Mullen Automotive (NASDAQ: MULN), an electric vehicle (“EV”) manufacturer, today issued a shareholder update from its CEO and Chairman David Michery on various efforts and company initiatives. Among the highlights on recent milestones, the company reported committed capital in excess of $250 million, state incentive program approvals for $45,000 in California and $15,000 in Massachusetts for Class 3 EV trucks, commercial sales and technology advancements, and national and international dealer network expansion. “We continue to make solid progress across our commercial vehicle programs. We are also actively pursuing M&A discussions with other EV companies to increase our vehicle portfolio and market opportunity,” Michery said. “Additionally, we have obtained significant funding commitments of more than $250 million to further our continued progress and future.”
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About Mullen Automotive Inc.
Mullen is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with 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 U.S. Recently, CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to a $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, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group and Eco Auto, providing sales and service coverage in key Midwest, West Coast and Pacific Northwest and New England 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. For more information about the company, visit www.MullenUSA.com.
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