Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (EV) manufacturer, has provided a shareholder update from CEO and Chairman David Michery regarding the Company’s progress and initiatives.
“We are making solid progress across our commercial vehicle programs and are actively pursuing M&A discussions with other EV companies to expand our vehicle portfolio and market opportunity,” said Michery. “Additionally, we have secured over $250 million in funding commitments to support our ongoing and future endeavors.”
Recent Highlights:
- In May 2024, Mullen entered into a new agreement with various investors for a $50 million commitment, with an additional option for $50 million under certain conditions.
- The Company announced a $150 million committed equity line of credit in May 2024.
- Mullen now has up to $250 million in committed capital, subject to certain conditions.
- In June, the Mullen THREE, Class 3 truck received approval for a $15,000 incentive through Massachusetts’ MOR-EV program. This follows an April approval in California for a $45,000 HVIP cash rebate voucher.
- Bollinger Motors, a Mullen subsidiary, received a $13.2 million sales order from Momentum Groups for its B4 all-electric Class 4 truck in June.
- The Company added its fifth dealer, Eco Auto, to its retail commercial dealer network in June. Other recent additions include Ziegler Truck Group, Range Truck Group, National Auto Fleet Group, and Pritchard Commercial EV.
- In May 2024, Mullen announced a new European distributor, GAMA, and a commercial fleet order for 40 Mullen-GOs to food delivery upfitter Antidoto SA, valued at $440,000 USD. Alain Van Munster was appointed as Vice President of Sales for EMEA to manage this expansion.
- Bollinger Motors announced sales of 50 B4 all-electric Class 4 trucks in May 2024, estimated at $8.2 million.
Battery Technology Update:
- Mullen has made significant progress integrating solid-state polymer battery packs into commercial Class 1 vehicles, issuing initial purchase orders to support this program.
- The Class 1 EV cargo van with the solid-state polymer pack, offering significant range improvement, will be certified for production and sale in the second half of 2025.
- Solid-state battery packs have been tested in the Mullen ONE cargo van, enhancing its range to over 200 miles.
- Mullen will introduce a POWER BOOST battery exchange program, allowing customers to upgrade to the solid-state pack.
- The Company is acquiring additional manufacturing equipment and technology to build low and high voltage LFP batteries.
- Mullen is collaborating on developing prototype sodium-ion batteries for commercial vehicles, aiming to reduce dependency on foreign components. Pack completion is expected in Q2 2025, with testing and validation to follow.
- The Company announced the development of a new PowerUP mobile DC fast charging truck, integrated into the all-electric Mullen THREE, Class 3 cab chassis truck. Completion is targeted for Q4 2024. The PowerUP truck will feature Level 3 DC fast charging, off-grid AC power, and micro-grid connectivity, suitable for various applications and offering quiet operation with minimal noise pollution.
Mullen Class 1 and 3 Commercial Vehicles:
- Mullen is engaging potential customers through pilot programs and ride-and-drive events, allowing firsthand vehicle experience to influence buying decisions.
- The Company’s current fleet customer pipeline includes Yale University, Princeton University, UCLA, Enterprise Fleet Services, DB Schenker, and Mobile Road Service Solutions, a AAA provider.
- Recent ride-and-drive activities include events such as Fleet Forward: Port of LA, Home Delivery World, ACT Expo, Government Fleet Expo, NAFA Institute & Expo, and NTEA Work Truck Week.
- Mullen is preparing significant pilot programs in Europe and Canada, deploying Class 1 and Class 3 EVs to these markets. The Company plans to work with key partners, including a major telecom company, which has tested vehicle telematics with Mullen.
Foreign Trade Zone, Logistics, and Supply Chain Management Update:
- In May 2024, Mullen received approval for Foreign Trade Zone (FTZ) status at its Tunica, Mississippi, manufacturing facility. The FTZ is projected to provide $20 million in deferred working capital for FY2024 and FY2025, with tax exemptions on exported vehicles.
- Mullen is working with a new global logistics supplier to address supply chain cost challenges and mitigate international freight shipment volatility.
