Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, has unveiled a pioneering vehicle battery exchange program for its Class 1 EV cargo van customers. The POWER BOOST program allows eligible customers, who meet the current vehicle warranty requirements, to upgrade their lithium-ion battery packs to solid-state polymer battery packs. This upgrade significantly enhances the vehicle’s range potential to over 200 miles.
“We value the investment and confidence that our customers place in our vehicles,” said David Michery, chairman and CEO of Mullen Automotive. “As we hit new milestones, we are committed to sharing our technological advancements with all our early adopters. This battery exchange program will allow customers the opportunity to upgrade to our solid-state pack.”
In February 2024, Mullen commenced road testing of its Class 1 EV cargo van equipped with the integrated solid-state polymer battery pack. The company continues to make significant progress in integrating these advanced battery packs into the Mullen ONE, Class 1 cargo van. Recent achievements include identifying lead suppliers for development and components and issuing initial purchase orders to support this pivotal program.
The Mullen ONE, Class 1 EV cargo van with the solid-state polymer pack, is scheduled for production in the second half of 2025. This new battery pack is expected to extend the range of the Mullen ONE from 110 miles to over 200 miles.
Mullen Automotive (NASDAQ: MULN) is a Southern California-based company focused on building the next generation of commercial electric vehicles. The company operates two U.S.-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. By September 2023, Mullen had received IRS approval for federal EV tax credits on its commercial vehicles, offering 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 for the Mullen THREE, Class 3 EV truck, providing up to a $45,000 cash voucher at the time of vehicle purchase.
The company has also expanded its commercial dealer network with the addition of Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, and Eco Auto, enhancing sales and service coverage in key Midwest, West Coast, Pacific Northwest, and New England markets. Additionally, Mullen announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides several benefits, including deferment of duties owed and elimination of duties on exported vehicles.
