Mullen Capitalizes on First-Mover Advantage in Class 1 EV Cargo Vans and Class 3 EV Trucks
February 01 2024 - 9:10AM
via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer,
announces today the Company continues to capitalize on its
first-mover advantage in the U.S. market with production and
deliveries of its Class 1 and Class 3 commercial EVs.
“While many of the OEMs and new EV companies have launched their
EVs with significant losses, Mullen is out-of-the-gate with a
positive gross profit margin per vehicle. EV growth has slowed in
the retail segment but continues to increase across the commercial
and fleet segments, where we now have a strong vehicle lineup in
the market,” said David Michery, CEO and chairman of Mullen
Automotive.
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. Mullen recently
announced that its Class 1 and Class 3 commercial vehicles are now
both in receipt of Environmental Protection Agency (“EPA”) and CARB
certifications. Both vehicles are also in full compliance with U.S.
Federal Motor Vehicle Safety Standards. Having received credentials
from CARB and the EPA, Mullen can now sell both the Mullen ONE
and THREE in every state throughout the U.S.
About MullenMullen 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 StatementsCertain 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 and timing of future
production and deliveries of the Mullen Class 1 and Class 3
vehicles. 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)
613-1900www.MullenUSA.com
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
- To date, Mullen has invoiced over $17M for commercial
vehicles
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