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.
Mullen Automotive Inc (MULN) is a leader in commercial electric vehicle innovation, specializing in Class 1-3 EVs for urban logistics and fleet operations. This page provides authorized updates on corporate developments, product milestones, and strategic initiatives directly from the company and verified sources.
Access timely announcements including new vehicle certifications, production updates from Mullen's U.S. manufacturing facilities, and partnerships advancing battery technology. Investors and industry observers will find essential updates on regulatory compliance achievements, dealer network expansions, and progress with the Carhub digital ecosystem.
All content is curated to meet strict journalistic standards, focusing on operational developments rather than market speculation. Information is organized chronologically with clear sourcing to enable efficient tracking of Mullen's progress in sustainable transportation solutions.
Bookmark this page for structured access to MULN's evolving position in commercial EVs, including updates from their Bollinger and Mullen Commercial segments. Check regularly for verified announcements about production capabilities, vehicle certifications, and technological advancements in electric mobility.
Mullen Automotive (NASDAQ: MULN) announced a strong preliminary financial position with approximately $99 million in cash and equivalents as of August 8, 2022. The company reported a remarkable 391% growth in assets, primarily due to financing activities. Additionally, Mullen has a positive working capital of $27.7 million and significant financial commitments of $318 million. The company also achieved a 77% reduction in debt and increased R&D spending by 281%, aimed at enhancing its EV offerings, including the Mullen FIVE and EV cargo vans.
Mullen Automotive (NASDAQ: MULN) has announced the establishment of a new EV Technology team in Pontiac, Michigan, focusing on the development of electric vehicle technologies for its commercial van portfolio. This new division aims to enhance energy efficiency and vehicle range. With nearly 20 new hires already onboard, Mullen expects to grow the team to 50 by year-end. This Detroit Tech Center marks Mullen's fifth facility, complementing existing sites in California and Mississippi. The company is also gearing up for a nationwide test drive tour for its Mullen FIVE EV Crossover.
Mullen Automotive (NASDAQ: MULN) announces that CEO David Michery will be interviewed on Benzinga’s YouTube channel on Aug. 4, 2022, at 1:30 p.m. ET. Michery aims to discuss exciting developments following a recent health issue. Mullen's EV offerings include the Mullen FIVE EV Crossover, Mullen ONE EV Fleet Vans, and DragonFLY Sports Car. The company has also initiated the “Strikingly Different” U.S. Test Drive Tour for the Mullen FIVE, starting in Southern California.
Mullen Automotive has opened a new Automotive Development Center in Irvine, California, designed to support its growing team in engineering, styling, program management, and marketing. This 16,000-square-foot facility will help facilitate Mullen's expansion strategy alongside its existing Monrovia location. CEO David Michery emphasized the importance of this location for attracting talent and resources needed for ongoing electric vehicle (EV) programs. Mullen's EV portfolio includes the Mullen FIVE EV Crossover and plans for a national test drive tour.
Mullen Automotive has signed a binding agreement with DelPack Logistics for the purchase of up to 600 Class 2 EV cargo vans over the next 18 months. This order includes 300 vans that could be delivered by November 30, 2022. The vans will be fully compliant with U.S. regulations, equipped with safety features and a minimum 80 kWh battery pack. This agreement is positioned as a significant opportunity for Mullen in the last-mile delivery sector, according to CEO David Michery.
Mullen Automotive has entered a binding agreement with DelPack Logistics to supply up to 600 Class 2 EV cargo vans over the next 18 months. The first 300 vans are eligible for delivery by November 30, 2022. These vans will comply with U.S. standards, featuring airbags, a comfort package, and an 80 kWh battery. This collaboration is seen as a significant opportunity for Mullen in the last-mile delivery market, as noted by CEO David Michery. DelPack, an Amazon Delivery Service Partner, also expressed enthusiasm for participating in sustainable initiatives.
Mullen Automotive (NASDAQ: MULN) has significantly reduced its debt from over $30 million to approximately $11 million, eliminating $17.5 million attributed to a secured convertible promissory note with DBI Lease Buyback Servicing LLC. This marks the company's most robust financial position in its history, according to CEO David Michery. Mullen is focusing on its electric vehicle initiatives, including the upcoming 'Strikingly Different' U.S. Test Drive Tour for the Mullen FIVE EV Crossover, which will cover 19 cities beginning in the fall.
Mullen Automotive (NASDAQ: MULN) expects to report over $61 million in cash and cash equivalents as of June 30, 2022. The company has strengthened its balance sheet significantly. Highlights include the delivery of its first EV van to a telecommunications provider, an extension of a secured convertible note to July 2024, and addition to the Russell 2000 Index. Mullen is also securing $275 million in funding for EV development projects, pending shareholder approval. CEO David Michery emphasized strong progress in the past quarter.
Mullen Automotive (MULN) announced significant advances in its electric vehicle programs. Key achievements include successful testing of solid-state polymer battery technology, delivery of its first EV van, and anticipation of joining the Russell 2000 and 3000 Indexes. The company secured $275 million in potential funding, pending shareholder approval, aimed at expanding its EV offerings. Mullen also initiated retrofitting for EV battery pack development and plans a nationwide test drive tour in 2022.
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