibility, indicating potential fleet expansion. The pilot highlights Mullen's capabilities in the commercial EV sector.

Mullen Automotive has successfully delivered its Class 1 EV cargo vans to the University of North Carolina at Charlotte (UNC Charlotte) as part of an order fulfilled through Randy Marion Automotive Group. The initial order consists of seven vehicles, with plans for more deliveries across the university's 16 campuses over the next year. The vans will support various campus operations, promoting sustainability and reducing carbon emissions. Following a recent trade show, Mullen aims to expand its commercial EV offerings, highlighting the lower total cost of ownership as a key selling point for potential customers.

Mullen Automotive (NASDAQ: MULN) delivered its first fleet of Class 1 EV cargo vans to the University of North Carolina Charlotte on March 29, 2023. The initial order comprises seven vehicles, which are part of a larger plan to fulfill multiple deliveries across UNC's campuses over the next year. The vans will enhance campus delivery and facility services while promoting sustainability. Mullen's EVs offer a lower total cost of ownership and reduced emissions, making them attractive to institutions like UNC. The delivery follows Mullen's participation in the National Truck and Equipment Work Truck Week, signaling a key milestone for its commercial lineup.

Mullen Automotive (NASDAQ: MULN), an electric vehicle manufacturer, has delivered its first class 1 EV cargo vans to MGT Lease Company in High Point, North Carolina, through Randy Marion Automotive Group. MGT, with over $70 million in 2022 revenue and projected $100 million for 2023, focuses on last-mile delivery and services like plumbing. The partnership aims to expand Mullen's Fleet-First approach in the commercial EV market. Further announcements on additional deliveries are expected, indicating growing interest in Mullen's commercial offerings.