Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, is reporting on its continued focus on the commercial vehicle segment with production and deliveries of its Class 1 and Class 3 commercial EVs. According to the announcement, the company is in full commercial production of the Class 1 and Class 3 EV vehicles while subsidiary Bollinger Motors is focused on Class 4–6 vehicles; production of the Class 4 EV is set to begin in the second half of 2024. In addition, Mullen saw positive gross margin per Class 1 and Class 3 vehicles invoiced. The company also noted that it is integrating advance battery solutions and artificial intelligence (“AI”)-driven battery management systems.
“Strategically, in 2022 we understood EV adoption in the commercial sector would occur faster and doubled down on our acquisition efforts with both the majority acquisition of Bollinger Motors and the purchase of Electric Last Mile Solutions assets, which included full ownership of a large automotive manufacturing facility in Mishawaka, Indiana,” said Mullen Automotive CEO and chair David Michery in the press release. “These acquisitions allowed us to scale faster, which is best demonstrated by the launch of commercial vehicle production and customer deliveries in 2023. Mullen’s effort will be matched when Bollinger begins Class 4 production launch, which is planned later in 2024. Our effort on the commercial segment is laser focused, and the opportunity has never been better with increased demand seen across all our commercial vehicle offerings.”
To view the full press release, visit https://ibn.fm/pXBPS
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. In 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive and Mullen closed on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP as well as 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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