Mullen Automotive Inc Stock Price, News & Analysis

Mullen Automotive (NASDAQ: MULN) has received US Bankruptcy Court approval for its acquisition of ELMS assets in an all-cash deal. This acquisition includes a manufacturing plant in Mishawaka, Indiana, enabling Mullen to produce up to 50,000 vehicles annually. The transaction, totaling up to $275 million, aims to accelerate the launch of Mullen's electric vehicles by over 12 months. Mullen's recent purchases are expected to enhance its production capacity and significantly reduce overall spending, positioning the company for further growth in the electric vehicle market.

Mullen Automotive is launching its "Strikingly Different" Tour, starting on October 27, 2022, at the Rose Bowl in Pasadena, California, and continuing to the Las Vegas Motor Speedway on November 10-11, 2022. The tour will showcase the Mullen FIVE electric vehicle crossover with additional stops planned in various U.S. cities, including Texas, Tennessee, Florida, Georgia, and North Carolina through December 2022. The company aims to engage potential customers and reservation holders through test drives while promoting its first model, enhancing its visibility in the EV market.

Bollinger Motors, now majority-owned by Mullen Automotive (NASDAQ: MULN), partners with Wabash to create a lighter, more efficient refrigerated electric truck. The collaboration leverages Wabash's EcoNex™ Technology, which enhances thermal efficiency and reduces weight, leading to increased payload capacity. The new trucks promise lower operational costs and less energy consumption compared to traditional models. This venture marks Mullen's entry into the medium-duty truck sector, expanding its product offerings and supporting sustainability efforts in commercial transportation.

Mullen Automotive has unveiled the specifications and a first look at its ultra-high-performance EV sport crossover, the Mullen FIVE RS. This vehicle boasts a top speed of 200 mph and can accelerate from 0-60 mph in just 1.9 seconds. The FIVE RS features advanced engineering, including an 800-volt architecture, all-wheel drive, and over 1,000 horsepower. It will be showcased during the second leg of the ‘Strikingly Different’ U.S. Test Drive Tour in spring 2023. Consumers will experience the vehicle by riding alongside professional drivers.

Mullen Automotive has successfully completed its majority acquisition of Bollinger Motors as of September 7, 2022. The transaction was funded with cash and restricted stock. CEO David Michery expressed optimism about the acquisition's potential benefits for shareholders. Mullen Automotive specializes in developing affordable electric vehicles built in the U.S., and the acquisition of Bollinger, noted for its commercial vehicle platforms, is expected to enhance Mullen's capabilities in the EV market. Further details can be found in the recent SEC filing.

Mullen Automotive has announced the majority acquisition of Bollinger Motors, marking its first significant move into the medium and heavy-duty truck segments. This acquisition allows Mullen to expand its electric vehicle offerings, specifically in classes 3-6 trucks and SUVs like the B1 and B2. A webinar featuring David Michery and Robert Bollinger will discuss the strategic vision behind the partnership. The acquisition is touted as one of the largest in the EV sector, potentially enhancing Mullen's market position in electric commercial vehicles.

Mullen Automotive has acquired a 60% stake in Bollinger Motors for $148.2 million, positioning itself in the medium-duty electric truck market (classes 3-6). This acquisition includes nearly 50,000 reservations for Bollinger's B1 and B2 models, enhancing Mullen's product offering. CEO David Michery emphasizes the potential to dominate the commercial electric vehicle sector and leverage Mullen's solid-state battery technology. The partnership aims to expedite production and capitalize on a growing demand for electric trucks.

Mullen Automotive has partnered with Watergen to integrate water-from-air technology into Mullen's electric vehicles. This groundbreaking collaboration aims to provide fresh drinking water directly from the vehicle while in motion, with each unit capable of generating up to 5 liters of water daily. Mullen will be the first automotive company to implement this technology across its portfolio, including the Mullen FIVE EV and Mullen ONE fleet vans. Testing is set to begin in Q1 2023, enhancing user experience and contributing to environmental sustainability.