MULN - InvestorNewsBreaks - Mullen Automotive Inc. (NASDAQ: MULN) Reports on Business Update EMM Testing and Installation
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has provided an update for stockholders on key components of its business. The update covered factory activities in Mishawaka, Indiana, and Tunica, Mississippi, as well as developments in Mullen Advanced Energy Operations, Bollinger Motors commercial vehicles 4-6, Mullen commercial vehicles Class 1 and 3 and the Mullen FIVE EV crossover program. In part, the update noted that on March 30, 2023, the MGT Lease Company, a national fleet sales and leasing provider, received delivery of Mullen EV cargo vans; shortly thereafter, MGT placed a $15.8 million order for 250 all-electric commercial class 3 cab chassis EV trucks, to be fulfilled through Randy Marion Automotive Group, a distributor of Mullen’s commercial EVs, and delivered later this year. The update noted that Mullen has also received $279 million in purchase orders for its class 1 and class 3 EV vans and trucks from the Randy Marion Automotive Group, one of the largest commercial vehicle dealer groups in the country. In addition, the company noted that last month it created Mullen Advanced Energy Operations (“MAEO”), a collaboration with Global EV Technology Inc. The partnership will focus on improving energy management technology in electric vehicles for greater range and vehicle performance. Other milestones noted include the successful execution of the company’s plan to deliver EV cargo vans to commercial customers before the end of March 2023 and the completion of a 60-day pilot program in collaboration with Loop Global and Menzies Aviation for deployment of electric vehicles and charging infrastructure at Los Angeles International Airport. “We are pleased with the accomplishments and progress made to date,” said Mullen CEO David Michery in the press release. “Mullen remains committed to delivering innovative and sustainable transportation solutions to our customers, and these achievements reflect our dedication to advancing the EV industry and driving meaningful growth for our company.”
In addition, the company provided an update on its $680,000, pilot program contract for installation of energy management modules (“EMM”) on Washington, D.C., city government’s fleet of vehicles. The contract calls for the purchase and installation of EMM units on Chevrolet Bolts within the D.C. city government’s vehicle fleet. The update noted that Mullen Advanced Energy Operations is supporting EV Technologies in executing the contract; the installation began April 24, 2023. “We look forward to completing our installation work here in D.C. and the next steps as vehicles enter the fleet with our EMM and also future opportunities with the local and federal government agencies,” said MAEO SVP of technology and EV Technologies CEO Lawrence Hardge in the press release.
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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 two company-owned, United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen commercial class 1 and 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 of 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.
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