Mullen Automotive, Inc. - Common Stock (MULN)

Mullen Automotive (NASDAQMULN) announced the acquisition of additional battery line equipment from Nikola Corporation to enhance its Fullerton, California, battery operations. The facility, dedicated to producing next-generation American-made battery packs and solid-state polymers, will now include two high-volume standard battery chemistry lines, a solid-state polymer R&D line, and an expanded testing laboratory. The move aligns with Mullen’s commitment to domestic battery production and reduced reliance on foreign imports. The company has also submitted a revised plan to the U.S. Department of Energy, seeking $55 million in matching funds to support its U.S.-based battery and pack manufacturing capabilities.

Upon installation of new assets which were recently delivered on Jan. 27, 2025, the Company’s Fullerton facility will have the following battery production lines and testing capabilities:

Mullen Automotive (NASDAQMULN) announced the sale of five additional Mullen ONE Class 1 EV cargo vans to two major California universities in Los Angeles and the San Francisco Bay Area. The orders, fulfilled by EV dealers Papé Group and Randy Marion Automotive Group, highlight Mullen’s alignment with institutions prioritizing carbon emission reductions. CEO David Michery emphasized that repeat orders reflect the performance and value of Mullen’s commercial EVs. The company’s lineup, including the Mullen ONE and Mullen THREE, meets stringent U.S. safety and emissions standards and continues to gain traction in campus and urban fleet applications nationwide.

Two leading California universities in Los Angeles and the San Francisco Bay Area have placed additional orders for Mullen’s commercial electric vehicles

Mullen Automotive (NASDAQMULN) reported a net loss of $471 million for the fiscal year ending Sept. 30, 2024, an improvement from the prior year’s $964.9 million loss. FY2024 revenues increased to $1.1 million, driven by invoicing 443 commercial vehicles valued at $21 million, up from 35 vehicles invoiced in FY2023. The company achieved significant milestones, including the production and certification of its Class 1 and Class 3 EVs, as well as Bollinger Motors’ Class 4 electric trucks, which generated $4.2 million in revenue since their September 2024 launch. CEO David Michery acknowledged challenges in the EV sector but emphasized progress in the commercial market, with expanded production facilities, dealer networks, and government incentives supporting growth. Mullen also announced cost-cutting measures and advancements in U.S.-based battery production as it focuses on scaling its commercial EV business.

 Company finishes the 2024 fiscal year with growth of national dealer network, increased sales and delivery of vehicles

Mullen Automotive (NASDAQMULN) an electric vehicle manufacturer, disclosed it has received a notice from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the delay in filing its Annual Report on Form 10-K for the fiscal year ended Sept. 30, 2024. The notice does not immediately impact the trading of the company’s stock on the Nasdaq Capital Market, but failure to address the issue could lead to delisting. Mullen has 60 days to file the report or submit a compliance plan, with the possibility of an extension up to 180 days if approved. The company aims to file the Form 10-K by Jan. 31, 2025, or earlier, to meet compliance requirements.

The relatively unexplored field of wave and tidal energy could open the door to a new type of clean energy and increase the world’s portfolio of marine-based renewable energy sources. On the Canary Islands, a Norwegian firm called Ocean Oasis is combating water supply issues by using wave energy to convert saline seawater into freshwater. This novel type of clean energy will help the Canary Island region, which has become incredibly reliant on seawater desalination, to produce emission-free freshwater.

Company expects to file 10-K on or before Jan. 31, 2025

China may not be as vulnerable to U.S. tariffs as the incoming Trump administration may expect. With President-elect Donald Trump just a week away from assuming office, his administration has pledged to pass a series of tariffs against China to combat the Southeast Asian country’s dominance and decouple the U.S. from its world-spanning supply chain.

Hertz is selling its battery electric vehicles (BEVs) at steep discounts to interested renters. The car rental giant began the sale in November and is set to offload at least a third of its electric vehicle fleet. According to a 2023 statement from Hertz, lower demand for electric vehicle rentals coupled with high maintenance costs informed the renter’s decision to minimize its massive fleet of electric vehicles.

Mr. Appliance is a leading national home service brand from Neighborly

Westland’s Class 3 service body upfits completed by Phenix Truck Bodies & Van Equipment.

