Mullen Emphasizes Focus on Commercial Vehicle Segment with First Mover Advantage Across Class 1 and 3 Electric Cargo Vans and Trucks
February 26 2024 - 10:00AM
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 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, 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)
613-1900www.MullenUSA.com
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
- Pictured: Mullen THREE Service Body, Mullen ONE Cargo Van,
Mullen THREE Box Truck
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