Mullen Automotive to Begin Construction for EV Battery Pack Production at High Voltage R&D Facility in Monrovia, California
April 18 2022 - 05:00AM
via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN)
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, announces today plans to begin EV battery pack
production out of its high voltage battery R&D facility located
in Monrovia, California.
Mullen is retrofitting its Monrovia facility to accommodate the
production of EV battery packs destined for Mullen’s EV vehicle
lineup, including the ONE EV Cargo Van, FIVE EV Crossover, and
DragonFLY EV Sportscar programs. Mullen is undertaking this effort
to reduce dependency on third-party suppliers and reduce the risk
associated with material and supply shortages, which currently
plague the automotive industry. By taking battery pack production
in-house, Mullen will also lower costs and increase overall quality
control in battery pack development.
Previously CODA Automotive utilized the Monrovia facility (CODA
Energy) for battery pack research, development and production of
its U.S. homologated EV sedan, sold in the U.S. from 2012-18.
Mullen purchased the assets from CODA in 2014 and took over the
Monrovia high voltage facility in 2017, renaming it Mullen
Energy.
“Building our own battery packs makes sense as it reduces our
reliance on third-party suppliers and lessens our risk of being
subjected to the waves of supply and critical component shortages,”
says David Michery, CEO and chairman of Mullen Automotive. “The
entire industry is struggling with supply chain issues and the more
control we have in-house, the better off our vehicle programs will
be. Our Monrovia facility is already established for high voltage
applications so retrofitting it for our battery pack development
makes good sense for our company and shareholders.”
On Nov. 5, 2021, Mullen began trading on the Nasdaq Capital
Markets LLC (“Nasdaq”) under the new stock ticker symbol “MULN.”
Since Mullen’s first quarter as a public company, starting in Q4
‘21, the Company has debuted two versions of the Mullen FIVE show
cars and announced the purchase of a vehicle manufacturing facility
in Tunica, Mississippi. At the end of Q2 ‘22, Mullen reported over
$65 million in cash and cash equivalents on hand for continued
momentum and programs development.
Mullen recently announced a string of key partnerships with
hofer powertrain, Comau, ARRK, Dürr, and DSA Systems for EV
powertrain, engineering, manufacturing, vehicle production systems,
and Over the Air (OTA) and vehicle system diagnostics,
respectively. The Company expects these strategic developments to
play a crucial role in bringing the EVs to market with the latest
technology and in the least amount of time.
Mullen’s EV development portfolio includes the Mullen FIVE EV
Crossover, the Mullen ONE EV Fleet Vans, and the DragonFLY Sports
Car. The FIVE is built on an EV crossover skateboard platform that
offers multiple powertrain configurations and trim levels in a
svelte design that is “Strikingly DifferentTM” and exciting to
experience in person. The Mullen FIVE was named “Top Zero Emission
SUV” as part of the ZEVA® Awards at the Los Angeles International
Auto Show in November 2021, where it made its debut. The Company
has recently filed over 120 patents in 24 countries related to the
Mullen FIVE. The Mullen ONE, coming to market in Q2 2022, will be
available in two classes of electric vans and will be designed,
manufactured, and customized by Mullen at its Tunica, Mississippi,
manufacturing facility. Learn more about Mullen’s EVs at
www.MullenUSA.com.
About MullenMullen is a Southern
California-based automotive company that owns and partners with
several synergistic businesses working toward the unified goal of
creating clean and scalable energy solutions. Mullen has evolved
over the past decade in sync with consumers and technology trends.
Today, the Company is working diligently to provide exciting EV
options built entirely in the United States and made to fit
perfectly into the American consumer’s life. Mullen strives to make
EVs more accessible than ever by building an end-to-end ecosystem
that takes care of all aspects of EV ownership.
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 risks and uncertainties include but are not
limited to whether the Company will achieve its objectives of
launching its EV crossover, the FIVE, within anticipated timelines
and if so, if the FIVE will be a success; whether production of its
own EV battery packs will be successful, reduce dependency on
third-party suppliers or result in lower costs and increased
overall quality; and whether the Company’s partnerships with ARRK,
Dürr, and DSA Systems and Over the Air (OTA) will result in
expediting the rollout of the FIVE. Additional examples of 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; and (x) Mullen’s ability to protect its
intellectual property; (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 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
Wire Service Contact:InvestorWire (IW) Los
Angeles,
Californiawww.InvestorWire.com212.418.1217Editor@InvestorWire.com
- Mullen announces EV battery pack production for high voltage
facility in Monrovia, California
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