Mullen Is Making Great Strides in the Commercial EV Segment and Development of US-Made Battery Capabilities
February 05 2024 - 9:20AM
via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer,
continues to make great strides with production and deliveries of
Class 1 and Class 3 commercial EVs. Its subsidiary, Mullen Advanced
Energy, LLC ("Mullen Advanced Energy"), is advancing with battery
pack production line installation at its new 122,000-square-foot
high-energy facility in Fullerton, California.
“We are steadfastly focused on production, production,
production,” said David Michery, CEO and chairman of Mullen
Automotive. “We are working through active purchase orders and
strengthening our supply chain to make sure we are meeting customer
needs. Unlike the consumer EV space, we have not experienced any
slowdown in demand for our vehicle lineup in the commercial EV
space. We continue to make deliveries of our Class 1 and Class 3
commercial EVs as fast as they come out of our production line. We
are fully committed to increasing our production capacity to meet
the growing demand.”
Michery continued, “We believe bringing the production of
state-of-the-art battery technologies and manufacturing process
in-house will enable us to reduce battery cost, limit our supply
chain dependency and improve our gross profit margin per vehicle
produced.”
In November 2023, Mullen announced a new high-energy facility in
Fullerton, California, expanding the Company’s overall U.S.
footprint, including EV battery development and production
capabilities. This new Southern California facility is dedicated to
producing next-generation American-made EV battery components,
modules and packs, a key focus to the Company’s commitment to zero
emissions and less reliance on foreign-made battery components.
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 whether the Company will achieve its anticipated
capacity and timing for future vehicle production and deliveries,
whether demand for the vehicles will continue and whether bringing
the battery production in-house will result in the projected cost
efficiencies, increased profit margins and supply chain
independence. 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
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