MULN - InvestorNewsBreaks - Mullen Automotive Inc. (NASDAQ: MULN) Reports Sale of EV Cargo Vans to Partner Automotive Group
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has sold 22 EV cargo vans to the Randy Marion Automotive Group, the company’s authorized distributor of commercial EVs in the United States. The sale marks the company’s first revenue, which will be reported in the next quarterly report, for the period ending June 30, 2023. Revenue from the sales will total $308,000. The company is reporting that the vans will start shipping today from Mullen’s Mississippi-based assembly plant to Randy Marion Automotive Group in North Carolina. The announcement also noted that Mullen is currently “in process” with six campus EV pilot programs across four different industry categories including aviation, pharmaceutical, public utility and universities, with a company official reporting that the campus van is a great fit with various different closed-campus commercial applications. “These shipments are significant as they represent the first revenue recorded on our financial statement, reflected on the June 30, 2023, 10-Q,” said Mullen Automotive CEO and chair David Michery 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 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 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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