MULN - InvestorNewsBreaks - Mullen Automotive Inc. (NASDAQ: MULN) Reports on 2023 Financial Results Provides Business Update
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has released a report on its financial results for the 12-month period ended Sept. 30, 2023; the company also reported on its current business operations. In the report, the company noted key achievements throughout the year, including the company recording its first revenues of $366,000 and delivering vehicles valued at $652,200 to Randy Marion Automotive for resale in September; the production of Class 3 (the Mullen THREE) vehicles beginning in August 2023 and production Class 1 (the Mullen ONE) beginning in November 2023; and by year-end delivering 100 Class 1 vehicles and invoicing for $3.3 million to the Randy Marion Automotive Group and delivering 141 Class 3 vehicles and invoicing for $9.2 million to Randy Marion Automotive Group. The company also opened a battery module and pack development facility focused on scaling U.S.-made EV battery module and pack production and received federal EPA and NHTSA certification for its Class 1 and Class 3 vehicles; Mullen also received IRS approval as a “qualified manufacturer,” meaning that buyers of Mullen vehicles are eligible for up to $7,500 in federal EV tax credits per vehicle. In addition, the company announced that the New York Power Authority, British Airways, University of North Carolina and MGT Lease Company all purchased Mullen’s Campus Urban Delivery EV cargo vans during the year.
“Mullen has initiated production in Tunica and rolled out a significant number of vehicles in support of customer orders of Class 1 EV vans and Class 3 EV trucks and hurdled critical milestones of securing federal (‘NHTSA’ and ‘EPA’) certification and IRS approval for tax credits,” said Mullen CEO and chair David Micher in the press release. “We completed a strategic purchase of EV battery pack manufacturing assets and showcased our innovations across the U.S. on the second leg of the ‘Strikingly Different’ Test Drive Tour. Mullen is accelerating toward a promising future, both on the road and in the market.”
To view the full press release, visit https://ibn.fm/xg7u7
About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover; the Mullen-GO Commercial Urban Delivery EV; the Mullen commercial class 1–3 EVs; and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and class 4–6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all Electric Last Mile Solutions (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. 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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