Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, is reporting on its fiscal first quarter for the period ending Dec. 31, 2022. Highlights of the report include the following: acquiring the assets of Electric Last Mile Solutions (“ELMS”) in a $105 million acquisition move; $100 million in cash being available for operations and investment at the end of Q1 2023; 31, 2022; securing the rights for exclusive sales, distribution and branding for the new compact electric vehicle, the Mullen-GO (formerly I-GO), and initial delivery of the vehicle to the distribution agent; receiving a $200 million purchase order from the Randy Marion Automotive Group for 6,000 Class 1 EV Cargo Vans; and the successful completion of the company’s “Strikingly Different” U.S. Test Drive Tour of the Mullen FIVE EV Crossover. The report noted that, looking forward, the company is focused on moving its commercial vehicles from product development to production, including the necessary steps of completing certification, with retail production of the Mullen FIVE and the Bollinger B1 and B2 taking place in the Indiana facility and commercial vehicles assembled and manufactured in the Mississippi facility. “In a very short period of time, we have built Mullen into an emerging leader in the electric vehicle (EV) industry, accomplishing a number of synergistic acquisitions, forging key partnerships and achieving important milestones,’” said Mullen Automotive CEO and chair David Michery in the press release. “With the launch of the Mullen Five Tour and our acquisitions, we are in a unique position among new electric vehicle producers, with both retail and commercial vehicles coming to market. With the recent addition of Bollinger and ELMS, we now have the portfolio in place from class 1 through 6, allowing us to drive the company toward production of our industry-leading electric vehicles.”
To view the full press release, visit https://ibn.fm/263gh
About Mullen Automotive Inc.
Mullen Automotive is a southern California-based automotive company building the next generation of premium electric vehicles (“EVs”) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1-6 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and commercial offerings. The Mullen FIVE, the Company’s first electric crossover, is slated for first-production builds in 2024 and features an award-winning design and a patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. 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 all Electric Last Mile Solutions’ (“ELMS”) assets, including IP and a 650,000-square-foot plant in Mishawaka, Indiana. To learn more about the company, visit www.MullenUSA.com.
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