Mullen Automotive Inc Stock Price, News & Analysis

Mullen Automotive's subsidiary, Bollinger Motors, has delivered its first 2025 Bollinger B4 Chassis Cab electric trucks to Nacarato Truck Centers. The delivery of five B4s generated $800,000 in revenue, recognized for the three months ended Sept. 30, 2024. Nacarato will sell four vehicles to commercial fleet customers and use one for internal parts deliveries.

The B4 Chassis Cab is an all-electric Class 4 commercial truck with a 158-kilowatt-hour battery pack. It has a Manufacturers Suggested Retail Price of $158,758 and qualifies for a $40,000 federal tax credit under the Inflation Reduction Act. Bollinger has achieved several milestones, including production launch, CARB certification, FMVSS compliance, and EPA certification.

Mullen Automotive Inc. (NASDAQ: MULN) announces significant revenue growth and reduced spending for Q3 2024. The company expects to report $4.5 million in revenue for the quarter ended Sept. 30, 2024, a 6791% increase from the previous quarter's $65,235. Mullen has also reduced its monthly cash burn to $12.7 million in Q3 2024, down from $18.1 million in Q1 2024. The company aims to achieve breakeven on a cash basis by December 2025.

Additional updates include receiving $11.9 million from investors, with an expected $600,000 more incoming. Mullen has a $150 million investment commitment through its equity line. CEO David Michery expressed optimism about the company's momentum for the remainder of 2024.

Mullen Automotive (NASDAQ: MULN) announces a $3.2 million vehicle order from Papé Truck, comprising 43 Class 3 EV trucks and 7 Class 1 EV cargo vans. Deliveries will begin immediately. Papé, Mullen's seventh commercial EV dealer, has over 30 locations across the Western U.S.

The order includes various Class 3 configurations and parts supply for warranty service. Papé's partnership aligns with Mullen's goal of expanding access to its commercial EVs. Mullen's lineup features the Class 1 Mullen ONE and Class 3 Mullen THREE, both compliant with U.S. safety and environmental standards.

Both vehicles qualify for significant incentives, including state rebates in Massachusetts and California, as well as the $7,500 Federal Tax Incentive, offering substantial savings for commercial fleet customers.

Mullen Automotive CEO David Michery provided a video update for shareholders, highlighting the company's recent progress. Key points include:

1. Sales and Distribution Expansion: Expanded dealer network to seven dealers nationwide, conducted over 80 vehicle demos, and secured orders from universities, local governments, and businesses.

2. International Growth: Established retailers and orders in Eastern Europe and the Middle East, including a $210M order from Volt Mobility.

3. Bollinger Motors Progress: Completed engineering and testing for compliance, partnered with Roush Industries for production, and began manufacturing the first customer-ready B4 electric trucks.

4. Financial Performance: Transitioned to revenue generation, reduced cash burn, and secured $100M preferred instrument and $150M equity line to support growth.

Mullen Automotive CEO David Michery will provide a video update for shareholders on Tuesday, Sept. 24, 2024, at 9 a.m. Eastern. The video will be available on MullenUSA.com and the company's social media channels. Michery will discuss key achievements by Mullen and Bollinger Motors, as well as recent progress on expanding domestic and international sales and distribution channels. The update will cover company efforts through Sept. 20, 2024. Mullen Automotive (NASDAQ: MULN) is an emerging electric vehicle (EV) manufacturer.

Bollinger Motors celebrated its transition to a full-fledged Original Equipment Manufacturer (OEM) on September 20, 2024, with the launch of its first customer-ready all-electric Class 4 Bollinger B4 Chassis Cab. The company, founded by Robert Bollinger in 2015, pivoted from high-end electric SUVs to commercial vehicles in 2022. CEO Jim Taylor highlighted the readiness of the commercial vehicle segment for electrification.

Bollinger has achieved several milestones, including CARB certification, FMVSS compliance, and EPA approval. The company secured significant vehicle sales to Momentum Group, Doering Fleet Management, and EnviroCharge. It also established partnerships with dealers, battery suppliers, and service providers.

Government officials, including Michigan Governor Gretchen Whitmer and House Speaker Joe Tate, praised Bollinger's commitment to Michigan and its role in advancing electric vehicle technology. The launch event emphasized Bollinger's impact on Detroit's automotive industry and its contribution to a more sustainable transportation future.

Mullen Automotive subsidiary, Bollinger Motors, has achieved a significant milestone with the production of its first customer-ready B4 electric truck on September 20, 2024, in Livonia, Michigan. The event marked Bollinger's transition to a full-fledged Original Equipment Manufacturer (OEM).

Key highlights include:

• The Bollinger B4 is an all-electric Class 4 Chassis Cab, entirely assembled in the USA in partnership with Roush Industries.
• Bollinger has secured several vehicle sales, including 145 to Momentum Group, 70 to Doering Fleet Management, and 50 to EnviroCharge.
• The company has expanded its dealer and service center network, partnered with ONE for battery packs, Syncron for warranty administration, and Amerit Fleet Solutions for mobile service.
• Bollinger has received CARB certification, FMVSS compliance, and EPA Certificate of Conformity.

The launch event was attended by employees, suppliers, and government leaders, showcasing strong support for Bollinger's contribution to sustainable transportation and Michigan's automotive industry.

Mullen Automotive provides an update on the $210 million UAE order from Volt Mobility. The company's technical and sales team are in Dubai this week to support the initial market launch, including the delivery of the first Mullen ONE EV cargo vans and Mullen THREE cab chassis trucks on Sept. 18, 2024. Mullen plans to supply 300 all-electric commercial vehicles in 2024 and an additional 3,000 vehicles in 2025. The company will also establish a parts and service network to support Volt Mobility's fleet operations.

Mullen is working with VoltiE Group, a Miami-based EV charging company, to provide EV vehicles and charging equipment to Volt Mobility, which operates in the Gulf Cooperation Council (GCC) region of the Middle East. This collaboration aims to expand Mullen's presence in the UAE market, which CEO David Michery describes as a very important opportunity for the company.

Bollinger Motors has announced the pricing for its 2025 Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck, with an MSRP of $158,758. The company began production on September 16 and will start deliveries in October 2024. Notably, buyers can qualify for over $100,000 in state and federal incentives, including up to $40,000 in IRS tax credits and up to $60,000 from California's HVIP program.

The B4 features a 158-kWh battery pack and is designed with input from fleets and upfitters. It's now available for order through Bollinger's national dealer network. Recent developments include sales agreements, dealer partnerships, and collaborations with suppliers like Our Next Energy for battery packs and Amerit Fleet Solutions for mobile services.