MULN - InvestorNewsBreaks - Mullen Automotive Inc. (NASDAQ: MULN) Releases Corporate Update
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, is reporting on its manufacturing activities in its two facilities and in producing its line of EVS. The company also noted that as of April 30, 2023, it had available cash of $116.1 million and has received $263 million in purchase orders for its Mullen class 1 and class 3 EV vans and trucks from Randy Marion Automotive Group. The company’s Bollinger Motors is moving forward on producing its class 4–6 commercial vehicles and B1 SUV and B2 pick-up truck; Bollinger Motors B4 chassis cab engineering is 90% complete and vehicle testing of the B4 chassis cabs is on schedule. The company’s commercial vehicle program will move from pre-revenue to expected revenue in August with the commercial product development focused on completing vehicle certifications. The Mullen consumer vehicle program is in the process of developing the Mullen FIVE family of vehicles and finalizing key supplier selection and engagement; planning is also underway for the company’s Strikingly Different EV Tour, which is slated to kick off in August. The company noted that Mullen Automotive is comprised of Mullen Advanced Energy Operations LLC partnering with Global EV Technology Inc. and EV Technologies LLC, with an initial focus on improving energy management technology in EVs for greater range and vehicle performance. The company also announced its first Mullen-GO retailer, which is located in Ireland and will serve the United Kingdom territory.
To view the full press release, visit https://ibn.fm/v6mGI
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, 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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