Mullen Automotive (NASDAQMULN) has received a purchase order for two Class 3 EV trucks, the Mullen THREE, from Westland Floral. The trucks, customized by Phenix Truck Bodies in California, were delivered through Pritchard Commercial and include California HVIP incentives, emphasizing cost and environmental benefits. The Mullen THREE, designed for urban last-mile delivery, boasts a 38-foot turning diameter, over 5,800 pounds of payload, and easy upfitting capabilities. Mullen’s EV lineup meets strict U.S. safety and emissions standards and offers substantial savings through state and federal incentive programs, including up to $45,000 in California rebates.

Mullen Automotive (NASDAQMULN) has submitted a revised plan to the U.S. Department of Energy (“DOE”) to bolster domestic battery production at its Mishawaka, Indiana, and Fullerton, California, facilities. The company has invested $12 million to date, with an additional $43 million planned, seeking $55 million in matching DOE funds under a program funded by the Bipartisan Infrastructure Law. Mullen’s plan prioritizes high-volume battery production at Mishawaka, a former GM Hummer facility, which will be upgraded to a capacity of 108,000 battery systems annually. Fullerton will focus on research, development, and prototype production. Mullen’s strategic acquisitions and infrastructure investments position the company as a leader in U.S. advanced battery manufacturing, aligning with DOE goals to expand clean energy production. First production units are set for delivery in mid-2025, with additional lines launching in subsequent years.

Mullen Automotive (NASDAQMULN) announced sales of 100 Class 1 and Class 3 electric cargo vans and trucks since Sept. 30, 2024, generating $5.5 million in revenue. The company has also reduced its monthly burn rate from $16.8 million in August to $5.3 million in October and November. CEO David Michery highlighted growing demand for sustainable transportation solutions and ongoing discussions with government agencies and large fleets. The Mullen ONE and Mullen THREE commercial EVs meet strict U.S. emissions standards and qualify for various state and federal incentives, including up to $45,000 in rebates.

Company has reduced monthly burn from $16.8M in August 2024 to $11.8M in September 2024 and to $5.3M in October and November 2024

Wind energy has recently faced a series of setbacks that have left many experts wondering whether the renewables industry could ramp up wind energy production fast enough to help the world meet its green energy goals. One of the main renewable alternatives to fossil fuels, wind energy has drawn significant investment in recent years and is a key component of national and global plans to ditch fossil fuels and lower greenhouse gas emissions.

Electric vehicle drivers across most major markets are set to say goodbye to EV app folders and time-draining pre-charging procedures thanks to the introduction of a new universal electric vehicle charging set . Launching in 2025, the universal charging set has the support of most of the auto industry’s top EV makers as well as the world’s preeminent charging networks.

Mullen Automotive (NASDAQMULN) announced that its subsidiary, Bollinger Motors, has delivered its first 25 all-electric B4 chassis cab trucks since production began in September, generating $4.1 million in retail sales. Designed with input from fleet operators, the Class 4 B4 truck features a 158-kWh battery, over 7,300 pounds of payload capacity, and a 185-mile range. Bollinger credits its growing dealer network and customer enthusiasm for the vehicle’s rapid market adoption. Key milestones include achieving EPA and CARB certifications, establishing a manufacturing partnership with Roush Industries, and securing partnerships with top commercial dealers and service providers. Bollinger Motors aims to expand its dealer network and momentum into 2025.

25 B4s delivered and paid for since start of production

Mullen Automotive (NASDAQMULN) announced that its subsidiary, Bollinger Motors, has partnered with Bergey’s Truck Centers to expand its commercial sales and service network into the mid-Atlantic region, covering Delaware, Maryland, New Jersey, and Pennsylvania. This partnership grows Bollinger’s national dealer network to over 50 locations. Bergey’s has placed its initial order of all-electric B4 trucks, designed with fleet input for safety and capability, and deliveries began in October. The collaboration reflects a shared commitment to advancing sustainable, electrified commercial vehicles, bolstered by Bollinger’s recent production launch and regulatory milestones.

Bollinger has delivered and received payment on initial order of B4 Trucks

Broadway Ford Truck Center is a great addition to Bollinger’s growing dealer network