Mullen Emphasizes Focus on Commercial Vehicle Segment with First Mover Advantage Across Class 1 and 3 Electric Cargo Vans and Trucks

By: Mullen Automotive, Inc. via GlobeNewswire

February 26, 2024 at 10:00 AM EST

Company in full commercial EV production with Class 1 and Class 3 vehicles; Bollinger Motors focused on Class 4-6 vehicles with Class 4 production starting in second half 2024

Company achieves positive gross margin per Class 1 and Class 3 vehicles invoiced

Company integrating advance battery solutions and AI driven battery management system, “The Intelligent BMS”

BREA, Calif., Feb. 26, 2024 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, highlights today the Company’s continued focus on the commercial vehicle segment with production and deliveries of its Class 1 and Class 3 commercial EVs. The Company also highlights Bollinger Motors' focus on the Class 4-6 commercial vehicle segment and production start of Class 4 vehicles, which is planned in the second half of 2024.

The Company has achieved positive gross margin per vehicles invoiced, which is an important highlight considering majority of EV companies have launched EVs with significant losses to date.

“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 David Michery, CEO and chairman of Mullen Automotive.

“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.

“Along with production, we have remained steadfastly focused on continuous improvement and R&D as seen in the addition of our battery facility in Fullerton, California, to produce our own packs. The focus on batteries is ever more important for the sector from a range and supply chain perspective. We believe harnessing AI and applying it to our battery management systems can hold additional promise for our vehicles in the commercial sectors.”

Mullen began Class 3 vehicle production in August 2023 and first vehicle deliveries in September 2023. Mullen Class 1 production began in November 2023 with first vehicle deliveries in December 2023.

The all-electric Mullen ONE Class 1 EV cargo van and Mullen THREE Class 3 low cab forward EV truck are both purpose-built to meet the demands of urban last-mile delivery and vocational services. Both the Class 1 and Class 3 commercial vehicles are in receipt of Environmental Protection Agency (“EPA”) and CARB certifications and can be sold in every state throughout the U.S.

About Mullen
Mullen Automotive (NASDAQ: MULN) 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-GO Commercial Urban Delivery EV, 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 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.

Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to the demand, sales volume, gross sales margins timing of future production and deliveries of the Mullen Class 1 and Class 3 vehicles and Bollinger Motors, Class 4-6 vehicles, including Class 4 vehicle production start, whether Mullen’s solid-state battery technology will prove successful and if the Company’s AI-based battery management systems endeavors will materialize. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.

Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

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