Mullen Automotive (NASDAQ: MULN), an electric vehicle (“EV”) manufacturer, is reporting on the financial results and business highlights for the three and six months ended March 31, 2024. Key achievements during the quarter include receiving approval from the U.S. Department of Commerce for Foreign Trade Zone status at its Tunica, Mississippi, commercial vehicle manufacturing facility; adding national and regional fleet focus in the Midwest and West Coast and expanding its retail commercial dealer network with the addition of Pritchard EVs and National Auto Fleet Group; and receiving California Air Resource Board’s (“CARB”) HVIP approval for the Mullen THREE, Class 3 EV truck. Noteworthy financial results for the company include the delivery of 362 vehicles valued at $16.3 million, a positive stockholders’ equity of $117,414,643 and an additional $150 million in capital commitments. In the release, Mullen noted that it has deferred reporting specific revenue and accounts receivable information until invoices are paid and the return provision on vehicles are nullified by the dealer’s sale of vehicle to the end user. “Our company continues to grow despite difficult market conditions, and I am thankful to our team and the effort put forth in getting our EVs into the market and onto U.S. roads,” said Mullen Automotive CEO and chair David Michery in the press release. “We continue to drive forward and remain laser focused on scaling our commercial EV business. Today, we announced an additional $150 million in capital commitments to support our commercial EV operations.”
In addition, Mullen also announced the addition of two zero-emissions commercial vehicle dealers to its network: Minnesota-based Ziegler Truck Group (“ZTG”) and Washington-based Range Truck Group (“RTG”), which is a part of the Ziegler Companies distribution network. These new franchise partners will cover national and regional fleet opportunities for Mullen commercial EVs, particularly in the Pacific Northwest and upper Midwest regions of the United States. These two groups have a century-old legacy of selling and servicing premier brands in construction and agriculture equipment and are able to leverage their vast networks and industry expertise to support with every aspect of fleet integration. “This partnership signifies an additional step forward for Mullen as it broadens our reach and strengthens our foothold in the growing commercial EV market,” said Michery. “Range and Ziegler’s extensive network of dealerships and proven track record in the commercial vehicle industry will be invaluable as we work together to deliver our electric cargo vans and trucks to businesses across the nation.”
To view the full press release, visit https://ibn.fm/LkPjp
About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) at its two United-States-based vehicle plants, located in Tunica, Mississippi (120,000 square feet), and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the United States. Recently CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network with the addition of Pritchard EV and National Auto Fleet Group, providing sales and service coverage in key Midwest and West Coast markets. The company also recently announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles. To learn more about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
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