MULN - Mullen Is Making Great Strides in the Commercial EV Segment and Development of US-Made Battery Capabilities | Benzinga
BREA, Calif., Feb. 05, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ:MULN) ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, continues to make great strides with production and deliveries of Class 1 and Class 3 commercial EVs. Its subsidiary, Mullen Advanced Energy, LLC ("Mullen Advanced Energy"), is advancing with battery pack production line installation at its new 122,000-square-foot high-energy facility in Fullerton, California.
"We are steadfastly focused on production, production, production," said David Michery, CEO and chairman of Mullen Automotive. "We are working through active purchase orders and strengthening our supply chain to make sure we are meeting customer needs. Unlike the consumer EV space, we have not experienced any slowdown in demand for our vehicle lineup in the commercial EV space. We continue to make deliveries of our Class 1 and Class 3 commercial EVs as fast as they come out of our production line. We are fully committed to increasing our production capacity to meet the growing demand."
Michery continued, "We believe bringing the production of state-of-the-art battery technologies and manufacturing process in-house will enable us to reduce battery cost, limit our supply chain dependency and improve our gross profit margin per vehicle produced."
In November 2023, Mullen announced a new high-energy facility in Fullerton, California, expanding the Company's overall U.S. footprint, including EV battery development and production capabilities. This new Southern California facility is dedicated to producing next-generation American-made EV battery components, modules and packs, a key focus to the Company's commitment to zero emissions and less reliance on ...